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When COVID-19 first hit in Spring 2020, it took time for franchises to retool and adjust to the pandemic’s economic challenges. Once businesses understood the changes in spending habits, supply and demand, they were able to see opportunity. And many of them realized that opportunity with the help of franchise consultants.
At the beginning of the pandemic, travel braked to a screeching halt with heavy restrictions on international flights and quarantine lockdowns discouraging interstate travel. But those changes fueled a strong increase in a venerable American tradition: the road trip. And more driving demand means automotive repair franchises are well-positioned for growth in 2021 and beyond.
Today, the International Franchise Association (IFA) released its annual Economic Outlook Report detailing the franchise industry’s projected economic forecast for 2021. The report offers an in-depth look into franchising’s growth trend following the economic fallout due to the COVID-19 pandemic, as well as an in-depth state outlook for all 50 states and Washington D.C. Conducted by FRANdata, the report forecasts positive growth expected for franchise businesses in 2021, provided continued federal support, and suggests the potential to reach pre-pandemic levels of economic output by the end of the year.
When the pandemic first hit the country in March 2020, business owners of all sizes had to quickly pivot their business development structures and models. With traditional marketing tactics like out-of-home or event marketing suffering, digital marketing franchises saw a heavy shift toward their model as more consumers shopped from their computers at home than ever before in 2020.
IFA supports the intent of the ACA to expand access to health care, but has urged for the return of the 40-hour workweek and elimination of the employer mandate.
IFA has urged Congress to expand and extend programs to provide franchise businesses with increased avenues to access capital, especially during the COVID-19 pandemic.
IFA has strongly opposed efforts to enact independent contractor tests that rob franchise owners of their investments by effectively demoting them to employees of their brand.
As more research is published, and transmission rates of COVID-19 remain minimal for recreational sports while adhering to CDC guidelines, sports franchises have massive potential for a comeback victory in 2021 after a difficult 2020.
IFA’s blog on the Protecting the Right to Organize (PRO) Act