"Inflation has hit franchisees hard in 2024, with 87% reporting moderate to severe impacts on their businesses, according to the IFA data. Eighty percent of franchisees reported lower business earnings in the past year. Rising costs in supplies, insurance, and other operational expenses particularly affect industries like food and personal services, where margins are already thin."
"Franchise owners are facing significant economic issues, putting pressure on profits. Many have had to raise prices or cut back on services to maintain viability, underscoring inflation's significant toll on their operations."
"This inflationary squeeze forces franchise owners to find ways to offset costs, such as streamlining operations and introducing technological innovations to keep their businesses afloat amid rising prices."
"While labor shortages are beginning to ease, franchisees are still grappling with high labor retention costs, particularly in providing healthcare benefits and maintaining competitive wages; compensation remains a significant challenge."
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