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Denver Business Journal: Here's Why Colorado Franchisors Expect to See Huge Growth in 2021
Franchise consultants and franchisors spoke with the Denver Business Journal about the increase in inquiries from potential franchisees and their current success.
Since the start of the pandemic and this year’s economic downturn, franchisors have experienced an uptick in inquiries as more people attempt to take control of their own careers through franchising. Denver Business Journal Data Reporter Ethan Nelson spoke with several franchise experts about this new growth in 2020 and their predictions for franchises moving forward.
Brent Dowling, CEO of Denver-based franchise consultancy Raintree, told Nelson, “franchise sales for restaurant chains are stagnant, but the demand from potential buyers is up.” He said potential franchisees are expecting a huge spike in demand from consumers when the pandemic has passed, but until then, service-based, largely virtual businesses are seeing an uptick in interest, making them typically more resilient to economic turmoil. Dowling specifically pointed to Raintree’s flooring franchisor Footprints Floors, which doesn’t have brick and mortar locations, reducing overhead costs.
With franchising on the rise right now due to the economic downturn, franchisees in service-based businesses, like Footprints Floors, have the upperhand right now.
*This brand is a paid partner of 1851 Franchise. For more information on paid partnerships please click here.
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