Economic uncertainty. Recession. Layoffs. Out-of-control crime. Potential world war. Why would anyone take a risk and start a business now?
Perhaps these are the same reasons someone should now start a business – a franchised business. If you’re considering starting your own business, the only investment you should consider in 2023 and 2024 is in a franchise. Here are five reasons why it’s the perfect time to break the cycle of uncertainty and start your empire now.
You have the freedom and the responsibility to empower yourself
With all the uncertainty, with whom do you trust your financial future: a CEO at a corporation trying to please a board by limiting losses? Or worse, a mid-level manager trying to please that same CEO? These people do not have your future in mind as they sharpen pencils. Do you want to trust your family’s security to them or to your own vision?
Franchise opportunities are abundant
There are more franchise opportunities available than ever before. What keeps you interested? Fitness, health, beauty, food, retail, home services and so many interesting new ideas. With so many options, you can’t miss. Something will align with not only your interests and skills, but also your lifestyle and needs.
The upcoming election
The 2024 U.S. presidential election is a year and a half away. Historically, election years have seen economic growth. Get your business in place now to take advantage should history repeat itself.
Financing options are out there for now
Starting any business requires capital and, yes, money is tighter now than it was three years ago. But imagine how financing might look in three more years! Find a lender sooner rather than later.
Established brand recognition
The biggest advantage of owning a franchise is that you’re investing in an established brand with some level of awareness by consumers and record of success. Marketing channels are getting more crowded by the day. Being a part of a known brand will help you rise above the noise and rocket past other local competitors. You will attract customers more easily and build a loyal customer base faster.
Jack Monson
Jack Monson is the host of Social Geek, home of the No. 1 podcasts in franchising and the CEO of Brand Journalists. He has been working with franchises brands and small businesses in marketing for 15 years.