There is hardly any denying that the lives of many individuals are filled with hectic schedules. From spending many hours in the office to running on every errand during every spare moment, finding quick ways to get tasks done is a bonus for today’s busy individual – especially regarding food. Stepping up to meet the demands of today’s busy people, the fast food industry is proving to be a lucrative avenue to travel down. While adventuring into running a fast food business can be daunting, this industry is seeing the strongest growth right now, according to the International Franchise Association, making now one of the best times to jump in.
Swiftly dishing up everything from chicken wings and cheeseburgers to smoothies and sweet treats, there is a diverse offering of fast food franchise opportunities open to you. While there is no way to know which avenue will generate the most success, with several factors coming into play, such as location, market conditions, staffing, local taxes, and more, the fast food industry is answering the call for quick services that support today’s fast-paced lives.
For those ready to break into the fast food industry, deciding on a franchise to team up with can be challenging. But you will want to find a franchise with a strong reputation for meeting a few needs: going all out to support their franchisees, healthy growth patterns, hopping on the mobile order trend, and being savvy with their marketing strategy.
Yet, on the flip side, Jamil Bouchareb, CEO and Founder of Restaurantware, a restaurant supply company, wants to caution franchisees seekers, stating that you will want to be wary of any franchise that is not forthcoming with their financials, boasts unrealistically optimistic profit projections, or has a high turnover rate among their franchisees. Bouchareb continued, “A reluctance to integrate new technologies or innovate within the industry can also be a significant red flag as it suggests the franchise may struggle to stay competitive.”
Ben Coley, editor of QSR, is also raising the alarm. This magazine covers the industry, which states that any previous lawsuits between franchisees and franchisors and any brand showing long-term distress with a decrease in restaurant count should raise a red flag for those looking to get into the business.
But some businesses are setting the bar on what you should look for in a potential franchise, with industry experts ranking some of the best companies to partner up with.
One shining example of a successful fast-food franchise is Jersey Mike’s. Established in 1956, this sub-shop now boasts over 2,800 locations across the country. The company’s commitment to its franchisees is evident in the actions of its founder, Peter Cancro. He invested $200 million to remodel every franchisee’s shop and pumped millions more into marketing for the company. This level of support and dedication is a key factor to consider when choosing a franchise to partner with.
Other companies that made the list of best franchises include Taco Bell, Smoothie King, Tropical Smoothie Cafe, Chick-fil-A, Wingstop, Jack-in-the-Box, McDonald’s, Subway, and Dunkin.
