Why franchising could be 'quite attractive' in 2024: Expert

As 2024 approaches, Nick Powills, Mainland CEO, 1851 Franchise Publisher, and The Melting Pot Board Member, joined Yahoo Finance Live anchors Julie Hyman and Josh Lipton to discuss the ins and outs of the franchising industry. He explains "the franchise industry tends to work opposite that of the economy. So when the economy goes down, franchising goes up," though he cautions not every brand follows the trend. With "potential turbulence" coming in 2024, Powills sees an opportunity for those interested in franchising to capitalize, as weaker conditions often boost franchise demand. He advises utilizing "your head, your heart, and your gut" in evaluating fit, since "success is ultimately up to you." While sectors like education and haircare are attractive, Powills argues "the greatest tools" are passion and hustle, as you can fail with any concept without proper work ethic. He stresses that "you have to align your passion with the financial bandwidth that you have," to choose the right investment.

Reprinted from Yahoo Finance, all rights reserved by the original authors.