The restaurant industry has changed forever, and there’s no better time to convert an independent restaurant or retail space into a franchise restaurant.
The COVID-19 pandemic has been tough on businesses, especially more vulnerable mom and pop stores, shops, and restaurants.
This is of no failure to the families who have invested their blood, sweat, and tears into their businesses, but is rather the tough reality of the current unknowns we all face.
Without the backbone support of a franchise that possesses the resources to quickly develop and implement new strategies, safety procedures, and delivery options, the stress to adapt can become much too overwhelming and potentially financially crippling.
Therefore, for entrepreneurs, investors, and food-lovers who are eager to stay in the game but need more security, conversion through renovation is the best option out there.
Now is the best time to convert a restaurant so that owners and operators can be prepared for the new future of dining.
In other words, do the work now so that when people return to dining, you’ll be ready. The fact is, Canadians have the highest savings they’ve had in years. People miss eating out. Restaurants will come back.
A major advantage to a franchise restaurant conversion is the level of accessible support. This includes financial advice, marketing collateral, business development materials, training resources, among other important factors.
In joining a franchise, as an owner you gain a partner you can trust. You’re no longer in it alone. You will become part of a wide network, supported by an established brand that is already known, loved and trusted. You will have the benefit of brand recognition, as well as access to multiple resources to ensure your location’s success.
Another advantage is consumer confidence. The pandemic has increased the importance of safety for diners. That’s why Recipe developed our Social Safely plan across all of our brands. Safety standards for public spaces will continue to be one of the most important factors for diners as they make decisions about where to eat. By converting your space to a franchise restaurant, you will also adopt their established policies and regulations for operation.
The pandemic has changed the way people order, eat, and pick-up food. Offering takeout and delivery to patrons became a necessity for restaurants that were unable to allow dine-in guests and may not have had a delivery mechanism in place. As a result, working with aggregators such as Skip the Dishes™ and Uber Eats™ became a necessity.
A challenge independent operators have is how they will work with these aggregators, and how to factor the associated costs into their business model. With a franchise, however, the cost of working with these delivery services is often factored into the economies of scale via exclusive partnerships.
Often, the hardest step to take is the first one. Converting your space to a franchise restaurant is no different.
In the case of Recipe’s brands, we assign a dedicated partner to assist with the entire process. This partner will assess the market, investigate the comparative real estate, and consider the business model to determine if the location and the physical layout of the space are fitted to the franchise.
If the conversion is feasible, the dedicated partner will support the new owner through the approximate process of renovations and preparations. In other words, the sooner you contact us, the sooner you could be ready for when dining surges back.
With so much real estate available, there’s no need to break new ground. Instead, unused spaces can be repurposed and converted into a restaurant.
Your space does not have to be an existing restaurant to convert to a franchise restaurant location. Retail spaces and office locations can become restaurants, too. Much of the equipment needs to be installed regardless of what the space was prior, and so there are multiple ideal spaces to choose from.
The plumbing, wiring, and walls are typically the most expensive part of any renovation project. Therefore, if a retail space has the right foundation, conversion into a restaurant is absolutely possible.
Another important reason to consider converting your space to a franchise restaurant: your future. You as the owner have a lot of leverage behind you when it comes to selling your location. When it’s time for you to ride off into the sunset, you’ve got a very well-established product to put on the market.
There’s less ambiguity in the sale of a franchise to a new owner—they know more about what they’re getting. All the amenities and advantages you’ve enjoyed as a franchise owner, you can pass along to them. They’ll be picking up the mantle on an established model with far-reaching brand recognition and a strong reputation.
Not only that, you have the advantage of leveraging the Business Management team to source great candidates to buy your restaurant when you want to sell. This will make the sale process so much easier when you’re ready to start that next chapter of your life.
There’s also the option of remaining the Landlord of your location, but not running the business. In other words, when you want to retire, you can still act as the landlord for the location, and then you and the business management team can work on finding a new Franchisee to purchase and operate the location.
If you’re considering conversion, there is no better time than right now to act. With over 1500+ restaurants and 20+ brands, chances are we have a fit for your market. Converting your space to be part of a nationally recognized franchise restaurant could be the best decision you ever made. Reach out to us today!
Despite the massive challenges that the restaurant community is currently facing, the Recipe Franchising Team would like to extend our message of reassurance. Having been in business for over 137 years, we are confident we can get through this challenging time just like many others in the past. We take pride and ownership in the well being, health and safety of our franchisees, associates and customers. Recipe Franchising is looking towards the future with hope and continuous growth. With the challenges at hand, The Recipe Franchising Team has adopted a new process that we like to call "Frictionless Franchising", a way for you to meet, research, investigate and explore new franchising opportunities with us from the comfort of your home. We want to make sure that we are always here to answer your questions, inquiries, and help anyway we can. Please do not hesitate to contact us.
Stay healthy and stay safe.
The Recipe Franchising Team