Fast Food Business Plan
My business plan is to open a franchise of little Caesars in Jackson Heights, Queens NY. First let’s look at the fast food industry as a whole.
History of the industry
The concept of fast food is inspired by ancient Rome, in which bread and wine were sold in street-side stalls. In early 20th century In the United States, fast food history is associated with the introduction of drive-in restaurants. Since then, US industry of fast food has come a long way to become the largest fast food industry in the world. One of the pioneers of this field is White Castle, was founded in Kansas, in 1921, one of the major names when it comes to the American fast food sector. In 1930's, the American fast food industry achieved yet another milestone - when Howard Johnson's introduced the concept of franchising restaurants in the United States.
NAICS Code and industry Description
According to NAICS Fast food restaurant 722211, “The restaurant industry comprises establishments primarily engaged in providing food services (except snack and nonalcoholic beverage bars) where patrons generally order or select items and pay before eating. Food and drink may be consumed on premises, taken out, or delivered to the customer’s location. Some establishments in this industry may provide these food services in combination with selling alcoholic beverages”. (Census)
Growth of Industry
Since 1982, consumers starting spent more on fast food as compare to table service restaurant, according to figures this annual growth rate turns into 6.8% as compare to 4.7% growth rate through 1997. This amount increased from 29.3 to 34.2 % between 1982 and 1997, while the restaurant proportion decreased from 41 to 35.7 percent. As per a research of “US Fast Food Market Outlook 2010”, despite the growing concerns such as rising health consciousness and increasing incidences of obesity in the US population the US fast food industry has been witnessing impressive growth for the past few years. This research
History of the industry
The concept of fast food is inspired by ancient Rome, in which bread and wine were sold in street-side stalls. In early 20th century In the United States, fast food history is associated with the introduction of drive-in restaurants. Since then, US industry of fast food has come a long way to become the largest fast food industry in the world. One of the pioneers of this field is White Castle, was founded in Kansas, in 1921, one of the major names when it comes to the American fast food sector. In 1930's, the American fast food industry achieved yet another milestone - when Howard Johnson's introduced the concept of franchising restaurants in the United States.
NAICS Code and industry Description
According to NAICS Fast food restaurant 722211, “The restaurant industry comprises establishments primarily engaged in providing food services (except snack and nonalcoholic beverage bars) where patrons generally order or select items and pay before eating. Food and drink may be consumed on premises, taken out, or delivered to the customer’s location. Some establishments in this industry may provide these food services in combination with selling alcoholic beverages”. (Census)
Growth of Industry
Since 1982, consumers starting spent more on fast food as compare to table service restaurant, according to figures this annual growth rate turns into 6.8% as compare to 4.7% growth rate through 1997. This amount increased from 29.3 to 34.2 % between 1982 and 1997, while the restaurant proportion decreased from 41 to 35.7 percent. As per a research of “US Fast Food Market Outlook 2010”, despite the growing concerns such as rising health consciousness and increasing incidences of obesity in the US population the US fast food industry has been witnessing impressive growth for the past few years. This research