Entrepreneurs venturing into new business opportunities continue being attracted to the tried and tested franchising concept, which can withstand the harshest economic circumstances.
Andre Beck, Sector Head: Fast Food and Restaurants at FNB Business, said that 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.
Beck unpacks essential questions an entrepreneur should ask when investing in a food franchise:
Is the brand widely recognised?