FRANdata In The Press
The Joint Corp. (NASDAQ: JYNT), the nation’s largest provider of chiropractic care through The Joint Chiropractic(R) network, has been named a best buy in franchising by Franchise Times as part of its annual Zor Awards program, designed to recognize brands in 10 of the industry’s most exciting and accessible categories.
FRANdata identified 86 new franchise brands across 23 industries in Q1 2022. Most of the new brands are in the QSR and Sit-Down Restaurant categories, followed by Health & Fitness and Maintenance Services. Food concepts continue to make up the largest percentage of new franchise concepts, a trend in line with the previous quarter. The other leading categories are shown in the pie chart.
Despite the challenges, Mansoor says she has no regrets about taking a pay cut to work there. “I never thought that I would love this job more than my hospital job, but the fact is, I do love working in my own business now.”
Other doctors see franchises as a business opportunity. Another area that is doing well is home care. Vikash Salig, MD, MBA, and his nonphysician partners bought a few Executive Home Care franchise territories in Florida. Salig, an executive with the talent recruiting firm ZRG Partners, plans to be an “absentee owner” and let his partners run the home care business when it opens next month. He also says he will donate a share of the profits to a charity that he and his wife support.
Key pressure points of the economy entering 2022 are changing consumer spending trends, a tight labor market, supply chain hurdles and inflation. The post-pandemic landscape yielded both temporary and permanent changes to consumer behavior and business operations.
A shortage of qualified job candidates is hindering the growth of 4 of 5 franchise chains, with availability proving far more of a business problem than the soaring pay rates needed to lure capable hires, according to new research.
In the most instances, franchising follows ectors that are growing. The greater the growth in a sectr or an industry, the most likely franchising will be present. This is certainly true in the health and wellness industry.
Dunkin’, Subway, Ace Hardware, Aroma Joe’s. Even in Maine where every community boasts mom-and-pop businesses, branded franchises owned and operated by local entrepreneurs are a growing part of the business landscape.
Report: Franchising helped lead economic recovery and was a beneficiary of the “Great Resignation” movement
Why is a business so great for home improvement, chicken, health and wellness, and pet brands? The answer tells you a lot about where franchising is going next.