According to the International Franchise Association, the franchise industry is well-positioned for economic growth, with the largest sector being the food industry. Even with a hard economy, the average U.S. household spends about $3,000 per year on eating out. People basically love eating out and statistics show they are willing to spend their disposable income on food and entertainment.
Speedy food is the top franchise industry. Speedy food franchises offer a proven business model. When located properly, a speedy food franchise can be an excellent source of ongoing revenue. Costs of obtaining a speedy food franchise vary widely. For a maximum preliminary investment of $80,000, you can start a Papa Murphy's Take-n-Bake or Cousins Subs franchise. Franchises like Church's Chicken offer 55 years of experience in the market and over 1600 locations in the world. Because it is a more established franchise, maximum preliminary investment starts at $300,000. In the event you are looking for a mid-range investment of over $100,000, Sarku Japan is an excellent choice. It's become a worldwide speedy food success that is beginning to grow quickly here in the United States.
Mobile Food franchises are less expensive to buy in to than rapid food or casual dining franchises. For example, a Kona Ice franchise requires a maximum investment of $20,000. Benefits of mobile franchises like Kona Ice are a lower preliminary investment, lower overall establishment cost, lower overhead, and fewer employees. Before selecting a mobile franchise, find out if your service area is exclusive and protected, or you could be competing for profits with other franchisees. Another potential risk of investing in a mobile franchise is not performing independent research on household demographics in the service area.
Casual Dining Franchises offer individuals and families an alternative to rapid food and formal dining. Combinations of pubs, restaurants and sports bars have become increasingly popular all over the United States. Boston's Restaurant & Sports Bar is such example. At a maximum investment of $300,000, it boasts 40 years of experience as a successful franchise. Boston's appeals to families, with a great kid's menu and relatives style pizzas. It's equal appeal for adults with collections of sports memorabilia on display, flat-screen TVs and a bar atmosphere that is open late.
Irrespective of the type of food franchise you select, you need to know if the franchisor protects your territory. This is important because competing food franchises may be allowed to be located within a little radius of your business. Find out about territory protection by requesting information from the franchisor and networking with current franchise owners. If the franchise does not readily have this information, you ought to be able to get it from the Federal Trade Commission's Franchise Disclosure Document.
Managing a food franchise requires long hours and hard work. Some successful franchisors have made it a fun relatives business, involving parents, siblings and cousins as part of the management and operations team. The wide selection of rapid food, mobile food and casual dining franchises means there is a business opportunity waiting for you.
The food franchise industry is one of the most lucrative businesses in our modern times. In determining the food franchise that suits you, it is essential to consider the culture of your target market, their ages, as well as their preferences. People coming from different cultures have different choices, while people coming from different ages have distinct tastes. And to fully succeed in food franchising, you must also like and eat the food that you are endorsing in order to successfully sell your product.
ReplyDeleteClint Shaff
Thank you for comment. I agree with all those things as a consider for food franchise part, thank you for remind me.
ReplyDelete