Entrepreneurs Find Franchising Growth Opportunities
How many times have you read about a new business and thought, “I wish I’d thought of that!” or “I should’ve pursued that idea.” A successful entrepreneur knows when to attack an opportunity and grow a business. That’s where you find franchising growth opportunities.
There’s always the “latest trend,” and tomorrow and next month there’ll be another and then another one alike. The outstanding business people pay attention to the trends and anticipate reactions to take the best advantage of the situation, and even incorporating the passing trend into a long-term win for the business. With that in mind, business advisor Andrew Rogerson suggests some key franchising trends to help you learn how to take advantage of growth opportunities in Sacramento:
1. Franchising Growth Opportunities – Industry Growth.
According to a study by the International Franchise Association (IFA), the franchise sector is predicted to grow by 1.7% this year, and the total gross domestic product generated by the franchise sector is anticipated hit $552 billion—a $29 billion increase over last year. This upward trend means opportunity. Given this steady rate of growth, it’s a terrific time to get started owning your own business franchise.
2. Employment Growth.
The IFA also predicted that franchise jobs would increase by 3.1%. That’s roughly 9.1 million jobs, 300,000 more than were added in 2015. There’s been similar job growth every year since 2010, a sign of strong employment in franchises and evidence that franchise businesses are attractive to quality employee candidates who will be key in operating your franchise effectively. You can’t run your franchise all by yourself (Can you?), so you’ll need good workers to help.
3. Wage Growth.
In this election year a considerable discussion about raising the minimum wage received second wind. There’s a good chance that minimum wages may increase with new laws throughout the country, as well as the federal minimum wage. If there is sweeping legislation to up the minimum wage equally across all sectors, then both costs and prices will increase the same across the board. A new franchisee can use these new regulations to provide fair wages to employees from the very beginning. Employees will be happier and more productive. Plus, your customers will appreciate your commitment and your integrity as a business owner.
4. Diversity Growth.
Minorities are becoming the majority in the country. Baby Boomers retire and minorities interested in entrepreneurship invest in available business opportunities, including franchises. Minority influence will only continue to grow with more diversity in franchising to follow. Use this to your advantage by staffing your franchise with a wide variety of ideas and opinions to help you be successful. Hire a wide variety of employees to more accurately reflect your customer base and increase flexibility.
5. Multi-Unit Ownership Growth.
If one successful franchise is good, a second, third, or fourth successful franchise is even better! Owning multiple businesses is a growing trend this year. Ambitious and aspiring entrepreneurs are adding one or more franchise location to their business empires. Adding more locations creates a bigger territory; more scale means more money and added sustainability long-term. Talk with Andrew about franchise opportunities with ownership of more than one location or diversify your business ownership portfolio by setting up multiple franchise brands that compliment your strategy and objectives accordingly.
Trends in franchising are constant: they come and they go. Along with the help of your business broker, you can stay aware of the trends and capitalize on them when purchasing and running your franchise. For more information on how you can prosper in the world of franchising, speak with Andrew.
Andrew Rogerson would like to discuss purchasing a Sacramento franchise with you. He’s happy to help you negotiate the purchase of a franchise in the Sacramento area. To discuss these exciting opportunities and find the one that’s right for you, contact him directly. In conclusion, to learn more about buying and selling Sacramento business and franchises in general, please visit our website Services and choose from the drop down menu the information you’d like.
For immediate help, please send an email to Andrew or call him at (916) 570-2674.