Owning a franchise is a great way to make a living, however, it is not an easy task. The extensive work involved in setting up a franchise includes finding the right franchise opportunity, financing the business and overseeing its daily operations. There are thousands of franchise opportunities available in the US which are lucrative and financially viable, but before you sign any franchising agreement it is important that you are cautious and not sign any agreement before properly evaluating it. By exercising diligence, you have a greater chance of franchise success.
According to industry experts, franchising will be a trillion dollar
business in the US within the next few years. The International
Franchise Association (IAF) has more than 30,000 members who represent
approximately 800 franchisors and 29,000 franchisees. There are
around seventy franchise categories comprised of such categories
as clothing, weight loss and restaurants. Nearly every type of business
opportunity is franchised, the largest franchise category is food
services which represents more than twenty five percent of all franchising
businesses. Restaurant franchising encompasses fast food restaurants
and restaurants that serve a variety of cuisines.
Restaurant franchise opportunities
A franchise is a great way to increase wealth. It offers the shrewd businessperson the opportunity to take advantage of a successful business which almost guarantees business success. Not all franchises are successful so it is necessary to plan the business as well as any other, finance and manage it properly.
By buying into a full service restaurant franchise allows you to run your own restaurant with the advantage of a having a recognized brand name supporting you. According to the National Restaurant Association, the restaurant business has registered thirteen consecutive year of sales growth and has even better economic prospects for the future. Entrepreneur.com, a top rated business site, rates restaurant franchising as the fourth top industry for investing. This proves that restaurant franchising is an economically viable business. Restaurant franchising is on the way up for any of the various restaurant types. A solid investment and plenty of hard work can turn your restaurant dream into a reality. Some of the more popular restaurant franchises include: A&W, Carl’s Jr. Restaurants, Denny's, T.G.I. Fridays and Popeye’s which earn millions of dollars in income every year.
Features of restaurant franchising
A restaurant is defined as an establishment that serves prepared food and drinks to be consumed on its premises. The term covers an assortment of venues and a range of cuisines. Restaurant franchises come in so many varieties that anyone looking to own a restaurant can find a franchise that suits their personal taste. There are cozy little diner restaurants franchised and the range goes up to a fully staffed dining establishments; the sky is the limit when it comes to restaurant franchises.
Some common features of restaurant franchising include:
- The food is prepared upon order, with the ingredients bought and stocked in advanced. The food is not cooked in bulk and takes approximately a half hour to forty-five minutes to prepare.
- Franchised restaurant is must maintain consistency. This means the food menus, though standardized, have their own unique flavor.
- The capital required to start up a restaurant is quite high. It requires proper arrangements for seating, cooking and hygiene.
- Unlike fast food, in restaurants the food is prepared slowly and according to an individual’s preference. Though served quickly, the food is not as cheap as in say a fast food restaurant.
- Restaurant food can be any type ranging from sandwiches, to ethnic cuisine, to seafood and steak houses.