Have you been wanting to join a franchise but just haven’t taken the leap yet? There couldn’t be a better time, as experts are saying that 2023 is looking to be the best year ever in franchising. There are many benefits of franchising, from having a proven business model to being able to have flexibility with your schedule.
If you’ve been on the fence about getting started, here are some solid reasons to franchise this year:
Franchising is attracting more professionals
Between layoffs and the threat of a recession, more C-suite employees are being driven towards franchising. Their experience leading teams, building relationships, and effective communication are all ideal qualities in being a franchise owner. Strong people are going to support other strong people.
Innovations are making franchises better
Brands are finding new ways to streamline systems and leverage technology to make their customer experience better. This is an industry that continues to learn and grow which then provides the best opportunities for owners.
Franchise education is growing
Colleges and universities have started offering franchise and entrepreneurship courses so there are continually more and more educated people joining the industry. Surround yourself with a team that has all the tools for success.
There are more franchise opportunities in more sectors
Profitable franchising opportunities aren’t just about fast food restaurants anymore. Daycare franchise opportunities and childcare franchises are on track to grow at an annual rate of 12.75% through 2025 thanks to the number of dual-income families. So when you are narrowing down your franchise options, make sure you take projected growth and sustainability into consideration. There are franchise financing options available through SBA loans, so funding your dream couldn’t be easier.
You can find more disclosure than ever before
It’s important to do your research before deciding on a franchise. More and more brands are including Financial Performance Representation in their FDDs which helps you make the most educated decision possible. Turnkey franchise opportunities are a great investment, but it’s necessary to know the numbers up front in terms of performance and success.
All indicators are pointing to 2023 being the best year for franchises, so there’s never been a better time to pursue your dream. Research the field you’re thinking about for longevity, and secure your financing. Once you get started you’ll be able to build a passionate and driven team invested in success, just like you.