The franchise industry throughout North Carolina, especially Charlotte, has been booming.
In the U.S., employment in the franchise sector was expected to grow 2.9 percent in 2015, compared to 2.4 percent growth in the private nonfarm employment sector, according to September figures from the franchise association. By September, there were more than 782,000 franchise establishments in the U.S., compared to nearly 770,000 establishments in 2014.
Part of what’s fueling the growth in franchising is better access to financing, according to Nick Powills, publisher of 1851 Franchise, a digital franchise magazine. Potential owners are finding banks are more willing to lend today compared to five years ago or so.
Also, Powills told The Charlotte Observer franchisors are setting higher standards for potential owners, requiring them to have more working capital up front for a stronger business start.