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Franchise Industry Leads Business Growth in 2022

by Seth Lederman

According to the U.S. Census Bureau, about 50% more new businesses started in the U.S. in 2021 than in any year in history. The pandemic has spurred the entrepreneurial-minded, meaning growth for many new and existing franchise brands is on an upswing.

While it may feel like the pandemic has stopped so much in our lives, it doesn’t appear to have slowed down the growth of new businesses. According to the U.S. Census Bureau, about 50% more new businesses started in the U.S. in 2021 than in any year in history. The pandemic has spurred the entrepreneurial-minded, meaning growth for many new and existing franchise brands is on an upswing.   

But that doesn’t mean that all franchises will be equally successful. One thing that the pandemic made clear, and which continues to hold sway, is that franchises that could lean into the call for things like delivery food service, boutique fitness, and service franchise offerings have experienced much greater success over the past several years.

Any economic damage that franchises may have incurred due to COVID-19 is anticipated to have been erased thanks to the projected 26,000-plus franchise locations that opened in 2021, which added nearly 800,000 new jobs and contributed $477 billion to the U.S. gross domestic product (GDP).

The International Franchise Association (IFA) expected franchising’s overall contribution to the economy to have grown by 7% in 2021, which would return it to pre-pandemic levels of economic output.

After meeting and working with Seth to vet and select a franchise concept, I’m so grateful that he was our guide throughout the journey. Jennifer Robinson, Franchise Owner 

The Outlook for 2022

As 2022 is now officially underway, it’s essential to understand the vital role of franchising in America’s economy. The IFA Foundation reports that franchise businesses account for more than 5% of private-sector GDP and more than 8% of private-sector jobs. Franchise businesses in the U.S. contribute more than $674 billion in direct economic output and 7.6 million direct jobs. Finally, one out of every 12 Americans working in the private sector is employed by a franchise business or has a job because of franchising.

The most recent ADP National Franchise Report stated that U.S. private-sector franchise jobs increased by more than 52,000 franchise jobs in August 2021. Sectors that experienced growth included restaurants, auto parts and dealers, accommodations, and real estate. Food retailers and business service franchises both showed declines.


Let Frannexus Be Your Guide!

If you are considering investing in a franchise, don’t take the chance of choosing the wrong one and not achieving your goals. Learn from the experience of others in the franchise field, like a franchise coach, to have the greatest likelihood not just of succeeding but exceeding what you think is possible. At Frannexus, we have the expertise, knowledge, and experience to help you achieve your financial and personal goals. The right match is waiting for you, and Frannexus is the matchmaker to find your franchise soulmate.

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Profits are Better Than Wages

Tired of putting in hours of hard work while someone else benefits? You can earn money in a way that fits your lifestyle rather than the other way around.

In “Profits are Better Than Wages”, experienced franchise advisor, Seth Lederman answers the “how” and “why” of going into business for yourself.

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Assessments

What kind of franchise business will match your skills, experience, passions and even more important...your personality? Answering these questions now, will save you time and grief during your search.

Industry Guides

Learn about the various franchise industry segments, from Home Services to Beauty, and more. With nearly 4000 available franchise opportunities, understanding the pros and cons of the industries is crucial for a successful franchise search.

Events

Having helped hundreds of people get into business ownership through franchising, we are in a unique position to educate prospective franchise investors.

How-To Articles

On our quest to share the best in franchise information, we've developed a series of How-To articles with practical advice to move you forward in your franchise search.

Videos

View our collection of educational franchise videos for large investors and first-time entrepreneurs.

Blog

The FranBlog is a trusted digital publication, providing news and information that entrepreneurs and franchise investors want.

LEARNING CENTER
Basics

Are you sick of the 9-5 grind and actively looking for alternatives? Start with the basics of going into business for yourself.

Intermediate

Searching for the right franchise opportunity is like looking for a needle in a haystack. If you want to search smarter, not harder, check out the franchising insights and knowledge to get you there faster.

Advanced

You've decided to explore franchise ownership. Now, making it a reality with tips for vetting, funding and minimising the risk of your franchise investment.

Help Center

Do you have questions about investing in a franchise? Check out our comprehensive help center for answers. If you don't find what you're looking for, submit a question and our team will get back to you.

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