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Franchise Growth Forecast: Thrive in 2024!

Franchise Growth Forecast: Thrive in 2024!

The franchising industry is set to expand significantly in 2024, with an estimated increase of 15,000 units, contributing to nearly 9 million jobs and $545.8 billion in GDP. Prospective franchisees have a plethora of choices, but selecting the right opportunity requires careful consideration. Experts like Scott Greenberg, Pete Baldine, and David T. Azrin advise on key factors such as unit-level economics, ownership, culture, selectivity, and franchisee satisfaction. They also warn against hard sell tactics and emphasize the importance of affordability and a supportive franchisor. The article provides insights into evaluating franchises across various sectors, including food and beverage, services, health and wellness, and travel. It covers red flags in the Franchise Disclosure Document (FDD), legal considerations, and financing options, including franchisor loans, bank loans, SBA loans, alternative financing, retirement funds, and small business credit cards.

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