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In the midst of an economic crisis, it’s no longer easy to get credit. Americans are beginning to live within their means. Unnecessary expenses are being cut by families and corporations. All of this adds up to big effects on the franchise industry. Some business categories are being profoundly hurt by the current economy while other categories are actually benefitting. For example, outsourced business service providers have seen an increase in revenues as companies opt to outsource versus pay an employee. Hope for all is in sight as the latest stimulus package begins to help the economy nationwide and sectors of the franchise industry will feel direct benefits right away.
Helping Our Children
With $53.6 billion of the stimulus package going towards education budgets, early-education programs are reportedly going to be helped, leading to additional jobs and resources that benefit our children. With many franchises available in the early education category, this might be a wise choice for any business investor that loves children, and wants to own a personally rewarding franchise.
Health and Wellness Continues to Boom
The healthcare industry continues to boom. As people live longer, the need for in-home senior care as well as traditional medical care will only continue to increase. Furthermore, the stimulus bill includes $19 billion to update health information technology in medical settings. What does this mean to the franchise industry? Computer and technology franchises will benefit from this new need for equipment, networks, and training. Additionally, franchises that cater to the billing needs of medical offices should see an increase in demand.
Planet-Friendly Can Mean Green for Franchise Owners
The green sector will boom in coming years as the U.S. government, corporations, and consumers hurry to save and heal the planet. The government will invest heavily in energy alternatives and consumers are rapidly choosing to spend money on green products, services, and packaging, even if they cost more. From franchises that offer thermographic energy audits to eco-friendly salons, the green movement is growing quickly. New jobs and business concepts in this industry will continue to experience high growth in coming years.
Now’s a Great Time to Buy a Franchise
In general, the franchise industry should see an increase in revenue and growth. The obvious benefits of the stimulus package for the franchise industry will eventually lead to increased consumer and corporate spending and more business loans for new franchise owners. Franchise development should also pick up again as discretionary spending increases.
If personal finances allow, now is a great time to purchase a franchise in a high-demand industry. Franchise Solutions’ franchise opportunities directory allows prospective franchisees to easily and anonymously research which business might be right for them. When the time is right, they can then connect with the franchises that they would like to learn more about. The website also features specialized directories where business buyers can search for green businesses to own, home-based businesses to own, and other popular categories.