More than ever, potential franchise investors are forced to think about the ‘bigger picture’ with the political and economic climate facing its most turbulent period in generations. However, with a careful approach and thorough due diligence, franchisees can still forge an incredibly successful career when choosing the right industry to invest in. The QSR industry in particular has demonstrated its resolve better than most over the last 12 months. In fact, recent figures have proven the QSR industry to be stronger than ever, and it shows no signs of slowing down. As such, there are still plenty of reasons to invest in a franchise in 2022 and beyond. Here, Sigríður Jónsdóttir, Managing Director of innovative QSR franchise Ísey Skyr Bar, discusses why there has never been a better time to take the leap and invest in a franchise in the QSR industry.
Seeing growth amid domestic economic challenges
The strength of the QSR industry is something that cannot be discounted. Even amid some of the most uncertain times within our domestic economic system, QSR outlets of all types are still opening across the UK and still celebrating huge success. In fact, in 2022 alone, the domestic QSR industry is expected to increase by an impressive 8.9%1. There are few industries that compete with those numbers, and that is a trend set to be affirmed in the coming months.
Leading the way in globalisation
Ever heard the old saying, “Food brings people together”? Well, that is certainly true, and QSR franchises are practising that on a global scale – they have been for decades. The UK QSR industry is booming as a result of the pandemic and changing consumer habits, which has proven to be attractive to chains looking to drive international growth. The buoyancy of the UK QSR industry is here to stay, and with the choice of outlets being more plentiful than ever, consumers are actively looking for new flavours and experiences that have been so limited over the last few years. But that is not all – QSRs have a unique position of strength in the global food market that can be tailored to all kinds of trends. Whether it’s new flavours, styles, sounds or sights, QSR franchises have a creative advantage when marketing their products due to the industry’s versatility and accessibility.
QSRs suit new consumer behaviours
Fundamentally, the way consumers interact with brands has changed since the pandemic. A major driving force for the recent growth and success of the QSR industry has been consumers’ desire for convenience. With consumers continuing to adapt to their busy schedules, it has become more common for them to eat out or order takeaways, rather than cook for themselves. And with the number of working hours expected to increase in 2022-231, there has never been a more exciting opportunity to launch a franchise which is quickly becoming an essential service to many.
Quick to adapt
Understandably, prospects now measure the viability of an investment based on how well it reacted to the pandemic and subsequent economic crises. Survival is not just a demand, but proof of a franchise thriving in the face of adversity is vital. Consumer demands are not only consistently met by QSR franchises, but the industry as a whole set the standards for how franchises adapted to difficult situations while maintaining growth. This is something that the industry has maintained since the world has reopened.
The ‘pandemic-proof’ conundrum
Today, the standard by which entrepreneurs measure success is how ‘pandemic proof’ a concept presents itself as. The QSR industry has proven that success is still possible even when faced with the worst of situations and therefore has become the minimum standard for many prospects. With full-service outlets continuing to struggle to stay relevant, that task is made significantly harder as QSRs simply adapt to survive. Service offerings such as takeaway, delivery, outdoor dining and drive-throughs continue to keep QSR outlets at the top of the food chain. The QSR industry is worth £21.4 billion in 2022, which is a number that has consistently grown by 1.4% in the last five years. And even with further economic struggles looming in the UK, the QSR industry has never been in a stronger position.
1IbisWorld, 2022, Takeaway & Fast-Food Restaurants in the UK – Market Size 2011–2029