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Experts are Calling 2022: The Year of the Franchise Owner

By Admin

It’s been a wild ride the last year and a half, and all eyes are turned to what 2022 will bring and whether it’ll be a good year for a new franchise opportunity. We’ve looked at the studies and analytics and, YES, 2022 could be your year to invest in a Cherry franchise!

Although we’ve all had to deal with staffing issues, limited revenue, and capacity restrictions, the good news is that it may be all behind us. In fact, the franchise industry’s contribution to the current economy is expected to grow 7% by the end of 2021 – reaching its pre-pandemic numbers by the beginning of 2022. 

According to IFA, experts predict the following:

  • Franchising will be back to recovered levels last experienced in early 2019.
  • Franchised companies are expected to grow at a rate of 3.5% by the end of 2021, with levels increasing into 2022.
  • Sales are expected to soar among franchise companies to their highest levels since the last recession.
  • Franchise employment is forecast to add about 800,000 new jobs in the US by the end of 2021 and out of that boom, it will be in services, retail, and food.

With such good news to end 2021, it’s definitely looking like 2022 will be the perfect time to invest in a Cherry franchise!

  • Unemployment rates are projected to go below 5% by the end of 2021, starting off the new year with pre-pandemic payroll levels rising in 2022. As unemployment rates go down, new franchise owners will be able to find qualified employees who are passionate about the salon industry.
  • Interest rates will stay low, which is a good sign if you are anticipating borrowing money to open your Cherry.
  • A rising inflation rate in the next couple of years will allow franchise owners greater flexibility in pricing.
  • Ecommerce shopping has increased due to COVID-19, and sales are up for those clients wanting to purchase their favorite Cherry products online in between salon appointments.
  • There’s been an increased focus on health and wellbeing, which indirectly affects the salon and spa industries with consumers taking the time to visit hair salons looking to professionals to look and feel beautiful. Services such as a new hairstyle, a blowout, and a hair color update help improve confidence, reduce stress levels, and raise self-esteem.  

When you open a Cherry Blow Dry Bar franchise, you are joining a family of experts who are with you through the whole process and equip you with the knowledge and tools to make your Cherry a success. If you’re interested in seeing if a Cherry Blow Dry Bar franchise is right for you, Contact Us and a representative will be in touch. If you’d like to see the minimum requirements and have other questions answered before speaking with a representative, visit our FAQ page first.