Good news – if you are thinking about investing in a franchise, your timing is impeccable! Although no one has a crystal ball to know which economic predictions will come true, analysts who study the market see indicators for the future of franchising that point in the right direction.
In current circumstances, when we make bigger decisions, we now need to consider the implications of Covid-19. The pandemic has affected every aspect of our lives, though some of those impacts are positive. This is especially true when it comes to financial opportunities. The pandemic taught us some valuable lessons that many are taking to heart. Times of economic uncertainty – including this past year – tend to make workers consider taking their employment and income potential into their own hands. Rather than relying on their ability to climb the corporate ladder, many considering entrepreneurship do so because the dream of business ownership no longer seems like a risk. And they’re often correct.
Experts agree the future of franchising looks promising. Trends indicate certain markets will fare better than others, and the already-established brands with a proven business model and expansion opportunities will come out ahead, as well as those franchises that stayed nimble to succeed despite pandemic-related challenges. While there are no guarantees, with the availability of financing and proper planning, the next period of economic recovery serves as an opportunity to begin your journey into entrepreneurship.
Franchising is attractive to those who want the opportunity of business ownership without the uncertainty of starting from scratch. With franchise fees and investment, a franchise owner acquires the benefit of a strong, proven brand to pave the way for success. That proven model provides security in your investment, as studies show franchises have the highest success rates and lowest failure rates of new businesses.
If you are interested in owning a franchise but are curious about what the future of franchising holds, let’s look at which industries and markets are currently succeeding and are poised for growth in the post-pandemic economy.
There are a few franchise trends that have been gaining strength for years such as fitness, health, and personal care due to increased desire for better nutrition and wellness. That is no surprise coming out of a public health crisis. Franchise analysts also see steady, long-term growth for businesses associated with the “green” initiative, which is here to stay thanks to the need for energy efficiency.
What is more in-demand, however, are franchises that don’t just survive but thrive during an economic recession like the Covid-19 pandemic. According to research, automotive services top that list. The automotive service industry was considered “essential” during the pandemic. When many businesses were forced to shut their doors, the automotive industry was booming to meet demand for repairs and maintenance, especially to keep essential workers on the road. This industry is expected to grow in demand as car owners are keeping their vehicles on the road longer. Brands that are technologically savvy and provide consumers with cutting–edge, state of the art service are expected to flourish in the future.
The time is right for franchisees to invest in a proven automotive service leader like AAMCO. For more than 50 years, AAMCO has been the worldwide leader in transmission repair, one of the most complicated and expensive parts of your car. Not only does the brand offer half a century of consumer loyalty, it is also well-positioned to meet the needs of the post-pandemic future of franchising thanks to its recession-proof, nimble business model.
AAMCO has prepared for the radical shift in automotive repair. As cars become more like computers on wheels, and as hybrid and electric vehicles become mainstream, AAMCO has already made substantial strides toward becoming the brand most capable of fixing them. AAMCO has invested significantly in new technology and ongoing education to ensure franchise owners and their technicians have the skill set to meet the demands of modern vehicles with the expertise for which the AAMCO brand is known.
Being associated with an automotive transmission franchise that has spent decades building consumer trust and loyalty comes with several advantages. When you open your doors to your new business, your community will recognize your brand and know where to take their vehicles for complex car repair. And as the automotive industry changes rapidly, lesser-known brands and mom and pop shops, without the backing of an established franchise, will be far behind in terms of being able to repair complex vehicles.
If you are interested in joining the nearly 600 AAMCO Centers across North America, and interested in having a strong brand committed to your success, click here to request info about becoming a franchisee.