In this article published on Entrepreneur.com, iFranchise Group CEO Mark Siebert notes that after months of forced closures and record-high unemployment, the U.S. is ready for an economic recovery, with the franchise industry uniquely positioned to lead the charge.
Siebert predicts 2021 will be the best year of franchise growth in at least a decade, due to several factors, including:
- Relatively higher unemployment rates, with both lower-cost workers and seasoned career professionals seeking opportunities.
- Favorable market conditions that provide ready access to capital for investing in franchises.
- Available commercial real estate due to business closures in 2020.
Siebert also notes the importance for franchisors to prepare on multiple levels for the expected franchising boom: strategic planning, operations documentation, site selection, marketing and messaging, and franchisee profiling.
As we look to come out on the other side of the pandemic, Siebert recognizes that there will indeed be some challenges; but for companies that are well-prepared, 2021 could represent a once-in-a-lifetime growth opportunity.