More and more, those who have a desire to open a small business of their own are finding that opening a restaurant franchise is very profitable. It is predicted that restaurant sales will reach $577 billion in sales by 2010. The restaurant business industry now employs 8% of all workers employed in america. That comes to about 11 million people, and makes them the biggest employer next to the federal government.
Restaurants have already been satisfying the hunger of individuals for ages, and restaurant franchising is just about to add to the growth of the. In 1950, Colonel Harlan Sanders introduced his Kentucky Fried Chicken franchise and built a chain of over 600 restaurants by 1960. McDonalds was franchised in 1955, and so were House of Pancakes, Tastee Freeze, Dairy Queen, and Dunkin Donuts.
Seniors (people born between 1946 and 1964) are often the people opening new restaurants and fast food establishments. They will have sophisticated tastes and the amount of money to make their ideas possible. They demand fresher ingredients, healthier dishes, and vegetarian options. Seniors are credited with setting the pace for what does and doesn?t work with regards to successful restaurants. If they dine out they want top quality, no matter where they’re eating.
More and more people are holding regular jobs, leaving little time to prepare meals at home. Quick serve restaurants continue to be fueled by the buyer?s ever increasing need for convenience. More than half of all adults say they are busy, and convenience is a critical part of their lives.
While older consumers demand quality, younger customers want convenience. 55% of consumers between the ages of 25 and 34 admit they are usually in a rush and want fast service. This sparks the growing dependence on quick service restaurants. Takeout restaurants may also be a growing trend. 78% of most households in the United States use take out or delivery service at least one time a month. These folks consider themselves very value conscious.
Many investors are buying into co-branded franchises. Co-branding refers to franchising two or more different brands in one location (Taco Bell, Pizza Hut, & Kentucky Fried Chicken). All three are housed in a single building, instead of building three different restaurants. These restaurants are responsible for more than 29,000 restaurants, and more are popping up at all times. There are also multiple franchising concepts with Dunkin Donuts and Baskin Robbins in exactly the same building.
Grillades portugaises take their products overseas. Subway has nearly 800 international franchises (not counting Canada). If you add Canada they number around 2,000. The size of the company has helped with their popularity far away.
Whether you are selling sandwiches across the sea, or have an upscale dining establishment uptown. The outlook looks strong for food franchising within the next ten years. Provided that consumers continue steadily to eat at restaurants, the franchise opportunity is a gainful one.