1851

In the fast-paced world of franchising, staying informed about economic outlooks and state-specific data can be crucial for both franchisors and franchisees. This month, 1851 is taking an in-depth look at&nbsp;<a href="https://www.richstatespoorstates.org/publication/rich-states-poor-states-16th-edition/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-to-leverage-state-by-state-economic-information-for-successful-franchise-growth-2723159" target="_blank" rel="nofollow">ALEC-Laffer’s 16th annual “Rich States, Poor States” Economic Competitiveness Index</a>. In a recent webinar, 1851 Franchise Publisher&nbsp;<a href="https://1851franchise.com/author/nick-powills">Nick Powills</a> explained how the report can be useful to franchisors as they expand their footprints.&nbsp;<h2>Understanding the Economic Outlook Report</h2>The report ranks all 50 states based on two criteria: 1) Economic Outlook, a state’s current standing in 15 state policy variables; 2) Economic Performance, a retrospective measure based on a state’s performance over the past 10 years. This data includes information about economic conditions, cost of living, salaries, commuting and air quality. By analyzing this information, franchisors and franchisees can gain valuable insights into the potential of different states for business growth.<h2>Creating a Growth Strategy</h2>All franchise brands need a well-defined growth strategy to expand successfully. Here are some factors to consider while formulating a growth strategy:<ul><li><a href="https://1851franchise.com/how-to-build-a-franchise-growth-strategy-2716339">Concentric Circle Growth</a>: Determine whether you want to grow in concentric circles from your existing locations or explore opportunities in entirely new regions.</li><li><a href="https://1851franchise.com/what-does-a-franchise-broker-do-2722491">Franchise Consultants and Brokers</a>: Decide if you will rely on franchise consultants and brokers to identify potential locations.</li><li><a href="https://1851franchise.com/registration-states-what-you-need-to-know-3121">State Selection</a>: Choose the states you want to target for expansion.</li></ul><h2>The Importance of State Economic Outlook</h2>The state economic outlook is a powerful tool for franchise expansion decision-making. Understanding the value of the dollar and the overall quality of life in a state can significantly impact franchise success. States with a higher value for the dollar and a better quality of life can offer more favorable conditions for franchise growth.<h2>Analyzing the Data</h2>Let's take a look at an example from the report.&nbsp;<a href="https://1851franchise.com/what-utahs-economic-outlook-means-for-franchisors-2722857">Utah</a>, ranking consistently at the top, offers a high value for the dollar and a better quality of life. Franchisors interested in expanding into Utah can benefit from lower costs of living and potentially higher salaries, leading to increased franchisee success metrics.On the other hand, states like&nbsp;<a href="https://1851franchise.com/what-illinois-economic-outlook-means-for-franchisors-2723012">Illinois</a>, ranking lower, might present higher costs of living and taxes, making it less favorable for franchise growth.<h2>Utilizing the Information for Growth</h2>For franchisors, focusing on states with lower costs of living and a higher value for the dollar can increase the likelihood of franchisee success and higher gross sales, resulting in better royalties.For franchisees, choosing states with a better economic outlook means their investment will have more significant potential for growth and profitability.<h2>Assessing State-Specific Data</h2>This month, 1851 Franchise has been offering a user-friendly breakdown of state-specific data, making it easier for both franchisors and franchisees to analyze each state's potential. The articles not only provide insights into the data and rankings, but also highlight real-world examples of franchisors and franchisees operating in each specific state.Check out our full list of state-by-state articles, ranked from best to worst based on the Economic Competitiveness Index, here:&nbsp;<ol><li><a href="https://1851franchise.com/what-utahs-economic-outlook-means-for-franchisors-2722857">Utah</a></li><li><a href="https://1851franchise.com/what-north-carolinas-economic-outlook-means-for-franchisors-2722851">North Carolina</a></li><li><a href="https://1851franchise.com/what-arizonas-economic-outlook-means-for-franchisors-2722880">Arizona</a></li><li><a href="https://1851franchise.com/what-idahos-economic-outlook-means-for-franchisors-2722858">Idaho</a></li><li><a href="https://1851franchise.com/what-oklahomas-economic-outlook-means-for-franchisors-2722886">Oklahoma</a></li><li><a href="https://1851franchise.com/what-wyomings-economic-outlook-means-for-franchisors-2722861">Wyoming</a></li><li><a href="https://1851franchise.com/what-indiana-s-economic-outlook-means-for-franchisors-2722862">Indiana</a></li><li><a href="https://1851franchise.com/what-north-dakotas-economic-outlook-means-for-franchisors-2722863">North Dakota</a></li><li><a href="https://1851franchise.com/what-floridas-economic-outlook-means-for-franchisors-2722910">Florida</a></li><li><a href="https://1851franchise.com/what-nevadas-economic-outlook-means-for-franchisors-2722889">Nevada</a></li><li><a href="https://1851franchise.com/what-tennessees-economic-outlook-means-for-franchisors-2722926">Tennessee</a></li><li><a href="https://1851franchise.com/what-georgias-economic-outlook-means-for-franchisors-2722864">Georgia</a></li><li><a href="https://1851franchise.com/what-texas-economic-outlook-means-for-franchisors-2722957">Texas</a></li><li><a href="https://1851franchise.com/what-south-dakotas-economic-outlook-means-for-franchisors-2722923">South Dakota</a></li><li><a href="https://1851franchise.com/what-arkansas-economic-outlook-means-for-franchisors-2722915">Arkansas</a></li><li><a href="https://1851franchise.com/what-michigans-economic-outlook-means-for-franchisors-2714118">Michigan</a></li><li><a href="https://1851franchise.com/what-wisconsins-economic-outlook-means-for-franchisors-2722935">Wisconsin</a></li><li><a href="https://1851franchise.com/what-virginias-economic-outlook-means-for-franchisors-2722961">Virginia</a></li><li><a href="https://1851franchise.com/what-new-hampshires-economic-outlook-means-for-franchisors-2722934">New Hampshire</a></li><li><a href="https://1851franchise.com/what-ohios-economic-outlook-means-for-franchisors-2722965">Ohio</a></li><li><a href="https://1851franchise.com/what-south-carolinas-economic-outlook-means-for-franchisors-2722940">South Carolina</a></li><li><a href="https://1851franchise.com/what-mississippis-economic-outlook-means-for-franchisors-2722919">Mississippi</a></li><li><a href="https://1851franchise.com/what-alaskas-economic-outlook-means-for-franchisors-2722981">Alaska</a></li><li><a href="https://1851franchise.com/what-alabamas-economic-outlook-means-for-franchisors-2722933">Alabama</a></li><li><a href="https://1851franchise.com/what-colorados-economic-outlook-means-for-franchisors-2722982">Colorado</a></li><li><a href="https://1851franchise.com/what-louisianas-economic-outlook-means-for-franchisors-2722983">Louisiana</a></li><li><a href="https://1851franchise.com/what-kentuckys-economic-outlook-means-for-franchisors-2722936">Kentucky</a></li><li><a href="https://1851franchise.com/what-west-virginias-economic-outlook-means-for-franchisors-2722941">West Virginia</a></li><li><a href="https://1851franchise.com/what-delawares-economic-outlook-means-for-franchisors-2722916">Delaware</a></li><li><a href="https://1851franchise.com/what-kansas-economic-outlook-means-for-franchisors-2722917">Kansas</a></li><li><a href="https://1851franchise.com/what-missouris-economic-outlook-means-for-franchisors-2723013">Missouri</a></li><li><a href="https://1851franchise.com/what-iowas-economic-outlook-means-for-franchisors-2722964">Iowa</a></li><li><a href="https://1851franchise.com/what-montana-s-economic-outlook-means-for-franchisors-2722984">Montana</a></li><li><a href="https://1851franchise.com/what-washingtons-economic-outlook-means-for-franchisors-2722967">Washington</a></li><li><a href="https://1851franchise.com/what-pennsylvanias-economic-outlook-means-for-franchisors-2722985">Pennsylvania</a></li><li><a href="https://1851franchise.com/what-nebraskas-economic-outlook-means-for-franchisors-2713976">Nebraska</a></li><li><a href="https://1851franchise.com/what-massachusetts-economic-outlook-means-for-franchisors-2722942">Massachusetts</a></li><li><a href="https://1851franchise.com/what-new-mexicos-economic-outlook-means-for-franchisors-2723036">New Mexico</a></li><li><a href="https://1851franchise.com/what-connecticuts-economic-outlook-means-for-franchisors-2723034">Connecticut</a></li><li><a href="https://1851franchise.com/what-rhode-islands-economic-outlook-means-for-franchisors-2723037">Rhode Island</a></li><li><a href="https://1851franchise.com/what-marylands-economic-outlook-means-for-franchisors-2722918">Maryland</a></li><li><a href="https://1851franchise.com/what-hawaiis-economic-outlook-means-for-franchisors-2722962">Hawaii</a></li><li><a href="https://1851franchise.com/what-oregons-economic-outlook-means-for-franchisors-2723014">Oregon</a></li><li><a href="https://1851franchise.com/what-maines-economic-outlook-means-for-franchisors-2722960">Maine</a></li><li><a href="https://1851franchise.com/what-californias-economic-outlook-means-for-franchisors-2723095">California</a></li><li><a href="https://1851franchise.com/what-illinois-economic-outlook-means-for-franchisors-2723012">Illinois</a></li><li><a href="https://1851franchise.com/what-new-jerseys-economic-outlook-means-for-franchisors-2723025">New Jersey</a></li><li><a href="https://1851franchise.com/what-minnesotas-economic-outlook-means-for-franchisors-2723035">Minnesota</a></li><li><a href="https://1851franchise.com/what-vermonts-economic-outlook-means-for-franchisors-2723015">Vermont</a></li><li><a href="https://1851franchise.com/what-new-yorks-economic-outlook-means-for-franchisors-2722920">New York</a></li></ol><h2>Considering All Aspects</h2>While the economic outlook report is a valuable tool, it is essential to remember that success in franchising also depends on factors like hustle, grit and determination. States ranking lower in the report should not discourage potential franchisees, as their dedication and hard work can still lead to success.Overall, leveraging state information is crucial for making informed decisions in the world of franchising, helping franchisors and franchisees prioritize growth strategies and target states with the highest potential for success. Remember that while data is essential, the determination and dedication of franchisees play a significant role in achieving success in any state.So, whether you are a franchisor or a franchisee, take advantage of the state economic outlook report to pave the way for your journey in franchising.

Leveraging State Economic Data for Franchise Growth | 1851 Franchise

1851 Franchise

https://www.youtube.com/embed/DH9njhM8GMg

1851 Publisher Nick Powills explains how franchisors and franchisees can tap into ALEC-Laffer’s economic report to make informed decisions about expansion.

How to Leverage State-by-State Economic Information for Successful Franchise Growth

how-to-leverage-state-by-state-economic-information-for-successful-franchise-growth

Sola Salons

Sola Salons Marks Major Milestones in Q3: 21,000 Pros, New Tech Innovations and a National Philanthropic Partnership

sola-salons-marks-major-milestones-in-q3-21000-pros-new-tech-innovations-and-a-national-philanthropic-partnership

Sparkle Squad Window Cleaning Services

Sparkle Squad Franchise - Happinest - Troy Oliphant - 1851 Franchise

How This Sparkle Squad Franchise Owner Builds Community Connections and Steady Revenue

sparkle-squadd-franchise-kansas-city-troy-oliphant

Woodhouse Spas

Woodhouse Spas Franchise Support - 1851 Franchise

How Woodhouse Spas Franchising Works: A Deep Dive Into Support and Success

woodhouse-spas-franchise-support

Express Employment Professionals

How This Veteran Helps Others Find Work Through Express Employment Professionals

how-this-veteran-helps-others-find-work-through-express-employment-professionals

SweatHouz

SweatHouz Franchise - SWTHZ - Brenna and Kevin Dorsey - North Bethesda, Maryland - 1851 Franchise

A Family Bet on Wellness: The Dorsey Duo’s Journey With SweatHouz in North Bethesda, Maryland

sweathouz-franchise-north-bethesda-dorsey

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Round Table Pizza Franchisees Take FAT Brands to Court Over Marketing Fund Mismanagement

round-table-pizza-franchisees-take-fat-brands-to-court-over-marketing-fund-mismanagement

FAT Brands Nears Bankruptcy as Creditors Demand Repayment of $1.3 Billion Debt

fat-brands-nears-bankruptcy-as-creditors-demand-repayment-of-13-billion-debt

Callaway Sells Majority Stake in Topgolf to Private Equity for $770 Million

callaway-sells-majority-stake-in-topgolf-to-private-equity-for-770-million

Keith Sizemore headshot, Radiance Holdings

Radiance Holdings Names Keith Sizemore Chief Development Officer

keith-sizemore-radiance-holdings-cdo

Jobseekers Are Flocking to “Unglamorous” Jobs — And Home Service Franchises Could Benefit

Jobseekers Are Flocking to “Unglamorous” Jobs — And Home Service Franchises Could Be Poised To Benefit

jobseekers-shift-boosts-home-service-franchises

Photo of group of dogs standing together in day care facility

Top Pet Boarding and Day Care Franchise Opportunities for 2025

top-pet-boarding-daycare-franchises

The Top 15 Pet Wellness and Vet Care Franchises for 2025

top-pet-wellness-franchise-opportunities

Empowering Entrepreneurs: Resources and Franchises for Minorities

empowering-entrepreneurs-resources-and-franchises-for-minorities

The Top 15 Pet Supplies and Retail Franchises for 2025

the-top-15-pet-supplies-and-retail-franchises

image of jerome hanway from right at home Las Cruces, New Mexico 1851 franchise franchisee spotlight

Jerome Hanway Is Building His Right at Home Franchise Around His Mission To Serve

right-at-home-franchise-las-cruces-jerome-hanway

A Practical Playbook: Who To Call First When Franchising Your Business

franchising-your-business-who-to-call-first

1851 Franchisee Spotlight graphic with photo of Eli Cohen, Layne's Chicken Fingers logo

C5 Restaurants Grows its Texas Footprint with 40 Layne’s Chicken Fingers Locations Planned Statewide

eli-cohen-laynes-chicken-fingers-texas

image of stephen westerman and matthew westerman, owners Fort Walton Beach Two men and a junk truck

Twin Brothers Move From Managers to Owners with New TWO MEN AND A JUNK TRUCK Franchise on the Gulf Coast

twin-brothers-two-men-and-a-junk-truck-fort-walton-beach

Paris Baguette Welcomes Zac Sulma as New Chief Operating Officer

new-coo-zac-sulma

How to Leverage State-by-State Economic Information for Successful Franchise Growth

MORE STORIES LIKE THIS