This post was originally published on On Deck
The restaurant trade is set to become a trillion-dollar industry in 2024. Along with those who enter the business for the joy of food and hospitality are plenty of entrepreneurs looking for a slice of that vast revenue. But with high set-up costs, average pre-tax profits of just 4% for full-service eateries and ongoing supply chain issues, foodies and entrepreneurs alike must strategize with care if their new restaurants are to break out of the red.
As the lockdown pivot to pick-ups, deliveries and subscriptions demonstrated, flexibility is a key asset in the hospitality industry. Even now, “small but quick-moving brands are now routinely outperforming larger, more entrenched players” on delivery apps, according to McKinsey & Company. Flexibility means adapting not just to consumer behavior but to local market trends. And there is no bolder way of doing that than finding a cuisine concept that’s underserved in your neighborhood — and heading to the kitchen.
To find out which restaurant cuisine types face the most and least competition around the U.S., OnDeck compared the density of different food business types in each state and large city to the national average.
What We Did
We identified 32 food business types (e.g.,
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