What are the 3 restaurants and fast food growth signs you should look for to identify the emerging businesses?
As you know, Covid19 has had a profound effect on the food-service industry, especially on smaller businesses.
As of December 2020, at least 110,000 U.S. restaurants have closed permanently or long-term due to the pandemic’s devastating effects.
While this number includes every type of restaurant out there, experts say the overwhelming majority of closures come from small businesses’ folding.
However, not everyone is collapsing during the crisis.
There are some emerging food chains that are growing fast, shaping the future of Restaurants and Fast Food. In the “new normal” environment, new food brands that are agile and adaptive will win. Daring, trying out new menus, delivery methods, and in-store innovations will define industry standards and its future.
How is it possible to find these future food industry success stories during an economic storm, among the hundred of thousands of SMBs?
The answer is in the data.
What are the Restaurant and Fast Food Growth Signs?
There are several indicators of restaurant or fast food becoming high-growth brands.
- Restaurants or fast food brands that grow to 5+ locations have proven that their working concept appeals to a broad audience and has a high success rate.
To identify those who are on the expansion track early-on, here are some signals that you should be looking for:
- Incorporation – Incorporating a new company is, in many cases, the first step for food-services branching out to new locations
- Franchise – The addition of a “Franchise” option to the web-site
- Licensing – Applying for a liquor or business license
- Announcement – A food-services announcing a new location “opening soon”
- Hiring – New openings for employees in new locations
- Lookout for restaurants and fast food companies adding more off-premise service options:
- Takeout – a must-have for ALL food-services in today’s market constraints
- Delivery – by the food-service itself rather than by a 3rd party service
- Drive-thru – allowing people to order and take the food without leaving their car
- Pickup – Fast curb-side pickup
- Having a dedicated app or a loyalty program are indications of a business that is thinking of future growth.
An app that uses the power of customer data allows the restaurant company to optimize and innovate menus, communicate directly with customers, and create an experience that goes beyond food.
It is a strong indication they have bigger plans.
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Conducting research on your own to find tomorrow’s success stories is costly, timely, and cumbersome.
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- Multiple search and filter criteria for immediate segmentation and targeting based on your “best customer” characteristics.
- Automatic segmentation and filter options to identify early growth indicators in food-services, restaurants, cafes and bars in the UK, Ireland and the US.
- Real-time SMB coverage of the biggest food-service, restaurants, cafes, and bars markets in the US, UK, and Ireland.
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