Franchising in Ireland: Should Five Guys Go Irish?
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FRANCHISING IN IRELAND - SHOULD FIVE GUYS GO IRISH?
Making a decision on products and countries seemed daunting at first. Brainstorming with associates and friends to find that perfect idea that held my interest seemed impossible. Several ideas were discussed and brainstormed, however, when thinking about restaurants and franchises the first idea was born. Five Guys Hamburgers and Fries seems the perfect fit for Ireland and there began my journey.
From about 1995 to 2007, Ireland developed a very rapid economic growth called the Celtic Tiger, going from one of the poorest countries to one of the wealthiest. The Irish had a low corporate tax rate, borrowed money from the European Union and invested these funds in education. These and other factors attracted major companies such as Dell and Microsoft, and these companies were encouraged to locate to Ireland. These companies found that lower employee wages, low taxes, and membership in the European Union were all factors to be considered in deciding to move to Ireland. Ireland also has a state run agency that encourages start up businesses by providing financial, technical and social support. In 2008-09 Ireland entered a recession - the first in over 10 years.
As Ireland faced this major economic crisis, as did several other countries , the Irish unemployment rate increased to 8% in 2008, and the housing market went from 14-16% in 2006 to approximately 5% in 2009. By April 2010, unemployment was 13.4%. The Irish government has taken across the board cuts in spending and in 2009 budgets including wage reduction for all public servants. Also, in 2009 the Irish government established NAMA - The National Association Management Agency. This agency acquires property and...
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...ket research would be needed to further investigate the opportunity and feasibility of opening a Five Guys Burger and Fries in another country. The Five Guys concept of advertising where the potatoes come from would be a great advertising hook in Ireland, not to mention serving the fries in paper bags. Hopefully, using fresh potatoes from the Irish countryside would be appealing to the Irish, instead of frozen French fries many fast food restaurants use. If I had several million dollars and an Irish business partner, I would love to invest in opening Five Guys Hamburger and Fries restaurants in Dublin, Ireland and I think it might just give McDonald's and Burger King some competition. I would also want to explore and investigate Irish liquor licenses and whether liquor (beer and wine) could be served and be allowed in a Five Guys Hamburgers by the Franchisor.