The last few years have been both challenging, and rewarding for restaurant franchises. Not only did they weather the storm of a global pandemic, but they managed to diversify their business tactics and develop new strategies to stay afloat, and prosper. As we move into a new era starting with 2024, trends both new and old will play a big part in how restaurant franchises make money and generate growth.
If you’re thinking of opening up your own restaurant franchise location in 2024, you’ll definitely want to pay attention to our selection of tips. For those who already own a restaurant franchise, this is a great opportunity to take a few minutes and update your business playbook for the new year.
MARKET RESEARCH PAYS OFF
Whether you’re diving into the world of franchising for the first time, or optimizing your existing franchise portfolio, you’ll always want to conduct comprehensive market research to identify things like customer demand, location popularity, and overall business costs. Make sure to pay special attention to local demographics, your competition, and economic consumer trends. Understanding these important market dynamics will help you tailor your business operations to make your patrons happy, while streamlining your spending habits so that every dollar goes that much further.
DEEP DIVE YOUR FRANCHISE OF CHOICE
At St. Louis Bar & Grill, we believe that franchises are represented directly by their overall success. If the model is sound, the franchise will expand outwards to greener pastures within new territories. If you’re thinking of getting into the restaurant franchise business, be sure to pick a winner with a proven track record for business growth and success. We always encourage would-be entrepreneurs to contact us with their franchise goals, so we can work together for mutual benefit. More on that later!
BE LIKE WATER
The late, great Bruce Lee emphasized the need to “be like water,” a reference to the secret of adaptation. In the restaurant franchise world, this plays out in consumer trends, which you’ll always need to keep an eye on. 2024 represents a continued march towards things like sustainable business practices, menu quality, and health-conscious food choices. While the head franchise office does play a massive role when it comes to adapting to these trends, individual franchisees will need to keep a keen eye on them as well, in order to serve local patrons better, and attract new business.
EMPLOYEE INITIATIVES
Hiring and retaining the best talent requires foresight, consistency, and focus. Make sure to invest in all three in order to hire great staff, and retain them for as long as possible. Although restaurant franchise employees typically move on at a consistent pace, there may be avenues for your best workers to advance upwards into general manager positions, especially if you’re thinking about opening up a secondary franchise location. Positive work culture matters a whole lot here, so make sure to create a positive dynamic where everyone feels appreciated.
BRAND AWARENESS
Yes, your franchisor is responsible for all branding guidelines and revisions, and you’ll need to follow suit when you open up your franchise location, but that doesn’t mean you don’t have a responsibility to promote said brand accordingly. In fact, doing so at a local level can yield huge benefits for your franchise location.
Always take advantage of traditional, and digital marketing channels to spread the word about your restaurant. Not only will this increase your exposure, but it will also give your patrons the opportunity to sound off on your great service and delicious menu items. At the same time, you can harness both mediums to advertise deals, new menu items, and community sponsorship events, which are great ways to get your name out there.
CUSTOMER FEEDBACK
This trend has been building for a long while now, and it’s the de facto standard when it comes to word-of-mouth advertising and brand exposure. Patrons will share both positive and negative experiences through various digital review and social media channels, so make sure your staff stays on its A game at all times. Doing so will guarantee that you hit a high rating, which in turn will attract more patrons to your location.
Don’t be afraid of negative feedback, either. Address it professionally and courteously, while striving to offset negative reviews with a predominantly large influx of positive ones. People tend to keep a close eye on review ratios when making a decision about where to dine out.
CONCLUSION
Many of these trends have been around for a while now, but adapting them to fit 2024’s economic and social trends is key to benefiting and prospering throughout the year. If you’ve never entered the restaurant franchise world before, now’s the time. St. Louis Bar & Grill continues to expand and enjoy massive success, and we are always on the lookout for new entrepreneurs to join our family. Contact us today, and let’s discuss your business plans together!
