How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
Many industries evolve over time, and this is definitely true of food franchises in Canada. Whether you're about to commit to a food franchise or are actively searching for one to invest in right now, you should know that the industry has experienced some significant changes linked to the pandemic that are likely to linger for a long time to come.
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Cashless payment options
Cash was once king, but in the wake of a global pandemic that had everyone concerned about handling paper money and coins, there is a much higher demand for cashless payment options than ever before. When you consider a food franchise, look for one that has or is planning to have more cashless payment options. It's what people are coming to expect, and it's likely going to be a regular part of the customer experience from here on out.
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More delivery choices
Chances are you know multiple people who had food delivered during the pandemic, and you might have done so yourself. Many people who never had food delivered before opted to try it during the pandemic, and for some of those people, there is no going back to the old pickup ways. Other people will order for delivery more often than they used to, especially when they feel pressed for time.
Take a close look at the delivery options your prospective franchises offer. Are they taking advantage of the advancements in delivery tech? Do they contract with third-party delivery services or handle the deliveries internally? Find out by asking current franchises what percentage of their revenue comes from delivery. If it is a low percentage, you will want to know why.
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Limited eat-in at fast food concepts
Indoor dining definitely took a hit doing the pandemic, and some fast food franchises are introducing this concept into their prototype designs, which omit dining areas or cut them down in size. Of course, this doesn't mean indoor dining of fast food is done. Many people will still use this option, but potentially not as often as before.
As with any industry, you need to check into the emerging food sector trends before you commit to a fast food franchise. The last thing you want to do is sign onto a food franchise that is stuck in the past instead of preparing for the future.
