Guest Post by Joel Libava
Considering getting into the restaurant business? You don’t have to start your own concept to get involved…
In fact, there are many benefits of buying a restaurant franchise versus starting your own restaurant. Today, we’re unpacking five of those reasons.
Benefit #1: There’s a Concept for Everyone & Every Goal
One of the reasons it’s exciting to get involved in the restaurant franchising space is that there are so many choices. This impressive variety increases your chance of finding a concept that aligns with what you want in a business. It’s a huge benefit for today’s entrepreneurs!
With that in mind, it’s important for you to be aware of the different franchise restaurant types available these days.
They include fast food, fast casual, casual, and upscale dining. And there are solid brands in each category. But which one is for you?
That depends on what you want in a food franchise.
For instance, you may want to own a fast-food franchise, because there’s usually a high level of name recognition, and you see customers spending their money in these venues. Especially where drive-thru service is a huge part of the business.
Then there are fast casual food franchises. They’re the restaurants that serve more upscale food that tends to take a little longer to prepare and serve. Plus, customers can dine-in or order items to go.
Next, you have casual dining. Think burgers, wings, salads, and more. Plus, some of these franchises, like Twin Peaks, are full-service serving beer and liquor, which dramatically increases the average amount of money customers spend.
Finally, there’s a sector in restaurant franchising that focuses on upscale dining. Think high-priced steaks and mid to high-priced wines. If you’ve always liked “fancy” restaurants, franchise opportunities in the upscale dining space may be worth a look.
Benefit #2: You’re Not Starting from Scratch
Starting a restaurant from the ground up can be quite costly. In addition, it’s extremely time-consuming. It can take hours of research and thousands of dollars to prepare yourself to open and operate a business.
Assuming you have a dining concept in mind that you want to start, here are just some of the things you would need to spend your time and money on:
- Restaurant design
- Menu selection and design
- Employee uniform design
- Kitchen fixtures
- Dining room fixtures
- A point of sale (POS) system
- Real estate selection
- Training and operations manuals
- Marketing plans and budgeting
And much, much more.
But if you go with a restaurant franchise, everything’s already been researched, implemented, and tested.
That includes:
- Restaurant design and interior
- An already-written operating manual
- Technology that’s selected and is currently in use
- Restaurant-specific equipment
- Approved vendors & relationships
- Marketing plans and toolkits
Benefit #3: In-Depth Training & Support
If you become a franchisee, you’ll be able to participate in informative, first-class training programs.
Some franchisors provide online training or online pre-training, but oftentimes, training takes place at the franchise company headquarters in a hands-on setting.
If offered, pre-training usually takes place well before you travel to headquarters for intensive in-person training.
Online training modules may include:
- History of the brand
- Founder’s business backgrounds and philosophies
- How to find the right real estate
- An introduction to the operations manual
- Franchisee technology
In-person training provides you with all the things you’ll need to know to operate your restaurant.
Some in-person training topics may include:
- Comprehensive operating manual training
- Food preparation processes
- Accounting procedures
- Personnel and payroll
- Expenses
- Human resources
- Point of sale (POS) system training
- Customer service
- Marketing/advertising
- Social media
- Grand opening preparation
All of your training is designed to equip you so that you can confidently operate a profitable restaurant franchise.
In addition, you’ll probably spend time in a restaurant location close by, so you can get some hands-on training and observe how a successful restaurant franchise runs.
This entire training process is to ensure that you learn the inner workings and operations of the franchise. This comprehensive process is sure to set you up for success as the owner of a new restaurant franchise.
Benefit #4: Corporate Marketing & Branding
Franchisees worldwide benefit from branding, along with proven, ready-to-go marketing materials.
And if you become a Twin Peaks restaurant franchisee, your restaurant will benefit greatly from our well-oiled branding and marketing initiatives.
For example, all Twin Peaks franchise owners receive:
- National and local branding & media placements
- Social media guidance and support
- Annual marketing calendar planning, asset distribution, and consistent promotional support
- Real-time industry insights and trends
- A powerful online presence, SEO management, and Local Store Marketing support
- Menu & pricing management
- Online Ordering program support
Bottom line?
Becoming the owner of a restaurant franchise means you’ll spend less time coming up with marketing and branding initiatives and more time implementing them. Especially since they’re proven to get customers in the door who spend money and have fun!
Benefit #5: The Franchise Industry Is Powerful!
Another reason to enter restaurant ownership through franchising has to do with the numbers, because they’re huge.
For instance, according to Statista, it’s estimated (in 2022) that there will be around 792,000 franchise establishments in the United States, outputting $827 billion and employing 8.5 million people.
Furthermore, according to the IFA’s latest report, the franchising industry will continue contributing 3% to the United States’ Gross Domestic Product (GDP). What does that mean for you?
It means you’ll have the proven power of franchising behind you when you start your restaurant business. It’s the type of power that independent restaurants just don’t have.
A perfect example of this power is buying power. Here’s what I mean.
When you’re a franchisee, you’re part of a group. In the case of Twin Peaks, a 90+ location group. That gives your franchisor a lot of power to negotiate bulk (and lower) pricing for things like restaurant equipment, fixtures, and supplies. The result? Those lower prices are passed on to you.
Exactly the kind of prices you couldn’t get if you were to start an independent restaurant business.
Become a Twin Peaks Franchise Owner
Twin Peaks is more than a restaurant. It’s an experience. One in which descriptive words and colorful images can only go so far. It’s something you need to experience in person.
And with 90+ locations in the United States and Mexico (and other international locations in the future), it’s becoming easier for more people to see what Twin Peaks is all about.
So, if you’re thinking about becoming the owner of a restaurant franchise, and you want something special and out of the ordinary, the franchise development team at Twin Peaks would love to hear from you!
And speaking of “International,” Twin Peaks recently became a member of the International Franchise Association (IFA), the largest, most powerful association in all of franchising.
This gives Twin Peaks industry-wide visibility, instant access to top franchise suppliers, and a large community of like-minded franchisors who want to grow their businesses nationally and internationally.
With that in mind, if you’d like to learn how to become the owner of a Twin Peaks restaurant in the U.S., go here.
And if you’re interested in learning about our international opportunities, visit this page.
Wrapping Up
To conclude, there’s a slew of benefits that come with restaurant franchising.
For starters, people who are looking at restaurant franchises like to have lots of choices in the type of restaurant to own. In this case, there are hundreds of different food concepts to explore.
Secondly, aspiring franchisees like the fact that there’s training, marketing, and operational support from day one and beyond.
And let’s not forget the unmatched power franchising brings to the table.
The restaurant franchise table.
This article was written by The Franchise King®, Joel Libava, a 20+ year industry veteran, author of two helpful books on how to buy and research franchises, and a Franchise Ownership Advisor.