Industry News
The Entrepreneur’s Source Reviews: Why is Now a Good Time for Franchising?
The Entrepreneur’s Source Reviews: Why is Now a Good Time for Franchising?
If you’ve always dreamed of establishing self-sufficiency through entrepreneurship, then now is a great time to make this dream a reality. Wondering why? Well, The Entrepreneur’s Source reviews the top three reasons why now is a great time to enter the world of franchising.
Franchise Growth
Virtually every category within the franchising sector is experiencing growth. Franchise businesses are expected to grow at a faster rate and create more jobs than the rest of the economy in 2014, according to The Franchise Business Economic Outlook 2014 developed by IHS Global. Similarly, the number of franchises is expected to grow by nearly 13,000 in 2014 – a 0.3 percent increase from last year.
Although there truly never is a bad time to invest in a franchise, opting in during a time of economic growth is specifically great because it allows an entrepreneur enter into the business during a period when the sector is thriving. When franchises experience growth, this means that their customers are coming into their stores and purchasing their products, helping in boosting the economy. As the economy shows signs of recovery, customers begin to feel more secure and consumer spending tends to increase, aiding in future franchise growth.
Employment
Franchises need people to run them, and due to the high unemployment rate, it shouldn’t be difficult for a franchise owner to find people to run his or her franchise. In fact, franchises are expected to add around 200,000 new jobs in 2014. Due to a flood of corporate layoffs and downsizing across America since the recession, franchise owners will have a giant pool of qualified and eager job candidates to select from to run their business. By investing in a franchise now, franchisees are simultaneously aiding in providing jobs to unemployed Americans.
Incentive Programs
Due to the economic recession, many banks began slowing down on lending. To combat this financing issue, many franchise brands have create their own franchise incentive or financing programs for both first time prospects and multi-unit owners. In fact, Steve Caldiera, president and CEO of the International Franchise Association (IFA) reported that as many as 100 franchise brands offer original financing solutions, such as discounts or refunded franchising fees, to aid in franchise ownership and that this number is expected to increase.
Similarly, many franchise brands are also offering discounts or incentives to women, minorities and veterans to aid them in entering the franchising sector.
The Entrepreneur’s Source Reviews How a Business Coach can Help
Although now is a great time for prospective entrepreneurs to enter the franchising industry, many of these individuals don’t know where to start. With the help of a business coach at The Entrepreneur’s Source, prospective franchisees can explore existing franchise opportunities and how they may be able to translate into a franchise fit. E-Source coaches help potential franchisees identify their Income, Lifestyle, Wealth and Equity™ (I.L.W.E) goals to help them in moving from Employment to Empowerment.
For more information about how you can turn your business ownership dreams into a reality, contact a business coach at The Entrepreneur’s Source by visiting this website: https://entrepreneurssource.com/how-coaching-helps/.