Franchising is becoming more and more of a realistic and successful career path or investment. A recent study done by the International Franchise Association (IFA) shows positive growth for franchises in the U.S. despite worries of an economic downturn.
Between the plunge in oil prices, the changing economy in China, indicators in Wall Street pointing to a possible recession, and this year’s presidential election, it’s easy to lose focus on the positives.
The franchise sector is one of those positives. In 2016 the franchise industry is set to grow by 1.7%, coming off a better than expected 1.7% growth in 2015. Jobs are expected to rise in the franchising sector by 3.1% and the gross domestic product (GDP) is projected to reach $552 billion, a 5.6% increase.
You can see the IFA’s full report here. Not only does it cover the projected positive growth of the entire franchise sector, but it breaks it down even further giving statistics and projections for the varying business lines within franchising (such as lodging, quick service restaurants, retail, etc.).
What does this mean for you? It means now is a great time to enter the franchising industry. More and more companies are turning to franchising as their preferred business model, and jobs in the franchise sector are growing. This means there are more opportunities for you to find not only a franchise that fits into your budget, but a company, product or brand that you can be passionate about. In recent years, there hasn’t been a better time to enter the franchise sector of the business world. If franchising is something you are interested in or if you want to learn more, let us know! There are thousands of choices and a perfect fit for everybody. Don’t let this year’s economic worries put you in a rut. Focus on the positives!