Like many other industries, the franchise sector was forced to adapt to the pandemic to ensure that their locations survived. But unlike other industries, the franchise sector actually saw some success in 2020. In fact, franchising overall is positioned well to thrive in a post-pandemic world!
Let’s discuss why franchising was able to succeed in 2020 and why now is the perfect time to capitalize on this franchising boom by partnering with Hot Dish Advertising today.
Positive Projections Point to Franchise Boom
According to the International Franchise Association’s (IFA) 2021 Economic Outlook for Franchising report, the total number of franchised establishments is expected to grow at a rate of 3.5% in 2021. That’s a net gain of 26,000 businesses with a total of 780,188 franchise establishments—6,585 units higher than 2019’s pre-Covid levels.
That same report forecasts that franchise employment will add 800,000 new jobs in the U.S. with the hiring of 8.3 million workers by the end of 2021. The sectors most primed for growth are commercial and residential services; real estate, retail food, products and services; and business services. The IFA also notes that the QSR industry is primed for growth, too.
Here’s why the franchise industry is going to succeed in 2021 and beyond.
People are Reevaluating Their Lives and Reconsidering Priorities
The pandemic forced a lot of people to take a long hard look in the mirror and think about what they are really looking for in their lives. Many folks out there have long aspired to own a business or become an entrepreneur. Others were laid off and are using this as an opportunity to own their own business within an industry or brand they are passionate about.
Because franchise opportunities often entail fantastic support, brand recognition, and tried-and-true business models, joining a franchise is a great way to own a business without going through the trial and error of creating a startup.
There is Ample Opportunity for Commercial Real Estate at Lower Rents
One of the unfortunate consequences of the pandemic was that many businesses were forced to close down. However, this does open the door for franchises to expand into prime real estate. It’s fair to say that right now, commercial real estate is a buyer’s market. Franchisees needing storefronts will be able to negotiate a decent bargain, which can help incentivize them to join your franchise.
There is Large Demand for the Goods and Services that Franchises Provide
With the pandemic nearly behind us, there is a massive demand for services that franchises provide, with more people going to restaurants, shopping in person, etc. This makes it a great opportunity to double down on your franchise development strategy and marketing to find interested parties who would be ideal Franchise Owners with your brand. The demand is there, and growth is on the horizon with the right marketing strategies.
How Hot Dish Advertising Helps Franchises Grow Their Brands
Getting in on the franchise boom is much easier when you have a franchise development marketing partner you can trust. At Hot Dish, we lead our client partners with smart marketing strategies to help each of their franchise brands grow.
Using our four-step process, we take the time to Understand your brand, target market, and needs. Next, we Design a marketing plan that is tailored to your franchise. Then, we Activate the plan and Optimize using cold, hard data to ensure that you’re getting the best ROI on your marketing initiatives while improving lead generation.
“Every franchise is different, meaning there isn’t a clear-cut solution that will work for everyone when it comes to franchise development strategy,” says Dawn Kane, CEO and Co-founder of Hot Dish Advertising. “By taking the time upfront to dive into our clients, their industry, and their goals, we can come up with clearly defined, highly specific strategies to help them get to where they want to be.”
What’s more, we’re experienced, with 21 years under our belt as franchise leaders and experts. Don’t just take our word for it. We’ve been named a top marketing franchise supplier by Entrepreneur for 3 years running. This thanks in large part to the 500+ satisfied clients we’ve had over the years.
“We’ve seen record-breaking success with Hot Dish as our franchise development partner,” says Christine Schultz of Pet Supplies Plus. “Not only are they a fun team to work with that is passionate about franchising, but they’ve helped us attain a 111% increase in qualified leads since we started working with them.”
Ready to jumpstart your franchise development? Partner with a fun team of experts who are ready to help you take advantage of the current franchising boom! Contact us today to get started.