The UK food franchise industry offers tempting opportunities for entrepreneurs looking to enter the thriving food industry. In the UK, the appetite for diverse cuisines and dining experiences is constantly growing, creating the ideal market for food franchises. This blog will guide you through the steps needed to set up a successful UK food franchise and how working with Taster can help make this process even easier.
What is franchising?
Franchisors are companies licensing third parties (franchisees) to carry out business under their name, allowing them to operate under an existing brand; the franchisee will invest in the business and pay monthly fees and receive products, services and support in return.
Here we have our top tips on starting your own franchise to help you start a successful business:
- Market Research & Concept Selection
Before setting up your franchise, it’s crucial to carry out thorough market research. Understanding the local demands, consumer preferences, and potential competition in the area is key for a successful franchise. Once you have a clear idea of the opportunities in the market, it enables you to choose a concept that will align with market demands.
- Select the Right Franchise Partner
Partnering with a reputable and well-established franchise brand that resonates with your chosen concept is essential.
Here at Taster, we take away the stress of running a franchise, operating in 70+ cities worldwide. It needs less than £5k to start working with us, offering you minimal investment but maximum support.
- Business Plan & Financing
Create a detailed business plan that outlines your franchise’s goals, operational strategies, marketing plans and financial projections. This plan is crucial when seeking financing from banks, investors or franchisors. Working out costs is also critical, including startup costs, franchise fees, equipment and initial inventory costs, ensuring you have a solid financial plan to sustain your franchise until it becomes profitable.
- Location, Location, Location
The success of your franchise is heavily dependent on its location; choosing high-traffic areas for your target market is crucial for business. However, it is important to take into account that desirable areas are often reflected in rent prices. Hence, trying and getting the right compromise to benefit your franchise is essential.
- Legal & Regulatory Requirements
Both in the UK and worldwide, your food franchise must comply with various legal regulations and requirements depending on your location. In the UK, this will include, but is not limited to, business registration, food safety standards, employment laws and franchise agreements.
- Supply Chain Management
Establish a reliable supply chain relationship to ensure a consistent delivery of your products. Coordinate with supplies to manage your inventory efficiently to minimise waste and maximise profit.
At Taster, we can get you the best deals through our trusted supply chain. Simply send over your inventory, and we’ll deliver everything you need straight to your door at the best price.
- Hiring & Training
Training your staff to a high standard is vital to maintaining a high standard and consistent quality of your products. Employees should understand the franchise’s vision and uphold the brand’s standards.
Our dedicated teams will train you and your staff on each delivery brand’s handling, management and operations. We will provide everything you need to get the orders rolling in so you can focus on the food!
- Marketing & Promotion
Develop a comprehensive marketing strategy to raise awareness and attract customers to your franchise. Try to utilise both online and offline channels, including social media, local advertising and promotional events.
Working with Taster, this is something you won’t need to worry about. We look after all the marketing, making mouth-watering campaigns to put your food in the spotlight to let you get on with running your business.
- Operations & Quality Control
Maintain consistency in operations and quality control to ensure customers receive the same experience every time they visit your franchise. Ensure the franchisor’s guidelines are followed consistently and monitor performance and feedback.
With Taster, all the information you need is in one place; with our software, all your orders are in one place; you can monitor stock, stay up to date with reviews, check wait times and more.
- Financial Management & Growth
Regularly review your financial statements and make necessary adjustments to improve profitability. As your franchise grows, you may be able to consider expansion opportunities, such as opening additional locations or diversifying your product range.
Setting up a UK food franchise can be a rewarding but complex endeavour that requires careful planning and execution. By conducting thorough research, selecting the right franchise and adhering to legal and operational best practices, you can position yourself for success in the vibrant and diverse UK food industry.
We hope you found this blog useful, remember if you need any support setting up your franchise then contact the Taster team and we’d be more than happy to help.