The franchising industry’s biggest trade show of the year, the annual 2023 IFA Convention, just concluded out in Las Vegas. This means the cheering sound you may be hearing is a war cry of enthusiasm, as the industry’s best and brightest minds had a message for the event’s attendees – buckle up because this might just be one of the franchising industry’s biggest years ever.
If there was one thing that certainly wasn’t lacking at this year’s IFA meeting, it was optimism. Whether it was the industry’s franchisors, franchisees, funders, suppliers, or vendors, all were singing the same tune. As FranNet of DFW & Oklahoma would agree, there is a general feeling that the franchising industry is becoming more mainstream, more accepted, and more prepared for its moment in the spotlight. If you’re considering an entrepreneurial life where you’re in charge of your own destiny, this could be a very advantageous time. Here are just a few reasons why…
Franchising By the Numbers
If you’re looking to franchise your way to business ownership, you’d probably like to know if you’re in good company. And according to the latest figures in the franchising industry, you would be. By now, we should be approaching 800,000 franchised establishments in the U.S., which create nearly nine million jobs and a workforce responsible for generating almost $8 billion in output. For an industry that operates as a grassroots-level small business generator for communities across America, these are indeed some impressive figures that indicate the stability of the industry itself.
We don’t want to jinx it, but it’s becoming increasingly clear that the dire predictions of a recession in the U.S. haven’t exactly materialized. Even Fed Chair Janet Yellen’s recent remarks reflect this sentiment. Though noting that inflation has been stubbornly high for the past couple of years, she stated, “If you look around the world, there are a lot of economies that are really suffering not only from high inflation but very weak economic performance, and the United States stands out. We have unemployment at a 50-year low, and consumer spending and investment spending continue to grow. We have solid household finances, business finances, and banks that are well capitalized. You don’t have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years.” She added, “This is not an economy that’s in recession and we continue to do well.” Just the vote of confidence you need if you’re looking to launch an entrepreneurial venture of your own!
Improvements are Driving Progress
As the franchising industry continues to go mainstream, more and more people are figuring out that it’s more than just fast food. In fact, there are thousands of concepts to choose from, greatly enhancing the odds that there is a perfect business out there for everyone – just waiting to be found. Part of what’s driving the industry today is progress. More and more franchisors are leveraging technology and communication to foster better systems for franchisees – and their consumers. Comprehensive training programs typically mean that no prior industry experience is needed to own or operate a franchise. Not to mention the close-knit, ongoing support from the brand and existing franchisees in the system. These superior-level networks are evolving further by the day.
We’ve now entered the third month of the year, with plenty of time left in 2023 to make changes in our lives. If that means a career transition, or a conscious choice to investigate franchise ownership, FranNet of DFW & Oklahoma can help you navigate your way to more personal and financial freedom. And it won’t cost you a dime. We invite you to come find out what’s possible when you work with qualified franchise experts.
If you’d like to know more about franchise opportunities and ownership, please get in touch. FranNet of DFW & Oklahoma is uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is allow us to be your guide. Our no-cost, no-obligation consultations have helped hundreds of entrepreneurs in North Texas and Oklahoma secure a future that belongs to them and them alone. If you’d like to get started on your own entrepreneurial journey, we’d love to introduce you to a whole new world of possibilities through franchise ownership.