Andre Beck, sector head: Fast Food and Restaurants at FNB Business, says amongst all the franchise sectors, restaurants and fast foods continue to dominate market share due to increasing demand from consumers.
That said, despite the significantly lower failure rate of fast food franchises compared to other businesses, there are important factors that entrepreneurs should consider to increase their chances of success.
He unpacks essential questions an entrepreneur should ask when investing in a food franchise:
“Doing your homework and thorough research is essential to successfully execute a franchise model and grow your business. Furthermore, speaking to various franchisees about their personal experiences can significantly increase your chances of success,” concludes Beck.