wjr business beat

WJR Business Beat: Franchising is Hot (Episode 382)

On today’s Business Beat, Jeff Sloan explains why franchising increases your odds of success in small business.

Tune in to today’s Business Beat to learn the fastest-growing markets for franchising:

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!      

Good morning, Paul!

One of the best ways for new entrepreneurs to start a business is by becoming a franchisee that is you become licensed by the franchise or to acquire a territory and to open up a franchise unit of your own. After all, in spite of the challenges to small business success brought on by the pandemic, the U.S. franchise industry posted solid upticks and success in 2021, according to Fran Data’s 2022 franchising economic outlook report. The total economic output that franchises generated in 2021 increased by 16.3% to $787 billion in total sales. And the outlook for franchising looks strong going forward as well. Now franchising represents approximately 3% of our country’s GDP. With 792,000 total franchise establishments in the U.S., it’s big business for sure.

The Fran Data report projects that the likely fastest growing types of franchises in 2022 are the following coming into. No. 1, the hottest sector predicted personal care. No. 2, hottest sector, commercial and residential services, and at No. 3, full-service restaurants. What areas of the country are hot? Well, Texas is expected to see more franchise growth than any other state, according to the report followed by Florida, Arizona, South Carolina and Idaho.

Thinking of starting a business, but don’t know what business to start, or perhaps you want to start a business, but don’t want to run the greater risk of starting a business based on your own idea, consider franchising, it’ll increase your odds of success greatly. Go to startupnation.com to learn more about opportunities available today.

I’m Jeff Sloan, founder and CEO of startupnation.com and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

Total
0
Shares
Previous Article
wjr business beat

WJR Business Beat: Social Media Advertising Remains Tops (Episode 381)

Next Article

6 Finance Books to Help You Make Better Business Decisions

Related Posts
Read More

WJR Business Beat: We’re Spending Even More Time Online (Episode 411)

In today's Business Beat, Jeff tells us consumers are spending more time online and explains what businesses need to do to reach them. Tune in below for more details on how digital use has changed with the pandemic:   Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business...
Read More

WJR Business Beat: Win $10,000 Grant Through Verizon Program (Episode 410)

On today's Business Beat, Jeff provides details of the Verizon Small Business Digital Ready program, including free resources, coaching and $10,000 grants to get your small business up and running. Tune in below for more details:     Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat....
home-based businesses
Read More

The Value of Home-Based Businesses to Economic Recovery

The challenge of America’s economic recovery, in the wake of the COVID-19 pandemic, is to spread it to every community – and especially those that have been historically excluded. The key to meeting that challenge is to appreciate the civic and economic value of an overlooked resource: home-based businesses. There are about 16 million home-based...
Read More

WJR Business Beat: Business Success Means More Than Making Money (Episode 409)

On today's Business Beat, Jeff Sloan talks with Bob Kratt of Hamilton's Propane about how business success can be measured in more ways than just the bottom line. Tune in to today's Business Beat to learn more:   Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat....