FRANCHISING WILL GROW IN RECESSION
History shows that franchising grows strongly in recession, because as job losses and redundancies hit, many workers decide not to return to the workplace. Employees that loose their jobs decide to take their destiny into their own hands. Even in shrinking or slowing market conditions franchising offers a more secure way into business for once employed individuals. For franchisors that are recruiting now more than ever should be planning their network growth strategy. Banks are still keen to lend to new and expanding franchisees. Credit ratings are now more important than ever with the banks. Franchisors should be working closely with the leading banks to ensure they can effectively support their potential new recruits in their approach to the banks for funding.ng.
-Franchising is one bright spot in a lagging economy,” says Gregg Reynolds, chairman of the International Franchise Association, “Last year, more than 18,500 new franchise businesses were created, adding approximately 108,000 new jobs to the economy.”
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