Great Time to Invest in a Food Franchise
According to ‘Point Franchise’, the food and drink sector in the UK remains a solid contributor to the growth of our economy. The industry is already worth an estimated £30 billion a year and its consistent growth shows no signs of slowing.
Whilst the retail sector has slowed, the food industry is thriving largely due to consumers taking advantage of takeaway food and drinks outlets, many of which pivoted their business to operate on a takeout basis, just to remain afloat. Now is a good time to invest in a food franchise, as the hospitality sector begins to reopen in 2021, and food franchising proves ever more popular.
Additionally, much like the takeout sector, the coffee industry has grown in popularity with Brits drinking an average of 2 cups of coffee per day and this figure indicates there is a gap in the market for the popular beverage. Research from coffee industry analysts Allegra revealed that after lockdown restrictions eased, 55% of their respondents had visited a coffee shop – this came second to visiting friends or family.
Popular household names such as McDonald’s and Subway have been operating a franchise model for decades, firmly establishing their roots in the franchise world.
With large corporations such as those mentioned above investing in local towns and cities, franchising is a welcomed opportunity to gain revenue at a great pace thanks to the consumers desire for unique and fresh options. In addition, bringing a franchise to a smaller town will likely mean fewer competitors for business and cheaper rental costs, allowing you to maximise your profits.
Furthermore, with many of the country unable to meet up for coffee and meals out, a sensible and quick profit making idea for a franchise, may be a takeaway coffee or food establishment. The accessibility of coffee has become in high demand. With members of the public out for walks frequently, using their daily exercise to grab food or coffee on the go and to preserve some normality.
With the UK’s economy set to make a great recovery after the pandemic according to this article, which claims the Bank of England forecasts a strong recovery post pandemic, it is a fantastic time to project a 2021 filled with franchising profit. Head to www.thefranchiseshow.co.uk to find out more information including free tickets to our October 1st and 2nd exhibition at ExCeL London.