You probably won’t have a hard time naming the most profitable restaurant franchise. That would be McDonald’s with total sales in 2014 topping out at $35.6 billion and the average sales per individual stores hovers around $2.6 million. Not too shabby! Of course, it’s also one of the most expensive restaurant franchises to invest in. You’ll need some very deep pockets to open your own McDonald’s. That’s not to say there aren’t other franchise opportunities out there that are more affordable as well as profitable, such as Hot Dog on a Stick. Before focusing on the best place to invest your money, you might want to consider if franchising will be a good fit for you. The alternative would be starting your own restaurant from the ground up. Here’s what you should consider with opening a franchise:
Whether you go into a McDonald’s in London or a Hot Dog on a Stick in Bakersfield, you can depend on the same menu options which is something that loyal customers appreciate. Once a brand has been established, customers will often go out of their way to find the food they like at those outlets. If you only have one opportunity for a meal, do you want to take a risk on an unknown restaurant or stick with what you know? Most customers spend their hard earned money on dependability.
If you open your own restaurant, you are mostly in control of your day-to-day operations. Every element from staff hours to the items on the menu will be yours to decide but you’ll be required to meet certain minimum brand requirements. That can be equal parts overwhelming and intimidating. Suppose you get it wrong? On the other hand, investing in a franchise means you will be giving up some of that control but that can be a benefit. Even the most profitable restaurant franchise has the advantage of uniformity. With all the other things you need to focus on, do you really want to taste test menu options and hope customers will like them? Or would you rather have a menu that has already proven itself?
Most successful franchises don’t get that way overnight. It takes years of trial and error to work out the kinks in the business model. Even adapting recipes and menu selections need to develop over time. As an investor in a franchise, all of that work has been done for you. You’re essentially stepping into a kind of turnkey business that is ready to run. The most profitable restaurant franchise got there because they know what works even if it took them twenty years to find that out!
As the owner of your own restaurant, you’ll have the buying power of an individual. That’s not very forceful. With a franchise operation, you’ll be able to tap into the purchasing power of the entire organization. It’s like buying in bulk but super charged! Your franchisor will also provide a list of approved vendors. Once again, you don’t have to go through the trial and error of finding a dependable delivery system for your supplies and ingredients. It will all be established.
There’s no guarantee that your investment will lead to the most profitable restaurant franchise. However, you stand a better chance with a strong network of support provided by a company like Global Franchise Group. They are the ones who will help get you into a Hot Dog on a Stick franchise which is a great way to start your business portfolio. Contact us to find out more about how you can open up your own Hot Dog on a Stick franchise today!