Although the recession has not been kind to non-franchise businesses, franchises have proven their strength and resilience as a business model by offering franchisees the financial and brand support that small companies cannot rely on, Entrepreneur magazine reports.
However, financial pressures have taken a toll on many franchises, demonstrating the weaknesses or strengths of specific companies. Asking questions is the best way to ensure that a franchise is here to stay.
Potential franchisees should consider companies’ business strategies and ask why consumers will continue to buy their product and what tactics they will use to survive any challenges that lie ahead, the magazine writes. Additionally, potential franchisees should ask existing franchisees how they feel the company has dealt with the recession.
While analysts do not predict a full recovery in 2010 for franchises, the magazine reports that they do see improvement. Certain sectors, such as tax preparation and senior care franchises, have experienced significant growth.
The Liberty Tax Service franchise opportunity is #9 on the fastest growing franchises list of the 2010 Entrepreneur “Franchise 500.” Our tax franchise is an affordable and viable business choice. Each office provides thorough, computerized tax preparation coupled with superior customer service. For the best small business opportunity in the income tax franchise industry, choose Liberty!