The QSR industry is booming. In fact, it’s so busy that there are already more than enough restaurants to go around. But if you’re thinking about opening your own QSR franchise, you may be wondering whether or not the business is right for you. After all, many people believe that owning a franchise in this space comes with lots of challenges—and not just because it can be tough to make money in the restaurant business!
There are also misconceptions about how long it takes before an owner breaks even on their investment as well as what kind of experience they need in order to succeed at owning their own restaurant chain. Read on, as we discuss the 4 most commonly known myths in owning a QSR franchise.
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Myths about Owning a QSR Franchise
Myth 1: You Must Have Experience in the Restaurant Industry to Own Your Own QSR
You do not need to have experience in the restaurant industry to open your own QSR franchise. While it may be helpful to have some knowledge of food preparation and service, it is not necessary. If you are considering starting a QSR business, you can learn on the job by shadowing an experienced manager or consultant who has worked with restaurants like yours before.
They will show you how things work and help guide your decisions as they prepare for opening day. If this doesn’t sound like something that interests you, then consider hiring a consultant instead; these professionals come highly recommended by many successful owners because they offer valuable insight into every aspect of running a successful business: from marketing strategy all the way down through operations management!
Myth 2: You Need to Devote All of Your Time to Operating Your QSR Franchise
Whether you’re planning to start a burger franchise or similar to that kind, the truth is that you can run a QSR franchise from anywhere in the world. You’ll need to delegate tasks and set up systems to automate many of them, but once you’ve done so, it’s easy for anyone with a laptop or smartphone to take over if necessary.
You will also have access to all of the latest technology that has been developed by your franchisors—such as mobile ordering and payment solutions—and most importantly: you are your own boss! This means that if something goes wrong at one of your stores (which happens rarely), there’s no need for you to go all-in on fixing it because someone else can handle it instead. And when things do break down? Well then again…you’re not running everything by yourself!
Myth 3: Longer Return on Investment
In many instances, this simply is not true. In business franchising, the food sector always provides a faster return on investment, simply because everybody loves food. Regardless of culture, country, or whatnot, food is something that is considered an everyday demand. Take for example a pizza franchise, it’s always on-demand because everybody loves pizza, especially if you’re under a franchisor whose name is very popular.
In order to make sure, however, that you’re taking the right path as you start your own food franchise, you need to have a good business plan, which includes having an excellent marketing strategy (although this one is usually provided by your franchisor) and knowing why you’re doing this in the first place—you might not be able to keep up with all aspects of running your own business alone.
In addition, if you’re going into this field as someone who doesn’t know anything about food service or running restaurants (or both). Finally, it’s important to consider the fact that owning a QSR franchise requires a great deal of capital investment upfront—and if you don’t have that kind of money available, then it’s probably best not to take on such a huge responsibility in the first place.
Myth 4: QSR Industry is Already Saturated
You may have heard that the fast-food industry is already saturated. As a result, you might be feeling discouraged or depressed by this news. But don’t despair—there’s actually plenty of room for you to succeed in your QSR business franchise! Your franchisor isn’t likely going to become successful without their plans and strategies in place.
Most franchisors always consider their competition and strategize on how to overcome hurdles that their franchisees would ever face. In this case, it’s important for you to find a niche market as well as a franchisor that no one else is serving and then go after it with everything you’ve got.
Final Thoughts
QSR franchises are a great way to start your own business. However, it’s essential to know what you are getting into before you decide to buy one. The key factors that make up the success of a QSR franchise include location and size, customer engagement, and employee training and development. As always, in order for you not to fall into these myth traps, it’s better that you do your homework first before entering into a kind of food business franchise. If you are planning to start your own QSR franchise, make sure that you know what you’re getting into. After all, the success of any business depends on the factors mentioned above.