As the restaurant industry continues to evolve, so too does the foodservice market. From a franchisor’s perspective, finding the fastest-growing restaurant data.com/en/solutions/restaurant-chains/’ target=’_blank’>chains in 2023 requires an analysis of consumer trends and a comprehensive understanding of the industry. With the help of Brizo, franchisors can obtain crucial intelligence and insights in order to maximize growth potential.
Therefore, before embarking on a quest to make the best choice and to fuel growth trajectory in 2023, consider the following top ten tips which franchisors can leverage in order to make a wise decision regarding the fastest-growing restaurants.
1. Analyze Consumer Food Preferences
When looking for the fastest-growing restaurant chains in 2023, it is important to consider consumer food preferences. Consumers’ preferences have been drastically altered in recent years due to health consciousness, experimentation, convenience and healthier lifestyle choices. With this in mind, franchisors must analyze these preferences in order to determine what type of restaurant will have the most success in 2023.
2. Research Local Food Trends
In addition to analyzing consumer preferences, it is important to research local food trends. What is popular in one city or region may not be popular in another. Franchisors must be knowledgeable of the local food trends in order to choose the right chains, maximize success, and ultimately fuel growth.
3. Evaluate Revenue Performance
It is also important for franchisors to evaluate the revenue performance of any potential restaurant chain. Revenue performance is an important factor when looking for the fastest-growing restaurant chains as it provides insight into the sustainability of the restaurant. Franchisors should also review staffing, staffing costs, and operational management.
4. Review Technology Adoption
Given the evolving nature of the foodservice industry, technology adoption is also an important factor to consider when looking for the fastest-growing restaurant chains in 2023. Franchisors should review not only the technology adopted by the chosen restaurant chains but also the manner in which those technologies are being leveraged.
5. Analyze the Brand Portfolio
The brand portfolio is another important factor to consider. Franchisors should review the portfolio in order to evaluate diversification options, competitive positioning, and sustainability. Reviewing the portfolio can also provide insight into the brand’s overall approach to developing and expanding their empire.
6. Analyze menu Variety
Menu variety is also a key factor in choosing the fastest-growing restaurant chains in 2023. Franchisors must analyze the menu variety of potential restaurant chains in order to assess offerings that align with market preferences, aspects of innovation, and client satisfaction.
7. Evaluate Food Costs
High-quality, healthy food can be expensive. Franchisors should evaluate the food costs associated with any potential restaurant chains in order to ensure that the cost of the food is justified. Higher food costs should be offset by other cost savings measures implemented in the restaurants.
8. Assess Lease Agreements
Franchisors must also evaluate the lease agreements associated with the prospective restaurants. Franchisors should review the terms of the leases, especially as it pertains to changes in consumer preferences which may require the restaurant chain to alter their menu and/or operations.
9. Consider Online Presence
The restaurant chain’s online presence is another important factor to consider when looking for the fastest-growing restaurant chains. Franchisors should review the restaurant’s website and other social media platforms in order to determine if the restaurant chain is visible and actively engaging with customers.
10. Analyze Competition
Finally, it is imperative that franchisors analyze the competition in order to choose the best restaurant chain. Franchisors should review competitors’ prices and offerings to determine which restaurant chain is the best option.
When it comes to selecting the fastest-growing restaurants in 2023, prudent franchisors should consider the aforementioned ten tips. By leveraging the insights obtained from Brizo, you can gain an understanding of the broader foodservice market and quickly make a data-driven decision.
