The food and beverage industry has become an American staple. The average family of four spends almost half of their food budget or more on meals outside of the home. In 2013, the annual food budget for the average American family of four was between $10,000 and $12,000, which means the food and beverage industry received an amazing amount of revenue.
While there is some work to starting an F&B franchise: choosing a location, purchasing equipment and meeting health codes, the rewards outweigh the costs. Let’s take a closer look.
The F&B industry is recession proof. With most restaurants offering a value menu option, even during lean times, families can afford to treat themselves every now and then. Most families budget for 1 or 2 nights of eating out, even during a recession.
The demand for F&B is high. With busy work schedules, children’s activities and lack of time, more and more families are relying on fast food restaurants to provide their family meals.
The F&B industry provides options. While mom’s favorite recipes are great, not everyone is Julia Child. Having a variety of restaurants in your area provides you with options as to style of dining (fast food vs. dine in) as well as ethnic variety (Greek, Asian, Italian, etc.).
There is opportunity for growth! The F&B industry is the largest franchise industry and is still lucrative. More and more neighborhoods boast the availability of food and shopping. With the growth of the population and its trendy neighborhoods, many franchise owners choose to open not just one but several locations.
Consider reaching out to an experienced franchise consultant to help you find the right F&B franchise for you.
References: FranchiseDirect.com and USDA.gov