There are times when I dream of having a business empire to preside over. My recurring dreams are of becoming a magnate of a fast food franchise or conquering the world of food franchises. I feel like I’m on to something good, because with franchises, I can bank on established brand names and standardized operations to assure me of my business venture’s success. It is, however, a bit confusing to choose among so many franchise opportunities in the food industry. The array of doughnut shops, fast food joints, fine dining restaurants and gourmet steak houses is too wide-ranging for me to decide easily. Let us get an overview to help us choose the best franchising in the food industry to dominate.

 

The Pros Of A Fast Food Franchise

I have found a lot of advantages when it comes to owning a franchise of food business. The major benefits are having a well-known brand name and tried and tested business plans and setup in place. They are just there, waiting for us to grab them and start weaving their magic. We are assured of full professional support from the head office because everyone will be personally invested in our branch’s success. The reason is, of course, the franchisor’s gain in capital and prestige when a new franchise does well.  Also, food is a basic need. This type of product has that power to stay in the market. It will never go out of style, or become obsolete as long as humans live.

There is also the low risk of failure for us to enjoy. Only 5% of franchises go out of business compared to 90% of startup small businesses that fail. Financing opportunities are also easy to pursue because the food industry is acknowledged to have high returns. Financial institutions will not be as stringent compared to other industry ventures. And let us not forget about the pride and prestige that only owning a food franchise can give us.

 

The Cons Of A Fast Food Franchise

To be fair, let us put to light the possible dangers that franchising a food business may impose. There is the challenge of finding trustworthy and quality labor. Low-wage employees tend to have high turnover rate. This may have a negative impact on how satisfied the customers should be and how smooth the business operations can be. Fast food enterprises impose greater challenge in hiring and retaining efficient staff than restaurant franchises. However, the latter requires higher wages. Fast food enterprises also have low profit margins because they have more competitive prices to keep up with the market demand. Restaurant franchises can offer food with higher prices, but added expenses are needed for skilled staff, special equipment, and gourmet ingredients.

 

Diversity In Fast Food Businesses

The food industry may be diverse, but fast food is the only one that sells convenience. In this age of fast-paced lifestyle, we are more than willing to pay more just so we can save time. Either grabbing a quick burger in a drive-thru window or calling for pizza delivery will continually be part of our daily routine for decades to come.

 

The Verdict

Fast Food FranchiseAre food franchises really for us? After thinking along these lines, I have decided to realize my dreams. It is time to find a food franchise owner and ask a myriad of questions while observing the daily operations. I have decided to try my hand at investigating first, then investing my hard-earned money in a fast food franchise.