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Eating out is a big business in the USA. We love our world foods – anything from traditional American to Mexican to Chinese to European.
American households, on average, spend around $3000 a year on eating out. And while that figure sounds high, it all adds up: $10 for your daily workday lunch, $3 for a coffee in the afternoon, $20 for dinner with friends once or twice a week. Even takeout and delivery meals count. When you add it all up, we spend a lot on restaurant food.
Think about it: if you spend $50 a week on food and drink from restaurants, you’re paying $2.5K a year on eating out, which equates to almost 50% of the average American’s yearly food budget.
The restaurant industry makes up around 10% of the overall US workforce. Almost 50% of adults have worked in the restaurant industry at some point in their careers, while a third of all American workers gain their initial work experience in restaurants.
In general, restaurants mark-up their costs by 300%, covering sourcing and preparation, service, and convenience. According to the National Restaurant Association, restaurant businesses bring around $800 billion to the US economy each year, accounting for 4% of GDP.
Like we say, eating out is a big business.
Franchising offers a unique opportunity to people hoping to leave the rat race behind and go into business for themselves.
When you invest in a franchise business, you inherit the hard-earned reputation of an established partner. This gives you greater visibility to consumers who already know and trust the brand because you deliver the same quality, excellent service, and experience as your parent company.
One of the most beneficial elements of all restaurant franchise partnerships is the world-class training that accompanies the investment. Your parent company will make sure that you develop the expert skills needed to deliver their exclusive menu and service consistently and with the care and love of their very first restaurant.
On top of the training support, most restaurant franchise parent companies offer a business and HR support package to help ensure that you adhere to complicated tax- and industry regulations.
Your restaurant franchise partner gives you access to an established supply chain, ensuring you receive the best quality ingredients at the most competitive rates. Great quality ingredients make great food, after all.
Taking on a restaurant franchise brings with it the benefit of instantly recognizable branding. This gives your new business instant curb-appeal. People know what they’re getting with a brand, and when you’re asking your customers to part with their hard-earned cash, quality counts every time.
Independent companies that start-up without the support of an established partner are fighting a tough battle right from the start. Their first three years of trading are often particularly precarious, as these initial years are full of financial instability. All businesses need to glean back their initial investment before they genuinely turn to profit, and – for independent companies – that can be a long time coming.
Franchise businesses, however, tend to recoup their investment quicker than independents because they have instant appeal and a ready-made reputation. Very few indies come into profit until Year 4, by which time it’s often too late, and the business folds.
Franchising offers those new to business the opportunity to hit the ground running with a restaurant chain that customers already know and trust. Of course, it depends on the size of your initial investment, but many franchises turn their profits around within the first year.
Facts About Restaurant Franchises
There are currently over 1 million restaurant locations in the United States, and more than 90% of them employ fewer than fifty people.
Restaurant franchises cater to all tastes, from quick-turnaround fast food joints to formal seated service and fine dining. Regardless of the market sector for whom you’re aiming to cater, the restaurant sector has seen healthy growth over the past thirty years.
The restaurant sector is a leading contributor to the US economy: sales within the industry have doubled since the turn of the millennium. This makes restaurant franchises a particularly fertile driver of economic growth in the US.
Prior to the COVID-19 pandemic, American restaurants had become a crucial part of everyday life – we were dining out more frequently and spending increasing amounts of money. The impact of COVID will diminish over the next couple of years, so it’s a good time to think about investing in a sector that the American public deeply values and will be keen to return to once things settle.
Of course, the pandemic has temporarily impacted the sit-in dining experience; but the take-away and delivery service sector is booming.
The businesses that have expanded their digital presence are the restaurants that have thrived throughout the stay-home period. And restaurant franchises are ideally placed to develop their digital presence because they have the scale to adapt to market challenges.
Franchise businesses benefit significantly from their parent companies’ digital and marketing budgets who provide websites, marketing campaigns, and special offers that attract customers. Businesses that have the scale to adapt are the ones who are thriving in these difficult times.
Franchising Vs. Independent
Banks and moneylenders tend to favor franchise businesses when it comes to awarding start-up funds. Franchises are built on proven metrics – the business model has a healthy record of growth, profit, and sustainability. Also, restaurant franchises have better access to the marketplace and a robust financial model that helps sustain them when times are tough.
On the other hand, independent companies tend to struggle to win affordable interest rates for start-up collateral due to an unproven business model.
When you take on a restaurant franchise, you inherit your franchise parent’s reputation, business model, and marketplace position. Franchises often experience much healthier starts than independent businesses because they have instant curb appeal and a customer base who already recognize and trust the brand.
Explore our fabulous selection of restaurant franchises, and get feeding your fellow citizens with delights that they’ll come back to, time and again.
Find your brand new start with Franchise Direct.