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