The iFranchise Group was founded in 1998. It offers the skills of the nation’s top franchise experts. This includes strategic planning, operations training and documentation, franchise marketing and sales. In addition, they also offer the best practices for emerging and established franchise companies worldwide. Substantial growth in Franchise sales has been predicted by Mark Siebert, the CEO of the iFranchise Group.
We have been hearing news about how many industries have furloughed their staff in the last few months. This was primarily due to panic and lockdown situations that prevailed worldwide, as a result of the Covid-19 pandemic. Despite this, Mark Siebert feels rather bullish about franchise opportunities in the coming period.
It is rather with great assurance that he predicts once in a lifetime opportunity for new franchise investments in the following months. There is already an increase in the interest from those looking to invest in franchises. Further, this interest will translate into contracts by 2021. He strongly feels that this could possibly be one of the strongest years ever for franchising for the following reasons.
Favourable factors that drive franchise sales
- high levels of unemployment at the top end of the salary market
- ready access to debt capital at historically low interest rates
- there is more than a decade of growth since the last recession. In other words, many have access to substantial savings in the form of home equity, retirement accounts, and personal savings
- for small brick-and-mortar businesses, commercial real estates are more easily available for cheaper rates.
- with so many skilled workers out of job, staffing for new franchises will be lot easier
- all political agenda will have revival of small industries with stimulus package as their top priority during the coming election year
- franchises that have survived the pandemic will stand out as strong investment option after emerging from these unprecedented times
- franchises also offer additional confidence in terms of quality control standards, staff training and product consistency
If your business model is franchisable, it takes at least 4 months to have the documentation in place. It is important to focus on the success of the existing business before jumping into franchising it. Once the profitability is sufficiently high, you can confidently apply for the franchise model.
Source: Franchising.com
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