Owning a restaurant franchise can be one of the most rewarding career paths one can embark on, especially given the inherent advantages of the industry. Studies have shown that franchises rank in the top 10 business ventures list due to their proven track record of generating revenue through effective branding.
Being a restaurant franchisee means having a support team behind you at all times, which is excellent news given their annual financial output which just so happens to be the highest when compared to other franchise ventures. Not only will you be your own boss, but you’ll have far less to worry about when it comes to setup, and far more to look forward to when it comes to financial success. Here are some of the key advantages of being a restaurant franchisee.
IT JUST WORKS
One of the largest advantages for franchise owners is the ability to take advantage of a proven track record created by the franchisor. The hard work has already been done, including research, menu creation, company standards and branding. The success of a restaurant franchise can be tied heavily to its growth, and successful brands continue to expand, rather than shrink. By becoming a franchise owner, one can leapfrog past much of the initial headaches and testing required to find the right operational balance. After all, it’s far better to invest with a brand that has already proven they have a successful model.
Great restaurant franchises have already made huge marketing strides right across the board, and have established themselves as heavy hitters who offer great food and fun experiences for their patrons. Becoming a franchise owner allows one to effectively crash the party when it’s already in full swing, and forego the tribulations of startup marketing. Also, word of mouth advertising has already been built up over the course of many years, meaning there’s a steady influx of customers just waiting to drop in to your establishment. Established brands with a strong message and great reviews are far easier to invest in, set up and execute operations. It’s a fast-track towards revenue, rather than startup costs.
Established franchise brands have already cut deals with a variety of suppliers to secure food items and other products at a reduced cost. This is nothing new, but it’s something new franchisees can take full advantage of to further reduce costs and increase revenue generation. The head office has already built relationships with prominent suppliers over the course of many years, and the greater the quantity of business, the lower the item cost. Picture the difference between approaching suppliers and vendors to acquire inventory as the owner of an unknown startup, versus an established, reputable brand.
Many think that the biggest restaurant brands became successful simply by way of a large marketing budget. This couldn’t be further from the truth. While having an established brand is a step in the right direction, it’s nothing without customer satisfaction to back it up. Word of mouth advertising is huge, especially in the online age of Google Reviews and Yelp. Franchising can be viewed as a daisy-chain of successful locations that are each spreading the word about the overall brand, its products and the value of its service. Those interested in your franchise will navigate online to various review sites to see what customers have had to say about other locations. This in turn helps spread the word about your location, and gives your customer base a pinpoint location to come visit. The rest is up to you.
A SUPPORT TEAM
Owning a restaurant is a tough business, and the majority will fail outright in the first year. That’s not to cast a shadow on the industry, as clever entrepreneurs have made world-famous names for themselves by remaining independent. However, this route still carries a much greater risk of failure, and can take much longer to establish versus a popular franchise brand. Those first few years can be crushing for restaurant owners, which is why owning a franchise yields to many advantages. Head office views each new franchise as a partnership, and will actively help franchise owners navigate the waters and build up their confidence and management savviness. Remember, they have done the hard work already on everything from cooking techniques to brand image, reputation management and an online presence. The peace of mind that comes with having a strong at your back is indescribable.
Any business is a challenge, but reducing risk by partnering with an established restaurant franchise is a ticket to success right across the board. Owning a restaurant franchise in Canada reduces initial risks and increases the likelihood of fast-tracked success. From there, many franchisees opt to open secondary or even tertiary locations following the success of their first venture. This diversifies their investment portfolio while giving them valuable experience that streamlines the entire process and makes it that much easier to expand. Franchising is on the upswing, even during the Covid-19 economic recovery phase. Take advantage of a golden opportunity to set yourself up for financial success, while giving patrons a much-needed reason to get out of the house and enjoy life. Everyone wins.
For more information on benefits of owning a restaurant franchise with Hub Restaurant, please contact us today ! We’d love to partner with you and work towards even greater success.