At BirthdayPak, we may be a little biased, but we believe there’s never been a better time to own a franchise! The economy is strong, and the franchise sector even more so. With a number of trends to consider, we took stock of five that are particularly advantageous to BirthdayPak franchise owners.
Trend #1: Thriving Franchise Sector
Opportunities are expected to increase in the franchise arena in 2018. According to a survey by the International Franchise Association (IFA), the franchise sector is projected to grow by 1.9% to 759,000 franchise establishments. The franchise sector is also expected to outpace the U.S. gross domestic product growth with an increase of 6.1% ($451 billion). The sector has been growing at a steady rate, which may reassure those thinking about owning their own business.
Trend #2: Employment Growth
Franchise jobs are expected to outpace the economy and grow 3.7% (8.1 million jobs) after increasing 3.1% in 2017. The study in 2016 showed job growth every year since 2010, and continued job growth in 2017 and 2018 means more opportunities for qualified candidates. When good employees are in place, the ability to add franchises or expand the market is possible.
Trend #3: Multi-unit Franchises or Market Expansion
Many franchise owners are opting to provide strategic oversight and hire people to run the day-to-day franchise operations. This means owning more than one franchise location or expanding the geographical market, as can be done with BirthdayPak. In some cases, franchise owners are running franchises under multiple brands. This provides opportunity to diversify and increase income potential.
Trend #4: Experiences Over Products
Millennials are the most influential generation – they are the largest at 70 million and media-savvy. As consumers, millennials are less interested in spending their money on products and would rather indulge in experiences. In fact, they outspend more than any other generation when dining out and often view it as a value-driven experience. BirthdayPak appeals to millennials and older generations with gift cards to experience restaurants, day spas and other retailers.
Trend #5: Restaurants Among Top Franchises Projected to Grow in 2018
Experiences are a theme in the IFA survey with the top franchises expected to grow in 2018 in terms of business output. As restaurants are the majority of BirthdayPak business partners, it’s encouraging to see them at the top of this list. These categories are also in the top five for number of establishments and employment forecasted for 2018.
- Quick Service Restaurants (7.3%)
- Table/Full Service Restaurants (7.2%)
- Personal Services (7.0%)
- Lodging (6.2%)
- Business Services (5.6%)
If you’ve thought about franchise ownership, given these compelling trends, why not now? For more information on how you can succeed as a BirthdayPak franchise owner, register for an upcoming webinar or call 1-888-206-0083.
Over the last decade, the business and franchising industry has seen a trend of more women taking opportunities in ownership and this is expected to further increase over the next five years. Many women are breaking away from corporate jobs or stagnant careers in male-dominated industries. These women are becoming entrepreneurs, pursuing a line of work that they feel passionate about.
According to the State of Women-Owned Businesses, 2016, there are an estimated 11.3 million women-owned businesses in the United States, which employ almost 9 million people and generate over $1.6 trillion in revenue each year. Women owned companies now comprise 38% of U.S. businesses. Between 2007 and 2016, the number of women-owned businesses increased by 45%. This is in comparison to the increase of all U.S. businesses at 9%, proving one thing: women are a force to be reckoned with.
Many of these women-owned businesses are franchises; women own more than 25% of operating franchises in the world, according to the international Franchise Association (IFA). That number doesn’t include another 17% of the population where men and women operate franchises together as partners.
In a survey with Franchise Business Review, 6,400 women franchisees expressed satisfaction with their mode of business ownership. 90% of the survey’s respondents said that they enjoy operating their business, with 74% saying they would “do it again knowing what they know today” about the franchising process.
The state of women in franchising today is largely on rise, thanks to shifting demographics, growing female independence, and franchisors’ desire for a stronger female presence in their company. From skills to personality traits, there are many reasons why women are set up for success in the world of franchising, including organizational, multi-tasking, and communication skills where women thrive. This is no exception at BirthdayPak, where 58% of all franchise owners are independently owned by women or a part of a husband and wife team.
“Owning my own franchise has given me the ability to be both a business woman and a mom, while allowing me to grow as an individual. I am my own boss, have unlimited earning potential, and without sacrificing, it allows me the flexibility to be there when my family calls.” – Kathy Fox, Owner of BirthdayPak Franchise of Nashville
“As a woman franchise owner, I love the ability to take ownership and pride in my business, while loving what I do. Helping women in my communities celebrate their birthdays while helping local businesses grow is a fun and rewarding experience.” – Jennifer Bradley, Owner of BirthdayPak Franchise of Dallas/Ft. Worth
If you know a woman with a sales background and entrepreneurial spirit who is looking for a new business opportunity, she could be the next BirthdayPak franchisee! BirthdayPak has markets available throughout the United States. To learn more about this exciting business, click here.
Do you often take charge, enjoy challenges and strive for success in all things? Do you consider yourself a self-starter, problem solver and rise to the occasion first? If this describes you, you are likely a natural born leader. Perhaps you’re also the entrepreneurial type who likes being his/her own boss. So, it’s no surprise that natural leaders also make great franchise owners! Here are five characteristics of leaders that lend themselves to standout franchise owners.
Respect & Integrity – A true leader is someone who is honest, knowledgeable, open to suggestions/feedback and caring toward clients, employees and colleagues/partners. They listen, communicate openly and respond in a way that elicits trust, loyalty and appreciation. Leaders “walk the talk” and others naturally want to follow.
Visionary – Leaders have a distinct vision of where they and the company are headed and can articulate it well. An understanding of the big picture is key, along with how they contribute to helping the organization thrive. They are always looking ahead and willing to change as needed to be profitable and grow.
Positive Outlook – Leaders with a positive outlook empower others around them and draw people to them. People want to do business with others who are positive, and employees work harder. Positive leaders always seem to have a solution, are reassuring and inspiring. They compliment employees and tell them how they have contributed to the company’s success.
Motivating and Engaging – Motivating others is the mark of a good leader. Motivation is shown through example, not issuing mandates. Motivation means being enthusiastic, providing guidance, encouraging others and making them feel valued. This approach creates engaged employees who are committed to the organization’s goals and values, and willing to give 110% every day. Engaged employees translate to greater productivity and profits. According to a 2016 Gallup poll, teams with high engagement rates are 21% more productive. High engagement leads to other positive outcomes as well such as lower absenteeism and fewer quality defects.
Cultivate a Strong Team – Leaders understand that they are only as good as their team. They understand their strengths and weaknesses to determine gaps and put together the right team that complements or expands his/her skill set. They choose employees with the right personalities who communicate well and show mutual respect. As a franchise owner, this characteristic is particularly important when partnering with other individuals or eventually hiring employees to manage an aspect of the franchise or part of the territory.
Are you seeking an opportunity to apply your strong leadership and pursue your entrepreneurial dreams? If so, then a BirthdayPak franchise may be a good fit. Learn more about BirthdayPak and the tools and support given to successfully build your business and team. Click here to register for an upcoming webinar.
Columbus is not just the fastest-growing metropolitan area in Ohio with a population of more than two million, but ranked 30th out of more than 900 areas tracked across the nation. Columbus moved Cleveland out of the #2 spot for Ohio’s most populous metro area and is slated to exceed Greater Cincinnati’s population by 2025. This seemingly quiet Midwestern city is making itself known in more ways than one. It’s why Forbes named Columbus one of its Five Secret Foodie Cities, and is a perfect area for a BirthdayPak franchise.
Columbus, OH: Thriving Capital City
A number of industries including finance, professional services, education and healthcare are driving growth into the Ohio state capital region. In 2016, average wages rose a percentage and a half faster in Columbus than the national rate, the regional unemployment rate hovered around 4% and jobs were gained in higher wage service positions. The strong job market is attracting new residents and a boon to the housing market as a result. Future job growth over the next decade is expected to be nearly 40%.
Ohio Restaurants to See an Upward Trend in 2018 & Beyond
A recent survey from the Ohio Restaurant Association shows that same-store sales (restaurants operating for a year or more) ticked upward in the last two quarters of 2017, and is projected to increase by 2.8% in 2018. Ohio has more than 22,000 restaurants contributing projected sales of $22.9 billion in 2017. As Columbus is slated to become the #1 most populous city by 2025, Ohio restaurant and food service jobs are expected to grow 9.3% by 2027. Restaurants are the backbone of BirthdayPak business partners, and along with boutiques and salons, drive affluent women to these locations with gift cards to help celebrate their birthday.
Is A Franchise Opportunity in Columbus, OH Right for You?
In a city with an increasingly sophisticated and bustling food scene, there is no shortage of businesses with which to partner in Columbus. The area’s 10 mailing zones bring strong potential for success, and is manageable for a single franchise owner. If you have experience in and enjoy sales, are great at networking and ambitious, opening a BirthdayPak franchise in Columbus may be a good fit. Learn more about franchise ownership, visit birthdaypakfranchise.com or call 888-206-0083.