Teriyaki Madness was featured in QSR’s 11 Franchises on the Cusp of Greatness. Read what QSR had to say here, or keep reading below for a peak into the full story.
QSR – Fueled for Growth
We’re all looking for the next big thing. In the restaurant industry, concepts arrive daily and look the part. But getting there is another story. Restaurants that sped to 1,000-plus units that began from humble bases are tough to come by, and frankly, that kind of four-digital roller coaster isn’t for everybody. In this growth conversion, franchising remains a powerful tool for brands of all sizes and backgrounds to scale up. It might not be for every concept, but there’s no denying its value for many operators hoping to bring their brand to new audiences worldwide and in the U.S.
Denver-based Teriyaki Madness calls itself “the fastest growing Asian restaurant concept in the nation,” and landed on Entrepreneur Magazine’s Franchise 500 for the second year in a row this past year. The company credits this to average unit volumes of $1,096,047 and profits up to 26 percent. In mid-February, the company unveiled expansion plans for Los Angeles that call for 20-25 additional units through franchise partnerships and strategic development over the next five years.
The 41-unit company also has a similar deal in place for Miami. The company is directing expansion to the area. Teriyaki Madness expects to open more than 100 units in the next two years, and the company is a believer in transparency, and includes an Item 19 which shows every Profit & Loss statement for each of the Teriyaki Shops open two-plus years. Teriyaki Madness was founded in 2003 and currently has franchise agreements for nearly 150 location in the U.S. It landed on the top half of the Inc. 5000 list in 2017 with three-year sales growth of 171 percent.
The most successful people consistently practice daily habits day in and day out
The most successful people in this world do not reach success by doing the bare minimum and doing things like everyone else around them. The one thing they have in common is “doing the right things day in and day out.” Michael Haith, along with 39 other high achieving executives, is featured in Inc on what his secret is to getting ahead in business and in life.
Michael Haith, chairman and CEO of Teriyaki Madness, notes that the secret of staying ahead in business and in life is by studying the numbers.
“From the moment I wake up, I look at sales and social media reviews for each and every one of my franchisee’s shops. I’m specifically looking at the sales the day before. The result, ultimately, determines the entire management team’s mood that lets us know if we will be having a good day or a bad day. I know it sounds totally cliche, but after building franchisors for the last almost 20 years, as the franchisees go, so the does the franchisor.”
There are many other wise executives out there who give their own secrets to success. To name a few, these executives advise to make your bed, reconsider the impossible, say you’re sorry, clean up email, call someone important to you, inspire your team, exercise and meditate, and many more. Consider these secrets to success and you will most certainly achieve the success you desire.
Read full article here.
Chains Have Found That Creating Unique Locations is the Key to Restaurant Success.
Restaurant chains across the country have discovered that each location should be unique and localized in order to achieve restaurant success. The importance in making each location unique is that it creates a sense of community within the area. This allows customers to come in and stay because they feel at home in their particular store.
Each company incorporates the local atmosphere in different ways. Most keep their fundamental look the same but accessorize each store differently. They use the history and local artwork of the area to decorate and create unique, individualized stores for each location. Although, for some brands it is extremely important that they keep certain aspects of their locations the same such such as color pallet, bathroom materials, and interior finishes.
Teriyaki Madness, a Denver based fast-casual restaurant understands the importance of creating localized stores and is working to break the franchising mold. The Asian chain currently has 39 stores with 117 new stores in development and each one plans to be unique. The CEO of Teriyaki Madness, Michael Haith, is not concerned with keeping aspects of the stores similar, he encourages each franchisee “to put a little madness in there.” Haith believes that when owners create their own stores they enjoy working in the business more and take pride and ownership in what they have created.
Also, not worrying about keeping aspects the same allows for each store to look completely different. “Not having that scripted decor makes a more comfortable environment,” Haith says. “There’s some warmth in each one because there’s been love and attention poured into it. It’s very hard for a franchise owner to pour their heart and soul into a fluorescent-lit box versus something warm that they feel good about. If there isn’t that soul, there’s nothing for the community to latch on to. It’s about connection. We want the community to want to support this restaurant.”
For more tips on how to make your restaurant look like local, even when it’s not, check out the full article here.
If you are looking to own your own unique and localized business please follow this link to learn more about Teriyaki Madness franchise opportunities!
There have been rippling changes through the restaurant industry in recent years, which include changing technology, social media, and rising costs.
The changes are demanding restauranteurs to adapt quickly and make changes within their own business. At the Food & Wine Classic in Aspen, the panel discussed adaptation and change within the restaurant industry, what the industry is experiencing, why it matters, and how they are having to evolve to stay ahead.
Challenges & Challenges
Today, restaurants have to be more things to people to keep up with the rising costs and competition.
From Chef to Owner
Taking control and ownership of the business aspects of the restaurant is a necessity. Many owners are giving their staff new opportunities to develop and take on more responsibility.
Making it Work
New ideas to address rising costs include:
- Dynamic Pricing: charge more during high-demand times
- Tipping: eliminate tipping and add a 20% service charge instead
- Technology: gathering more data about customers
Link to Article.