More people are looking to take control of their financial situation in an uncertain economy, and for some that means leaving the corporate workplace and investing in startup business endeavors. For those seeking more certainty, however, franchise financing may be the way to go.
Not long ago the International Franchise Association (IFA) released its report on the economic outlook for the coming year. The number of franchise locations was projected to increase by nearly 2 percent, with hiring at established locations up about the same amount and overall growth of the industry to reach 5 percent annually. In an economy where other markets are going stagnant or losing ground, even small progress may be considered desirable.
Some franchisees have seen a real benefit from employing tried and true business models rather than risk the uncertainty of untested startups. A recent report by CNBC highlighted the success of U-Top It, a franchise that’s excelled during the downturn thanks to its cheaper, easier, out-of-the-box business models. If you’d like to get in on the ground floor and take control of your future with your own franchise, an online marketplace like Boefly can assist in finding franchise financing to fit your needs.
“I haven’t had to worry that much about the economy,” U-Top’s founder Jennifer Ketels told CNBC. She said that other companies had closed their doors locally, lacking the benefit of a sound franchise setup. These closures have left a number of prime locations available cheaply in some areas. Interested lenders and franchises like hers could easily fill these gaps while enjoying lower overhead. The IFA’s most recent survey of franchise owners found more than half are experiencing success and expect this trend to continue.