The hospitality industry has been greatly affected by the Covid-19 pandemic. Most hotels, restaurants, and bars remain closed, while others are operating at half capacity. In such uncertain times, buying a food franchise might seem like a terrible idea, but it’s actually not. Many food and beverage companies are actively trying to expand, especially those with well-established take-out and delivery options. In this article, we will be looking at some of the reasons why this is an excellent time to run a food franchise and viable franchise opportunities for you.
You can capitalise on the demand for takeaway food
The Covid-19 pandemic has accelerated the implementation of takeaway models across the restaurant sector, and it is likely that the demand for food delivery will remain high even after normalcy is restored. Therefore, offering takeaway services will help you boost your revenue and grow your food franchise.
Higher chances of success
With most countries under a lockdown or partial lockdown, customers don’t have the leisure to try new restaurants. If you are considering joining the restaurant industry, buying into a household name will give you a better chance at success. Since customers are already familiar with the brand and their food, they are more likely to order from you.
People love eating out
In most developed countries, people prefer to eat out rather than cook at home. However, when choosing restaurants, they are more drawn to consistent quality and value for money. Big brands are able to provide both of these things, making franchising a better investment option than starting your own restaurant. You will benefit from increased customer awareness and will not have to worry about market penetration.
Franchise support system
The restaurant industry is very competitive, and even more so in the current economic climate. If you decide to start your own business, success depends solely on you, and with no one to guide you, mistakes are bound to happen. Joining a franchise allows you to bypass all the hurdles of running a new business because you are buying into a working business plan. Also, your franchisor will provide you with any necessary support and expert advice on how to run your business to ensure that it succeeds.
You may be able to adapt your business
One of the things that discourage people from joining a franchise is the strict regulations you have to follow. The franchising company often dictates how you run your business and what products you sell. That said, consumer preferences broadly vary from region to region when it comes to food, and this gives food franchisees an opportunity to adapt their businesses. The franchisor will allow you to tailor your menu according to your location and customers’ needs as long as you maintain their classic recipes. This will give you a chance to get creative and customise your business while still following the set rules and regulations.
The restaurant industry is going through a rough patch at the moment, and many lenders are sceptical about funding food businesses. However, if you are running a food franchise, getting a loan may be much easier for you than it would be for an independent company. Lending sources are more likely to finance franchises because they can see a history of success.
Franchising companies always offer thorough training to all their new members to ensure they are able to run their businesses successfully. This is particularly important for those who have just joined the restaurant industry and have no prior training. Your franchisor will teach everything you need to know about running a food business, from how to hire employees to how to market your franchise. They will also provide advisors to support you with any issues that may arise.
More premises available
When setting up a restaurant, location is key. You need to find a space that is easily accessible to your target market, especially now that customers can only order take-out. As a result of the global pandemic, many businesses have shut down, and many business units lay empty. Therefore, take advantage of this opportunity to find the perfect spot for your restaurant. Landlords are also willing to reduce the rent to fill their shops, and this might help you reduce operational costs.
A sad consequence of the pandemic has been the loss of jobs for many people all over the world. However, these unfortunate events may work in favour as you try to recruit workers for your business. With so many qualified professionals looking for employment, you will have a chance to pick the most talented chefs to work for you.