We warned you that 2018 was rapidly closing out and here we are, smack dab in the middle of November. So, what does this month bring to mind? Well, aside from college football bowl projections, thankfulness. In today’s FranNet blog, we’re going to delve into a list of reasons to be thankful for our current business climate. Because if you want to become your own boss—and franchising is the vehicle for you to accomplish this goal—a strong economy is exactly what the doctor ordered.
Some of the leading economic indicators have been flush with good news for quite some time now. Take the unemployment rate, for one. Anyone remember the rates just 10 years ago, when the U.S. was in the midst of the Great Recession? Double digits across the board and it was a frightening labor market for many families. Today, unemployment is actually at a 49-year low. One thing you might notice on the ground in your area are the help wanted signs. While not to be taken as concrete evidence of a full labor market, they certainly appear to be abundant regardless of the geographic area in the U.S.
How about economic growth as a percentage? There again, we’re seeing strong gains of above 3 percent a quarter, including a rate of 3.5 percent for the most recent third-quarter report. The current administration has promised and forecast growth of this range in their estimates, but it’s still a delight to see these strong percentages quarter after quarter. Let’s hope that keeps up.
Another factor that is unmistakable is the consumer confidence index. Conducted by the nonprofit The Conference Board, this organization measures the consumer confidence survey and consumer confidence index on a monthly basis. Want to hear how well these two polls are going? Here’s the most recent quote from Lynn Franco, Senior Director of Economic Indicators at The Conference Board:
“Consumer Confidence increased in October, following a modest gain in September, and remains at levels last seen in the fall of 2000. Consumers’ assessment of present-day conditions remains quite positive, primarily due to strong employment growth. The Expectations Index posted another gain in October, suggesting that consumers do not foresee the economy losing steam anytime soon. Rather, they expect the strong pace of growth to carry over into early 2019.”
Carry over into 2019? How does that sound if you’re planning your entrepreneurial journey in the near future?
From past experience, we all know that managing a robust economy is a fragile process. Within the confines of Capitalism, market forces are in constant motion, ebbing and flowing with a myriad of factors. But when all aspects of the current market economy seem to move in concert with one another in symphonic harmony, it might be just the right time to take advantage of a strong outlook.
If you’re ready to kick-start your entrepreneurial journey in 2019, now is the time to make a concrete step in that direction. Simply make a no-cost, no-obligation appointment with one of our qualified FranNet representatives who both live and work in your area. We’ll help you begin the franchise investigative process and determine which concept will make a perfect match for your goals, outlook and future.
The U.S. economy and markets are doing their part. Don’t miss out on what could be perfect timing for a business of your own.
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!