Franchises are growing at a staggering pace around the world with the IFA predicting that they’ll increase nearly 2 percent this year to hit 759,000. Franchise employment will also grow 3.7 percent, continuing to outpace the rest of the economy. That’s great news for restaurant owners hoping to scale their businesses, but just because franchising is hot right now doesn’t mean it works for every brand. Also, a thriving one-unit concept doesn’t necessarily mean franchising is the next step.
A variety of factors must be in place in order to create a solid franchise system, a fact that leaders of three up-and-coming brands will learn when they pitch their businesses to a panel of franchise experts during, “So You Think You’re Ready to Franchise?” at the Restaurant Franchising and Innovation Summit, July 16-18 in London.
“It’s a bit like the TV shows, ‘Shark Tank’ and ‘The Dragon’s Den,’ with the restaurant owners trying to convince the advisers as well as the audience members why their concept is a winner,” said Cherryh Cansler, director of editorial of Networld Media Group, the company hosting the summit. “The advisers will ask the restaurateurs questions to help them address any holes in their plans and will give them feedback on their ideas. We like to say it’s a ‘nicer’ version of those two TV shows.”
- Shane Chorley, partner of Chorley’s Sauces & Chorley’s Restaurant, a brand based in the U.K. that serves South African-inspired cuisine
- Mika “Pikkis” Tuomonen and Herkko Volanen, of Social Burgerjoint, a fast casual burger concept based in Finland.
- George Workman, managing director of Fizz Bars by Frizzenti, self-serve wine bar, which has one bar open in Birmingham in the U.K. and is set to unveil its flagship location in September.
|Mika “Pikkis” Tuomonen|
- Christopher Brinkley, director of investor relations of the World Franchise Associates.
- Greg Koffler, VP of global franchise sales at Johnny Rockets Restaurants.
Source: Fast Casual