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The dining and hospitality business may be highly competitive, complex and fast-paced — but if you’re undeterred by the pundits, there are plenty of options to franchise your way into restaurant ownership.
With a restaurant franchise, not only do you get an established concept, proven business model and comprehensive training, you’re provided ongoing support by the franchisor that gives you a leg up on the competition. Let’s look at the supporting facts.
Related: So You Want to Open a Restaurant?
Industry forecast – QSR & FSR restaurants
Each year, the International Franchise Association releases their annual Franchising Economic Outlook Report. And the 2022 edition has some good news for entrepreneurs considering a restaurant franchise. Both quick-service (QSR) and full-service (FSR) restaurants are expected to see some of the highest growth among any of the franchise categories. Nationwide, FSR franchise establishments are expected to increase by 2.5% and QSRs at 2.1%. Data from the National Restaurant Association backs this forecast, revealing that the post-pandemic recovery continues at a robust pace, with overall sales improving 19.7% in 2021.
Related: 3 Reasons to Quit Your Corporate Job and Become a Restaurant Franchisee
Advantage? Franchising!
Even if you have access to secret family recipes, starting a restaurant from scratch is still, as a farmer might say, “a hard row to hoe.” But franchising your way into restaurant ownership comes with advantages that can get you much further down the road. You won’t be responsible for developing a catchy concept or menu selections. Provided the concept isn’t a brand new or emerging franchise, you should have some name recognition to rely upon. And the franchisor is responsible for helping you button up the right location, look and atmosphere from the get-go. But what’s most beneficial is the training and ongoing support you’ll receive from the brand and other franchisees in the system. Forget secret family recipes — with a restaurant franchise, you’ll be provided a full list of dining options and proven business model to carry out the operation.
If you can stand the heat, get in the kitchen!
Restaurants and hospitality franchises are quite prevalent, and their combined industry success helped dining establishments earn 18 of the top-50 spots featured in the Entrepreneur’s 2022 Franchise 500. The widespread acceptance of entering the restaurant and hospitality industry as a franchisee is undeniable — with the U.S. Census Bureau determining that more than half of all establishments (54%) in America are, in fact, franchises. Lastly, Americans still love dining out. The average individual spends $232 a month for commercially prepared food, choosing this option four to five times each week.
