Industry Facts: Did you know?
The restaurant industry encompasses numerous categories, including fast-food, fast-casual, casual dining, fine dining, pizzerias, and ghost kitchens, among others. It’s essential to understand the differences between these categories when entering the industry.
The restaurant industry is one of largest sectors of the economy creating billions of dollars in revenue each year. In 2021, U.S. restaurant sales were $799 billion. The industry is on the up tick as they continue to bounce back from the pandemic. In January 2023, total eating and drinking place sales were up over the end of last year and up 24% compared to January 2022, according to the National Restaurant Association.
What is Fast-Food vs. Fast-Casual?
Fast-food restaurants refer to restaurants that are most likely serving you through a drive-thru model and typically have a limited menu with food that can be prepared quickly. The atmosphere of the restaurant is less important as they focus on speed and convenience.
Fast-causal restaurants are a quick-service restaurant with an elevated atmosphere and experience. Most of the time, food is ordered at a counter and then brought to the table by a team member. There is limited table service, but it is encouraged to eat-in or take-out. These restaurants offer a higher quality of food compared to fast-food.
Franchising in the Restaurant Industry
Franchising is a popular business model in the restaurant industry. Franchising allows individuals to own and operate a restaurant under an established brand name and business model. Franchisees typically receive training and support from the franchisor, including access to proprietary recipes, marketing materials, and operational guidelines.
Franchising offers several benefits, including access to a well-established brand, lower startup costs, and ongoing support from the franchisor. Franchisees are often required to pay ongoing royalties to the franchisor and adhere to guidelines and procedures set by the franchisor to protect the brand.
When considering franchising, it is important to research the franchisor’s reputation, financial stability, and the terms and conditions of the franchise agreement. Consider speaking with current and former franchisees to gain insight into their experiences with the franchisor.
Taking the franchising route can be an attractive option for those looking to enter the restaurant industry. However, it is important to conduct thorough research and due diligence before making a decision to ensure that franchising is the right choice for you.
Wayback Burgers is in the fast-casual category of the restaurant industry and serves as a premium burger franchise. We offer high-quality food, a welcoming atmosphere, and superior service. As a franchisee, you will benefit from the support of a proven business model and a team of experts to guide you through the process of owning and operating your restaurant. Wayback Burgers offers support from real estate assistance, construction support, marketing strategies, and training and operational assistance.
Overall, the restaurant industry is a considerable sector of the economy that offers many opportunities for aspiring entrepreneurs and restauranteurs. With thorough planning, research, and a strong passion for the industry, you can start your own restaurant and contribute to the vibrant and dynamic restaurant industry. Taking that step through the franchise model allows you to enter at a typically lower price point and with the backing of a support team and a history of proven success.
This information is found from the following sources:
Sources:
National Restaurant Association https://restaurant.org/research-and-media/research/industry-statistics/
QSR: https://www.qsrmagazine.com/reports/future-fast-casual-2023-and-beyond
https://www.alliedmarketresearch.com/fast-casual-restaurant-market-A06308
https://get.apicbase.com/restaurant-industry-statistics-2023/
Go to the direct sources above for the most accurate and timely data.