Yahoo Finance: 1851 Franchise’s Nick Powills on Why Franchising Will Be Attractive in 2024

Nick Powills, CEO of Mainland*, publisher of 1851 Franchise and board member of The Melting Pot, joined Yahoo Finance Live to discuss the state of the franchising industry in the upcoming year. 

Powills noted that “the franchise industry tends to work opposite that of the economy. So when the economy goes down, franchising goes up.” Although every brand doesn’t follow this trend, it opens up opportunities in those that do.

“When there's turbulence in your job, you tend to start looking at alternatives as to how can you build wealth or cover your salary,” he said. “And therefore, they look into franchising. So as we head into potential turbulence in the early parts of 2024, that's positive.”

For those deciding what sector to get into, Powills advised using your head, your heart and your gut when it comes to evaluating an opportunity, with success ultimately being up to the individual. While recession-resistant sectors such as hair care and education are attractive options, Powills said "the greatest tools" a potential franchisee can have are passion and hustle. 

“You have to align your passions with the financial bandwidth that you have,” he said. “And then you buy into that type of brand segment. But the only way you're going to get success or the only way you're going to build wealth is if you have that mindset, and you have that grit and hustle and attitude when it goes into franchising.” 

Watch the full segment here.