If you have clients who are franchisees, did they experience the same strong growth as seen across the franchise sector in 2013? According to a new report, last year was a banner year, with industry outpacing the overall U.S. economy in business formation and job growth, creating an estimated 11,000 new establishments and 10 percent of the nation’s new jobs.
This recent rebound has given analysts, franchisors and franchisees expectations for future growth and there are many opportunities, according to Plante Moran's New Ideas report.
One of the nation’s largest certified public accounting and business advisory firms, Plante Moran's report for the franchising sector explores several opportunities the franchise industry can leverage for continued growth and success, including:
Lenders Looking for Opportunities – A recognized leader in franchise finance talks about commercial financing, emphasizing that the way a company presents itself to a lender is critical.
Franchise Success Secret Replication – See why experience and research has continually proven the need to exactly follow a franchisor’s business template.
Preparing Franchising’s Next Generation – In fall 2013, Northwood University in Midland, Mich. began offering the nation’s first bachelor’s degree program in franchise management, preparing more people to enter this growing industry.
Investing in Employees to Lower Costs and Boost Profits – The good jobs theory explains how you can raise wages, keep prices low, and increase profits. Sounds too good to be true, but there is proof.
Focusing on Baby Boomers – Across industries, the focus is on how to serve the burgeoning market of the newly retired and the trillions of dollars they have to spend.
“The U.S. franchise industry is well positioned to build on the success of 2013,” said Mark Fleischer, Plante Moran partner and franchising group leader. “The outlook for franchising in 2014 continues to be strong.”
The 2014 Franchising New Ideas includes contributions from additional industry experts, including the National Center for the Middle Market, the International Franchise Association (IFA), GE Capital, Robert Jensen, a professor at Brigham Young University’s Marriott School of Management, Melanie Bergeron, chairwoman of Two Men And A Truck and an officer of the International Franchise Association, and HandyPro CEO and Founder Keith Paul. To access the full Plante Moran 2014 Franchising New Ideas report, please visit http://www.plantemoran.com/industries/franchise/Pages/2014-new-ideas-for-franchising.aspx