If you have an entrepreneurial spirit and are looking into investing in a franchise, now may be the time to do it. In 2013, Franchise Resales reported a “perfect storm” of conditions for buying franchises – baby boomer franchisees are retiring and putting their businesses up for sale. That, coupled with an improving economy and greater access to startup capital, meant a perfect opportunity for aspiring franchisees.
Since then, the franchise market has continued to rise. Ron Bender, CFE of Big Frog Custom T-Shirts & More, told Business News Daily that the franchise industry is currently in a strong place. He reported that Big Frog is currently experiencing their best year ever in regards to franchisee united economics and franchises opened.
“Franchisees are doing very well, and engagement and satisfaction are at all-time highs,” Bender said. “Many new stores are setting sales and profitability records … and all are seeing benefits. The economy is strong, [and] the future looks promising.”
While the franchising industry is on the rise, Steve Jackson, CEO of Hungry Howie’s pizza franchise, said it’s still a good idea to approach franchising – along with any business venture – with caution.
“It’s important to really do your research and find a franchise … that provides a robust training program to ensure you succeed,” Jackson said. “If you’re armed with everything you need to prosper, you’ll be able to cultivate a favorable environment to launch a thriving business in any market.”