When top resources state that the coming year looks great for the franchise industry, it’s time to look at how you can benefit from this trend. Whether you are already a franchise owner or are looking to start a franchise, this just might be the best opportunity for you to expand or get started.
In fact, according to the Franchise Business Economic Outlook Report published in August 2017, at least eighty-six percent of franchisors, and sixty-four percent of franchisees expect their business to do better over the next 12 months.
Let’s look at how you can tap into the most popular trends to expect the same level of success.
The Explosion of Food-Related Franchises
Even if you already have a franchise business, you can’t ignore the fact that food-related franchise models have achieved explosion status in the last year or so. And if you are looking for the best possible opportunities to start a franchise, a food-related business just might be the way to go.
The combined expectation for increased consumer spending as well as an increase in disposable income in the coming year is a good sign for food and restaurant businesses. Entrepreneur’s 2017 ranking of the top 500 franchises has thirteen food-related companies in the top 25 of their list. Also, four of the top 5 ranked franchises on their list are food-related businesses. But the focus on these types of industries doesn’t stop there.
Even though the Franchise Business Economic Outlook Report shows that growth in the restaurant industry has slowed since 2016, growth is still expected in the coming year. The report also shows that out of the top 10 business lines, table/full-service restaurants and quick service restaurants rank well in terms of employment and output growth.
Given the positive data, you may want to look into franchising an existing restaurant. Or, if you’ve been looking for a successful franchise model, you could look into the popular food-related trends like smoothie shops, juice bars, burger joints, or unconventional ice cream and yogurt shops. Not only would you increase your chance of success, but you’d be giving your business the chance to establish itself and grow while this trend is exploding.
Using Cool Concepts to Grow Your Franchise Business
While you don’t necessarily have to franchise a business in a food-related industry, it never hurts to take advantage of current trends. With all the data pointing to these type of franchises, you have the perfect business model to start your franchise and succeed.
The great thing about a food-related franchise is that food never goes out of style. Regardless of what type of food you sell, your choices are almost endless. This is especially true of the “fusion” concept that’s also a popular trend by combining two different types of cuisines. Given these trends, it’s an easy industry for you to test out cool concepts or put your own creative spin on your business. You just might find the perfect blend of a franchise business that’s successful, and one that also embraces your passions.
If you are a business considering franchising or expanding through franchising Big Sky Franchise Team offers a free, no obligation, phone consultation at www.BigSkyFranchiseTeam.com.