Joel Libava
The food service industry, in this case, food franchises, are a multifaceted and expansive sector, offering a plethora of opportunities for aspiring franchisees. But what’s going on in the industry these days?
The folks at Franchise Direct (a strategic partner of mine), have the answer, via their excellent 2023 Food Franchise Industry Report.
What This Food Service Franchising Report Includes
The Franchise Direct Report provides an in-depth overview of the food service industry’s present state of affairs. In addition, it sheds light on the trends and factors that will continue to shape its future for several years.
One of the things I took away from their report is that the food franchise industry continues to be lucrative. It’s also a seemingly stable market. That, despite of the numerous challenges posed by the recent pandemic.
Simply stated, many of today’s food services franchises have shown incredible resilience, adapting to changing circumstances by offering state of the art ordering, pickup and delivery options.
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Furthermore, franchisors have implemented excellent (and proven) safety and sanitization protocols that have become a permanent part of the food service business.
Better Technology
Newer, better technology is playing an ever-increasing role in the food industry. That includes giving franchisees more time to do other things.
Many franchises are leveraging the latest technologies to streamline their operations, improve customer experience, and boost sales and profitability.
For example, mobile ordering apps and self-service kiosks are becoming commonplace in fast food and quick service restaurants, while delivery drones (that’s right…drones) and robots are being explored as potential options for home delivery.
Another area the report highlights are the specific segments of the food franchise industry that are currently experiencing growth. These include coffee and tea franchises. Why?
Because customers are starting to seek out convenient and high-quality beverages on the go.
Another area of growth is in health-focused franchises, such as salad and smoothie bars, which are capitalizing on the trend towards healthier eating.
If you want to know more about what’s trending in the food service industry, I strongly encourage you to read the easy-to-digest Franchise Direct Report.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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