Franchising Has Never Been Hotter

We now have even more reason to acknowledge the boom in franchise businesses in America. This ongoing trend has gotten even hotter since the pandemic. Savvy entrepreneurs are discovering that one of the best ways to do business is to enter into an effective franchise relationship.

We’d like to discuss what this means, and why some of the most ambitious people partake in the franchising phenomenon.

Growth in Franchise Businesses

The data up to about early last year is becoming clearer, and it shows us that franchise businesses and franchise employees are growing fast. Here are some key data points:

  • After the pandemic lockdowns in 2020, franchise businesses rebounded by 16% the following year.
  • While so many businesses continue to struggle, franchises are growing at a rate of 2.2% in 2022. We expect this to increase further.
  • In 2021, there was an average growth in franchise jobs of roughly 46,000 per month.
  • Franchise businesses are especially prolific in the southern U.S. In the southeast alone, franchise businesses employed a total of 2.6 million workers. In terms of dollars, that’s the same as about $235 billion (nearly a quarter trillion) in output.

Even amid a rocky and turbulent economy, you can see respectable numbers in the franchise arena. These include the overwhelming majority of foodservice businesses. Also, don’t forget that one of the best reasons to own a franchise is brand recognition. 

It’s so much harder to launch a business when you have to generate an entire brand from scratch. In franchising, your franchisor already has that in place for you. It’s so much easier to be successful when you can plug into an effective franchise brand like McDonald’s, Subway, FastSigns, or 7-Eleven.

Prepare for the Future of Franchising with Franocity

Now that you see the raw number growth, let’s put this into perspective. If you’d like to learn a little more about how to embark on this journey, check out this article on choosing the right franchise for you. We have plenty of consulting services to help you get off on the right foot.

If you’re having a hard time determining where to start a business, we can assist with that as well. Take a look at our information on franchise site selection.

Franocity is a franchise brokerage and consulting firm that helps would-be business owners realize their dreams. We represent more than 450 brands that we’re able to match with individuals who are serious about running a business. Find out more about our services by reviewing everything on our website and call us at 561-609-6200.

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