Blog Information

• Posted By : Joe Root
• Posted On : Jul 10, 2023
• Views : 56
• Category : General
• Description : The franchise industry will increase business ownership opportunities in the coming years and Texas franchises and California franchises will become growth drivers.

Overview

• Franchise business in the U.S. is rebounding post-pandemic. According to a report from the International Franchise Association, the economic output of franchise businesses in the country will increase to $860.1 billion in 2023 from $825.4 billion in 2022. The franchise industry will increase business ownership opportunities in the coming years and Texas franchises and California franchises will become growth drivers.

  Here are the top 3 growing franchise industries in Texas and California:

  • Retail industry
  • Pet care industry
  • Fitness Industry

  Future growth opportunity

  California and Texas both offer immense potential for a franchise business. The growth opportunity for each state is discussed below.

  California franchises

  One of the large states in the country, California is a perfect destination to start a franchise business. The growth opportunities are:

  ● Urban centers with a paying population - California is one of the most populous states. It has many urban centers with over 200,000 population. It means finding paying clients is easy.

  ● Tracking the franchise performance - California franchises include every major brand. One can find at least a franchise from a brand and check its performance.

  ● Government support - California government has business-friendly policies. It has set up a dedicated department - the Department of Financial Protection and Innovation - to promote businesses. Further, the California Franchise Relations Act and California Franchise Investment Law protect the rights of both franchisor and franchisee.

  Texas franchises

  Texas has a conducive environment for small businesses. The state has low taxes, Central location and a paying population.

  ● Populous cities - Austin, Houston, San Antonio, and Dallas have populations over 1 million and provide enormous opportunities for a franchise business.

  ● Business-friendly policies - Texas has a vibrant business climate with the Governor's Office of Small Business Assistance and Business Office Assist assisting small businesses. They provide entrepreneurial training, facilitate finance, and offer various business resources for franchise owners.