How to Help Choose a Food Style That Does Well
There’s a fine line between business success and business overkill. Between a concept that will thrive, and one that’s essentially nothing new. Finding that line – that very thin line – can be the difference between signing on with a successful area concept and one that’s slated to fail even before it begins. And while that might sound stressful, especially for the first-time franchisee, the logistics are actually far less complicated.
More often than not, franchise companies put in the research work for you, crunching numbers to ensure their concept will be a new one to that area. There are also plenty of other “cheats” like seeing how other branches did with your most populated demographics, or traveling to the nearest location (assuming it’s not states away) to see how many customers are stopping and eating. On the other end of the spectrum, however, with all these perks, it almost sounds too easy.
So how do you find a style of food that will do well?
With methods that aren’t impossible to find, but aren’t all too easy to find.
By looking at available resources … and using your common sense. Of course, with everything, there is plenty of information to be found. That of which encompasses both sides of an argument, and you have to weigh them in order to find which option makes the most amount of sense. And to see what’s been sensationalized – on either end – along the way. The same can be said for looking into food franchising or food concept options.
With tools like FoodFranchise.com, seasoned pros, and self research (along with plenty more methods), you’re likely to get an overload of information. But without looking at those facts analytically, it’s unlikely to do much good.
Tips for Objectively Looking at Food Stats
- Think like a customer – if it sounds good, others will agree. If you’re willing to pay the price point, so will customers. And so on.
- Don’t be afraid to stereotype – we’re often told not to stereotype (at any cost), but sometimes in business, it’s just true. Kids love ice cream. Teenagers love greasy foods. Older folks like eating earlier in the evening. All of these stereotypes (and more) will help fuel business; don’t overlook them because of stigma.
- There is no “norm” – foods and sales rates will change by the day. Don’t get hung up on regulars, but look at average instead. And be prepared to stay flexible as a rule because of said averages.
- Everything is subject to change. Everything.
- Don’t put too much stock in one area – if anything can change, it probably will. Meaning you shouldn’t put extra efforts in one area … or avoid others. Shoot for the middle for a well-rounded business approach.
- Never stop learning. Whether this is new stats or just varied insight on how you take on that information can always be updated. Being on the lookout for new methods can help keep you (and your business) current.
When looking for a food franchise opportunity – especially one that will be successful, look to these proven and dynamic methods. For even more tips and tricks, check back in to our blog!