Denver Business Journal: Colorado-Based Franchisors Predict Tremendous Growth in Franchising in 2021

According to Denver Business Journal, Colorado franchisors are finding themselves in a unique position. Due to the uncertain state of the current economy and a high rate of unemployment, many people are seeking career alternatives—opportunities that will allow them to take control of their futures. Franchise industry experts like Brent Dowling, CEO of Raintree, a Denver-based franchise consultancy, are predicting 2021 to be a big year for franchise sales.

While franchises typically do well during and after economic downturns, franchising is even more desirable amid a pandemic. With a steady stock market, low interest rates and high unemployment among a wealthier group, there is a pool of people well-positioned to open franchises — several of whom have already opened their own businesses.

Dowling provided some additional insight into the restaurant industry specifically. While restaurants around the globe are struggling, Dowling says that there is an increase in demand from potential buyers. Dowling is confident that things will eventually return to normalcy and dining in will make a comeback.

In the meantime, he encourages potential franchisees to seek out leases now: “Franchisees are poised to get beneficial leases from landlords as the pandemic forces other businesses to close,” says Dowling.

When should a potential franchisee get moving on their opening? According to Dowling, there’s no better time than the present. With a minimum time frame of six to nine months for a new franchise location to open, getting that process started now will allow enough time for the business to be ready by early 2021.