Unparalleled Franchise Growth Predicted for 2022

business men looking at analytics

Working from home over the last two years has had a remarkable impact on the workforce. Now, more than ever, entrepreneurs are leaving their 9-5 jobs and taking control of their own destiny. For some, that means starting a business idea from scratch. For others, the pros of buying and owning a franchise far outweigh the risks of creating a totally new concept. 

A Predictable Investment

Franchise concepts across all industries are experiencing major growth. Fueled by brand recognition and a proven business model, owning a franchise is significantly more predictable financially than a new concept. The data doesn’t lie: the franchise industry is thriving. They have the resources available to find untapped areas for growth for their current and future franchisees.

Franchises often provide internal and external marketing tools, managerial and employee training, as well as ways to drive growth in the community. Franchisees can use this opportunity to expand their leadership team and create strong internal processes. These new team members advise the business and help them see a new perspective, assist them in navigating business expansion, and facilitate brand growth. 

Benefits of Franchise Ownership

There are many benefits to owning a franchise. Franchisees can share their high rate of success with employees via higher wages, better benefits, and a diverse work culture. As Cleveland business brokers, we know ‌franchises can often pay up to 3.4% higher wages than non-franchise establishments. Statistics show franchises have 1.8x more yearly sales and create 2.3x as many jobs as non-franchise establishments. Franchises are a strong investment for small business owners and their communities.

Acquisitioning Future Franchisees

Franchisors, their teams, and customers all worked together to overcome difficult challenges like supply chain and labor shortages during the last two years of the pandemic. These challenges have cultivated strong relationships between franchisees, their teams, and customers alike.

So, what do franchises need to do in 2022? To continue expanding, these thriving franchises must always look towards the future and scope out new franchise candidates. This can be done by implementing a strategic marketing plan, investing in a franchise development team, enhancing company impact with public relations, or driving traffic to a clearly defined and easily digestible website. Franchises have a unique opportunity to leverage the strong brand awareness that franchises often carry. Franchise teams must spread the word about their successful business model and upward trend in the market to encourage future franchisees to buy in. 

If you’re thinking about purchasing a franchise, consider our franchise consulting at Transworld Cleveland West. We have the largest broker network in Ohio and have been in business for over 40 years. By providing services for those interested in purchasing a franchise or growing their business through franchise development, we can help improve and shape our community. If you’re looking to buy a business in Cleveland, contact us first.