According to the Nightly Business Report, United States franchises are expected to grow by 1.7 percent by the end of the year. The International Franchise Association says that if their predictions are correct, there will be over 795,932 franchises by year end.
Additionally, hiring by those franchises is expected to increase throughout 2016 with an expected increase of 3.1 percent. If predictions are correct, then 9.1 million people will be working in a franchise.
Officials akin to Marc Sparks say that one of the reasons that more people will be looking to buy franchises is the weakness in the oil market. As people stop making money in oil, they naturally start looking for another area where they can invest their funds.
According to Forbes Magazine, some of the best franchises to consider buying include:
- Brightway Insurance
- Right at Home
- Discovery Map
- Just Between Friends
With the oil market expected to remain weak throughout 2016, the association may be right about this being the year to invest in a franchise.