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November 3rd didn’t immediately determine the winner of the U.S. presidential election, but it did see a decisive victory for proponents of the <a href="https://fightfor15.org/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=what-floridas-minimum-wage-increase-means-for-franchises-2714203" target="_blank" rel="nofollow">Fight For $15</a> with a narrow majority of Floridians voting in favor of Amendment 2, which will raise the state’s minimum wage to $15 an hour by 2026.The passing of the new minimum wage represents a big win for labor organizers, but a potential regulatory headache for many business owners in the franchise space.&nbsp;Currently, the federal minimum wage stands at $7.25 an hour. As one of 29 states with state minimum wages in excess of the federal standard, Florida’s minimum wage already stood at $8.56 an hour before the passing of Amendment 2.&nbsp;Now, the state has until September 30, 2026 to get that wage up to a full $15.&nbsp;Here’s what Florida’s business owners and franchisees need to know about the change.&nbsp;<h4>What to expect</h4>The Florida Policy Institute <a href="https://www.floridapolicy.org/posts/a-minimum-wage-boost-would-improve-equity-for-2-5-million-floridians-and-bolster-the-states-post-pandemic-recovery?utm_source=1851franchise.com&utm_medium=article&utm_campaign=what-floridas-minimum-wage-increase-means-for-franchises-2714203" target="_blank" rel="nofollow">estimated</a> that 2.5 million Florida voters will see a pay raise resulting from the measure. Business lobbyists have fought against the wage increase, arguing that it will spike costs, kill jobs and pass expenses onto consumers.But Florida isn’t the first state to aggressively hike minimum wages. New York has passed similar initiatives, resulting in a jump from $9 an hour to $15 an hour in just three years.&nbsp;U.S. Chamber of Commerce Executive Director of Labor Policy Sean P. Redmond wrote in a <a href="https://www.uschamber.com/article/new-york-s-minimum-wage-case-study?utm_source=1851franchise.com&utm_medium=article&utm_campaign=what-floridas-minimum-wage-increase-means-for-franchises-2714203" target="_blank" rel="nofollow">case study</a> that New York’s wage hike had forced employers to slash jobs, cut overtime, and in some cases, postpone opening new businesses. Redmond and other business advocates take a dim view of New York’s wage hike, but Florida’s approach will be unique.&nbsp;1851 Franchise Magazine’s <a href="https://1851franchise.com/what-floridas-economic-outlook-means-for-franchisors-2714154#most-recent">extensive guide on Florida’s business outlook</a> for franchisees is a good place to start understanding the unique business environment in the Sunshine State.&nbsp;Florida’s plan to raise wages takes a much more gradual approach than New York’s. Instead of three years, the state hopes to raise the wage in six.&nbsp;Florida’s Amendment 2 raises the minimum wage to $10.00 an hour starting September 30th, 2021. “Each September 30th thereafter, the minimum wage shall increase by $1.00 per hour until the minimum wage reaches $15.00 per hour on September 30th, 2026,” the amendment’s <a href="https://initiativepetitions.elections.myflorida.com/InitiativeForms/Fulltext/Fulltext_1801_EN.pdf?utm_source=1851franchise.com&utm_medium=article&utm_campaign=what-floridas-minimum-wage-increase-means-for-franchises-2714203" target="_blank" rel="nofollow">ballot summary</a> reads.&nbsp;<h4>What the experts are saying</h4>Overall, top economists remain divided over the wage increase. Labor advocates point to millions of workers having more money to spend and potential knock-on effects from the increased pay, but some studies have found that employers cut employee hours so much the workers actually made less.&nbsp;A 2019 Congressional Budget Office <a href="https://www.cbo.gov/system/files/2019-07/CBO-55410-MinimumWage2019.pdf?utm_source=1851franchise.com&utm_medium=article&utm_campaign=what-floridas-minimum-wage-increase-means-for-franchises-2714203" target="_blank" rel="nofollow">study</a> found estimated a federal $15 minimum wage would boost the pay of 17 million Americans while killing 1.7 to 3.7 million jobs.&nbsp;“There is no consensus among economists. Economists are all over the place on this,” Fed Chairman Jerome Powell <a href="https://kustoff.house.gov/media/press-releases/kustoff-questions-chairman-jerome-powell-state-our-economy?utm_source=1851franchise.com&utm_medium=article&utm_campaign=what-floridas-minimum-wage-increase-means-for-franchises-2714203" target="_blank" rel="nofollow">said in response to the study</a>.&nbsp;Florida’s structured, transparent wage hikes over the next six years give franchisees and entrepreneurs the opportunity to brace for the coming changes. As always, individual businesses in Florida will thrive or die on their ability to adapt to a changing world.

What Florida’s Minimum Wage Increase Means For Franchises

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While America still doesn’t know who its next president will be, one thing became clear on November 3: The Florida small business community is in for a major shakeup. 

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