The global pandemic may have soured your readiness to jump into the restaurant franchising business, but 2024 is a different story. While the economy still presents a few challenges, the truth is that restaurant franchises fared extremely well, even at the height of the pandemic. This is a testament to the resiliency of the industry, and it’s why you should consider opening your first restaurant franchise in 2024.
Before you get started, you may be asking what tips and tricks you can apply to make sure your opening is a success. We’re about to share them with you, based on St. Louis Bar & Grill’s tried and tested franchising model, which has seen us explode right across the Canadian market. Read along to find out how you can join in on the success.
DO YOUR RESEARCH
Before diving into any franchise opportunity, especially a restaurant chain, be sure to conduct extensive market research to identify prime locations to break ground, while figuring out local customer demographics, and the amount of competitors you’ll have to contend with.
While the global economy is still experiencing challenges and fluctuations, a clear understanding of local market dynamics and consumer preferences can give you a massive strategic advantage that can help you ride out minor turbulence, and achieve success faster.
TECHNOLOGY IS YOUR FRIEND
Technology is becoming ever more prevalent and commonplace in the restaurant industry, taking such forms as online ordering systems, delivery apps, and now, AI-driven customer service solutions. While the latter may take a while to fully integrate into the restaurant franchising ecosystem, the moment will come sooner than you think.
By integrating the latest technologies into your restaurant location, you can enhance operational efficiency and customer experience, while preparing yourself for the future. Make sure to embrace digital innovation so that you can streamline your processes, and stay competitive as we embark into a whole new age.
ADAPT LIKE WATER
While a restaurant franchise model is regimented by the head office when it comes to most criteria, there’s always room to adapt on the back end. As a franchisee, you’ll have to stay agile, and pivot your strategies to contend with shifting changes in the one area your franchisor has little experience with – your local economy.
Keep an eye out for opportunities such as partnerships that can help you boost your franchise location’s profile and customer base as fast as possible,6 after the doors have opened. The first year is challenging, but bobbing and weaving against unforeseen circumstances can help build your success faster, while introducing discipline and flexibility to both you, and your staff.
BRUSH UP ON YOUR FINANCIAL EXPERTISE
When an economy is soaring, it’s easy to sit back and reap the rewards. However, during challenging economic times, you may have to keep tabs on more than just the occasional supply chain hiccup. Keep a close watch on the local, national, and world economies in order to predict and cope with shifting customer trends.
Anticipating a slight downturn can help you weather the brief storm until things pick back up again, while preparing for an influx of customers due to an economic windfall can help prevent you from being overwhelmed. Remember, things can flip on a dime, so be at the ready.
BUILD RELATIONSHIPS WITH YOUR CUSTOMERS
While your franchisor has the main responsibility for making sure that the company brand is always in the green, you have a part to play, as well. Your local service reflects on the national identity of the restaurant brand, as well as your own success. Therefore, make sure you’re doing everything in your power to deliver the best food and service possible, while building an active and strong rapport with your patrons.
Happy customers spread the word, and they come back often. Never treat them like a statistic, but rather, as friends. This personable approach makes the brand more accessible and trustworthy, which in turn leads to an increase in sales. Don’t forget to implement special promotions, sponsor local charity events, and personalize your communications via social media sites in order to remind your customers that you are, in fact, a human being, and not a corporation.
STREAMLINE YOUR STAFF
Don’t wait for the doors to open on day one to assemble and train good staff. You’ll need to make sure your team members are fully competent and completely equipped for their jobs, not to mention friendly to customers. Identify any areas where you can improve their skills and performance, and focus that forward as the months continue on.
Remember that streamlining staff training and maintaining high standards is a non-stop job that must be taken into account the whole year ‘round. Don’t allow you, or your staff to become lax, or service and quality will drop as a result. In an era of economic uncertainty, that simply cannot be allowed to happen.
CONCLUSION
Opening a restaurant franchise in 2024 doesn’t have to be a scary proposition. In fact, now is a fantastic time to get into the business! Just stay on point with a little help from the above tips and reminders, and you’ll have no trouble opening your new location, and making a success out of it. As the economy improves and settles down, so too will your business continue to thrive, especially if you’ve started off on the right foot.
Interested in becoming a St. Louis Bar & Grill franchisee? We’re always looking to hear from talented and enthusiastic entrepreneurs to join our franchising family, so give us a call today, and join in on the massive success we’ve enjoyed from one end of the country, to the other.