Opening a restaurant can be a great investment, but it’s important to understand the potential risks and rewards before diving in. Thinking about getting into the restaurant business? There are various routes you can take, depending on your skillset and goals. Learn more about the pros and cons of opening a restaurant, and how a franchise can set you up for success.
It’s not difficult to recognize that there are over one million restaurant locations currently operating within the U.S., not including the one you’re thinking of starting. With the value of the food service industry set to hit $855 billion in 2023, diners never lack for options and are still hungry for more. Whether in spite of or because of this, many new restaurant concepts fail within their first year of business. Restaurants cannot succeed based on a dream alone, so it’s essential to understand the advantages and disadvantages of the restaurant business before you get started so you may better anticipate challenges and understand what you’re getting into.
Benefits of Starting Your Own Restaurant
Owning your own restaurant comes with many benefits. For starters, you get to be your own boss and take control of your destiny. You can create an atmosphere where people enjoy coming in to eat your food and have a great time. Plus, you’ll be able to boost the local economy by providing jobs for local residents and keeping money flowing through the community.
Another major pro is the potential for a large financial return. Although there are many costs associated with opening and running a restaurant, such as rent, supplies, staffing costs, etc., if you make wise decisions and properly manage your finances you can potentially see a great return on your investment.
Disadvantages of Independent Restaurant Ownership
One disadvantage is the high initial investment required to open a restaurant. You’ll need to secure funding for equipment, inventory, and leasehold improvements. If you lack the personal capital necessary to get your business started, lenders are more hesitant to offer loans to an unproven concept. Additionally, the restaurant industry is highly competitive, and there is always the risk of failure.
Another disadvantage is the long hours and hard work required to run a successful restaurant. As a restaurant owner, you’ll be responsible for everything from staffing and scheduling to inventory and food preparation. Furthermore, the success or failure of your business heavily depends on your ability to keep up with ever-changing food trends in order to stay relevant among your competitors.
The Franchise Path
When considering the pros and cons of opening a restaurant, passion and creative ideas are essential, and never count out the option to join a franchise system.
Unlike independent business startups, most franchise opportunities have been tried and tested over time, honing their strengths in the marketplace. Buying a franchise means investing in a full system, which can be beneficial for new and seasoned business owners alike. Starting your own restaurant from scratch involves a great deal of legwork and can lead to unnecessary expenditures and time-consuming trial-and-error pursuits, particularly in the first year.
One of the greatest benefits of franchising is the efficiency and ease with which you can launch your business. Once you sign your franchise agreement and pay your initial franchise fee, an entire team of skilled experts are on hand to provide you with all the information and support you will need to set your path to success.
Compared to an untested restaurant concept, franchise success is partly derived from its pre-established name recognition and consumer trust. New franchise owners benefit more from a reputation that has been built up over time, reaching guests on a larger scale than that of an independent venture. Franchises employ the best branding and marketing strategists to ensure that all their franchisees are able to build their business effectively within the brand.
Wayback Burgers is a well-established brand with a loyal customer base, which can help attract new guests to your restaurant. With Wayback Burgers, you’ll have access to a proven business model, marketing and operational support, and ongoing training and development. Our team will be there to guide you every step of the way, from site selection to grand opening and beyond.
But don’t take our word for it. Our franchise testimonials prove that Wayback Burgers owners come from all backgrounds and walks of life, finding us to be the best home to help their restaurant ownership dreams come true.
Get Cooking with Wayback Burgers
Founded in 1991 in Newark, Delaware, Wayback Burgers is a Connecticut-based fast-casual franchise with a reputation for made-to-order burgers and thick, hand-dipped milkshakes, served in an environment that hearkens back to a simpler place and time — when customer service meant something, and everyone felt the warmth of the community. Since 2018, Wayback Burgers has served as a proud partner of Boys & Girls Clubs of America, having raised over $825,000 to date through donating a portion of the proceeds made for every burger and sandwich sold. Wayback Burgers currently operates in 35 states with over 170 locations nationally and internationally in Brunei, Morocco, Saudi Arabia, Pakistan, The Netherlands, Ireland, South Africa, Japan and 7 provinces in Canada. Through its executed international master franchise agreements, Wayback Burgers is also developing in 16 provinces/countries across Africa, Asia, Europe and North America.
To learn more about franchising opportunities with Wayback Burgers, get started today.