What Makes Our Multi-Unit Businesses for Sale Such a Smart Choice for 2024?
Perhaps more than any other industry, the quick-service restaurant (QSR) industry was hit hard by the pandemic and the accompanying economic tumult. That’s the bad news; the good news is that 2024 is shaping up to be an especially strong one for our industry, with trends that make Church’s Texas Chicken’s® multi-unit businesses for sale an investment to seriously consider.
Keep reading to learn more about some of the trends our industry will benefit from in 2024 and why they make investing in a multi-unit ownership opportunity with us such a smart move.
Multi-Unit Business Ownership Made Easier
While the QSR sphere, like all industries, still faces some challenges to get back to pre-pandemic footing, ours is showing some promising signs that make 2024 the year to offer up multi-unit food service to members of your community. Below are some of the trends our industry is benefiting from.
- Supply Chain Kinks Have Eased Up
The COVID pandemic affected all aspects of business life, and perhaps no other area suffered more than supply chains. But whereas supply chains may have once been rigid and globalized, today, they have become far more agile and diversified. QSRs like ours have learned how to navigate disruptions, build redundancy, and prioritize local sourcing, allowing our industry to weather the storms and capitalize on unexpected opportunities.
Technology is also allowing for faster, smoother operations, reduced errors, and optimized resource allocation. Furthermore, there’s an air of collaboration; companies are realizing that interconnected, transparent supply chains are the key to success. From sharing resources during peak seasons to forging partnerships with diverse suppliers, 2024 will see a shift toward a more collaborative environment. This fosters trust, reduces vulnerabilities, and ultimately benefits everyone involved.
Inflation has been a worry for the last few years, but the good news is that prices in many industries have stabilized, if not come down. Inflation's fever is finally breaking, thanks to the Federal Reserve's interest rate hikes having their intended effect, dampening demand and cooling down prices. This is generating a slower, steadier rise in menu costs, making QSRs more affordable for customers.
But with inflation cooling, competitive pricing becomes key. Consumers are especially sensitive to the bottom line these days, and QSR brands that offer a value-driven menu, like Church’s Texas Chicken®, will stand above the rest. Competition like this is healthy and is a win-win for everyone, from budget-conscious diners to cost-conscious QSRs.
Technology also continues to be at the forefront. From AI-powered inventory management to automated cooking equipment, technology is streamlining operations, reducing waste, and boosting efficiency. This translates to lower operational costs for QSRs, which can be passed on to customers in the form of stable or even reduced prices.
- Positions Are Being Filled
The labor shortage is also showing signs of easing, with restaurant and accommodation job openings declining (1) from 8.2% in 2022 to 6.7% in August 2023 and the quit rate falling from 5.3% in July 2022 to 3.9% a year later. These stats are owed, in part, to competitive wages, flexible schedules, and career development paths that make joining the QSR industry as an employee more tempting and satisfying. At Church’s Texas Chicken®, we go out of our way to create a workplace culture that’s respectful and encouraging, and our employment opportunities continue to be a benchmark in the industry.
Folks Love to Dine Out
Throughout 2023, consumers have shown a preference (2) for experiences over possessions. This trend has meant real growth for the QSR industry as guests continue to prioritize dining out over eating in. In 2022, Americans spent $1.34T on food away from home, a 16% increase from 2021. In fact, eating away from home constituted 56% of overall food spending in 2022, a shift from pandemic-era behavior, when staying in was more the norm.
But eating at home hasn’t fallen out of flavor by any means — in fact, with inflation continuing to pinch wallets, the allure of fast, affordable meals, like those at your Church’s Texas Chicken® restaurants, delivered straight to your customers’ doors, will prove to be stronger than ever in 2024. With our efficient operations and value-driven menu, our online ordering and delivery capabilities honed during the pandemic will continue to offer your guests added convenience and drive sales.
Of course, no future is truly foreseeable. But with inflation decreasing, supply chains mending, and competition keeping prices in check, 2024 paints a brighter picture for QSRs to offer their customers a tasty, affordable meal without breaking the bank. And you can bet Church’s Texas Chicken® will continue to be at the forefront!
To find out more about Church’s Texas Chicken’s® multi-unit businesses for sale, reach out to our friendly franchise team today!
1,2: Bank of America; Restaurant Industry Trends and Outlook for 2024