This is why franchises are dominating the market in 2018

If you’re thinking about taking the leap into franchising, this may be the year to do it. We may deem 2018 “The Year of the Franchise.” Here are a few reasons why there’s no better time to get started with yours.

The facts

• Franchises are set to increase by 1.9 percent in 2018
• The output from franchise-based businesses is set to increase by 6.2 percent (to nearly $757 billion)
• Personal service franchises are expected to place first in growth for 2018

Why it’s happening

The recent explosion in franchising owes a large part to its customers and clients. Customer brand recognition and loyalty means people take their shopping dollars to places that have been vetted. Those who are reluctant to try new things know they can always find something they like at their favorite franchise.

Where is the growth?

Places where people have advanced degrees (and therefore, earn more money to spend) are good locations to start your franchise. There are also more and more instances of people owning multiple franchises, picking up two or more stores whenever they can. There’s never been a better time to be your own boss with a franchise!