After CEO of BAB, Inc. (“BAB”) Michael Evans began franchising Big Apple Bagels® in the early 1990s, he realized there was an opportunity to offer his guests even more. To complement the brand’s exceptional bagels, Evans sought out a treat product and was pointed in the direction of My Favorite Muffin®. The New Jersey-originated brand, which sells up to 100 varieties of tasty muffins crafted from chef-driven, proprietary batters was just the ticket and BAB acquired the brand in 1997.
At the time, My Favorite Muffin operated cafe-style concepts (with offerings like sandwiches), with only one muffin-only bakery concept in the franchise system. Evans’ son, Brian Evans, recognized the opportunity to expand the brand by focusing on the bakery concept thanks to its lower food cost, simple business model and a wide-open industry. Brian signed on as Franchise Development Lead and is now at the helm of an exciting growth strategy for My Favorite Muffin, with the 20-plus year track record of national franchisor Big Apple Bagels behind him.
Now more than ever, the time is ripe to get in on the ground floor of a low-cost, national brand-backed franchise. Here are five reasons to buy a My Favorite Muffin Gourmet Muffin Bakery location.
Lower Food Cost
According to the American Bakers Association, bakery products make up 2.1 percent of the gross domestic product of the United States, generating more than $30 billion in revenue each year. According to data collected from the National Restaurant Association, revenue for the restaurant industry was estimated at $799 billion at the end of 2017, with $234 billion that was specifically quick-service and fast-casual (an impressive 5.3 percent year-over-year growth).
This means the time is right for a focused, single-product concept that enjoys simpler operations and a smaller real estate footprint. Other categories in the space are saturated, meaning that concepts today need to capitalize on low costs and unique offerings. The muffin industry is wide open. Additionally, the unique business model allows for approximately 50 percent of store revenue to come from gifting and catering—a competitive advantage over most other food concepts.
No Competition in the Category
My Favorite Muffin is the leader in the muffin category, offering franchisees the best of both worlds: proof of concept with a store that has been successful for 30 years, plus unlimited growth potential with the opportunity and the runway to thrive. The focus on one specialty product allows for more efficient and focused operations, enabling franchisees to scale quickly and easily dominate the market.
“My Favorite Muffin affords substantial growth potential for its franchisees,” emphasized Brian. “There is minimal competition in the category, giving our franchisees a first-to-market advantage and wide open territory across the U.S. just waiting to be tapped.”
Simple Business Model with High Returns and a Good Work/Life Balance
The simple business model caps at 10 employees, meaning lower labor costs and higher returns. My Favorite Muffin enjoys catering, retail and bakery components, so franchise owners can have a diverse portfolio of business immediately, without the complexity or high cost of goods that come with a full-service restaurant.
My Favorite Muffin Gourmet Muffin Bakery stores also close at 6 p.m. in the interest of promoting a work/life balance for franchisees.
“Our model translates to lower cost, lower complexity and higher rewards for our franchise owners,” explained Brian. “Our owners can integrate My Favorite Muffin into the flow of their life while diversifying their profile, which we think is a pretty sweet deal.”
A Proven Track Record of Success
My Favorite Muffin currently has 17 locations for the café concept, and has just one bakery concept that opened more than 35 years ago. This means increasing brand recognition (thanks to the cafe concept locations) with an unparalleled growth opportunity for franchisees opening the bakery concept. My Favorite Muffin is the leader and only player in the category, with a business mix of 50 percent gift and catering occasions and a high average ticket of $11 to $12. Multiple revenue streams also contribute to this success: Unlike occasion-based Edible Arrangements, My Favorite Muffin franchisees see higher recurring revenue because the products are purchased more frequently from repeat customers.
The My Favorite Muffin leadership team has 25 years of experience as a franchisor. As such, the executive team is well-positioned to grow the bakery concept by using the same successful processes and offering impressive franchisee support.
“The backing of Big Apple Bagels means that we understand the challenges of franchising and can offer franchisees the level of corporate support that is indicative of a bigger brand,” said Brian. “There is an open line of communication between franchisee and franchisor with My Favorite Muffin because we prioritize franchisee success in all that we do.”
In line with positioning franchise owners for success, My Favorite Muffin offers operational support and training, including but not limited to a personal franchise business consultant that provides field support from the moment franchisees sign on, a four-day classroom training that focuses on management skills, employee recruitment and retention, financial management, cost of goods sold and marketing and visits from vendor representatives who make on-site visits to explain their partnerships and how they benefit franchise owners.
“We are committed to My Favorite Muffin Gourmet Muffin Bakery being the turnkey solution for franchise owners ready to corner an underserved market with full franchisor support,” said Evans. “That value proposition can’t be competed with and we can’t wait to see what the remainder of 2019 brings.”
The total investment necessary to begin operation of a My Favorite Muffin Gourmet Muffin Bakery franchise ranges from $243,500 to $352,500 for a full store, and $100,300 to $283,700 for a satellite store. Both figures are inclusive of the franchise fee. To learn more about franchising opportunities with My Favorite Muffin, visit https://www.myfavoritemuffinfranchising.com/.