If you’re a burger lover who dreams of running a restaurant, you might find yourself considering a franchise investment in 2022. It’s a hugely viable option considering the UK burger industry is booming right now, but with that demand comes lots of competition. Read on, and discover why creating a business plan is so essential when it comes to running a burger franchise that stands out from the aforementioned competition.
The takeaway and fast food market in the UK is worth £19 billion [IBISWorld] and growing every year. There are many advantages to starting a burger franchise, but the market conditions are undeniably one of the strongest advantages of all. If you dream of building a successful burger franchise and attaining long-term success in this field, keep reading.
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How to build a business plan for a burger restaurant
When you find the burger franchise that’s right for you, it’ll soon be time to start building a business plan for your burger restaurant. A strong franchise business plan is essential in any sector, but especially in one as competitive and vast as fast food. Not only will you often be required to present your plan to your franchisor during the initial stages, but you’ll also have to present it to a bank or other funding body if you’re seeking any financial backing.
Most importantly of all, your business plan will be something that you personally benefit from. It’ll be a bible for your burger franchise. It’ll be something that you can regularly look back on and update, using it to measure your progress towards goals and keep yourself on track. Every franchise business plan, regardless of the industry or company that you’re investing with, should include the following elements:
- An executive summary
- A business description
- Product/service descriptions
- A management summary
- Market analysis
- Operational details
- Business premises details
- Sales and marketing plans
- Financial projections and requirements
Beyond those key components, here are four business plan tips focused on an investment in the burger sub-sector of the fast food industry, and on building an effective, efficient franchise business. Follow each one, and you’ll be able to start running your burger franchise smoothly and successfully in no time at all…
1. Be as detailed as you can to showcase your burger business’s unique selling points
Emphasising unique selling points (USPs) is a must for fast food franchises of all kinds, so whether it’s highlighting certain menu items or focusing on the branding that you’ll be utilising, do whatever you can to show readers of your business plan how your franchise will stand out and attract customers over the competition. Be sure to discuss everything you include with your franchisor and ensure you’re on the same page - some investment opportunities offer more flexibility when it comes to things like menu offerings than others.
2. Clearly demonstrate your understanding of the market
From the financial state of the market to the trends currently dominating consumer conversation, your burger franchise’s business plan should clearly express that you’re in touch with the industry you’ll be entering, and fully prepared to meet customer demands as they stand in 2022. Do this, and you’ll please potential investors AND prepare yourself more effectively for success. Current burger industry trends to pay attention to include:
- Increased use of technology (contactless payments, food ordering apps, virtual drive-thrus, AI, so on)
- Increased focus on sustainability, from food sourcing to packaging materials
- Growing availability of vegan and vegetarian options
- Growing number of ghost kitchens/takeaway-only restaurants
By keeping up with trends, you’ll constantly be learning; new tools, new events to participate in, new ways to be efficient. This will give you a wider variety of things to work with- therefore, you will be able to experiment with more things and use them to generate new ideas. This ensures that anything you come up with will be modern and up-to-date.
- Kristina Smith, Award Staffing
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3. Clearly demonstrate an understanding of your competitors
This tip ties into tips one and two, as it flows on from an understanding of your market and better allows you to pick up on your burger restaurant’s USPs. Acknowledge the businesses that will be your closest competition and you’ll discover what you do differently. Place your franchise and competitor franchises on a positioning map, measuring cost against other qualitative factors like speed of service, for instance. Or, work up a competitive matrix and stack your franchise’s key features against competitor franchises. There are many different ways to conduct competitive analysis when building a business plan, and if you do it correctly, it will also allow you to get to know your own business better.
4. Set SMART goals that keep you coming back to your business plan
Your burger franchise business plan need not be something that you create and never look at again. In fact, if you want to ensure your burger restaurant stays on track over the years, your business plan very much shouldn’t become irrelevant over time. It should be dynamically updated and continuously relevant. One way to ensure this is the case is by setting SMART goals in your business plan and actively tracking your progress towards achieving those goals. SMART goals are Specific, Measurable, Attainable, Relevant and Time-Based.
When launching a franchise business, it’s imperative you have a series of personal objectives and small business ideas to help you navigate your growth. These goals are for your benefit and help to elevate your enterprise.
- Rainbow International
Start a burger franchise and find success in no time with these business plan tips
You should now be one step closer to the moment at which you make your investment and officially get your burger franchise off the ground. To continue your research into the industry and the many available opportunities, stay on Point Franchise. Find out the current state of franchising in the burger sector and browse some of the site’s best investment options, from THE BUTCHER to Rocket’s.
Lily Sweeney, Point Franchise ©