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Franchising heats up

More good news today that the franchising industry is on the up.

It is not only seniors or veterans who have found a lifeline in franchising during the recession. Laid-off corporate executives and victims of the Wall Street credit crunch are also turning to franchising, it seems.

Reuters has told the story of David Ambinder, a former senior vice president of global support services with Lehman Brothers with 25 years of experience on Wall Street. Laid off a few months before Lehman Brothers collapsed, Ambinder decided to begin a second career in franchising, with Mr Handyman.

"It's very exciting to build a business; for me it's the right move," says Ambinder. "People aren't going to be moving and they are going to need their homes repaired. I feel there's a niche for it.”

The story quotes a number of other businessmen across America who are finding real success through franchising, despite the gloom around the state of the economy. It also reports that interest in franchising is peaking. Take Jim George, CEO of Snip It, a child hair-cutting franchise based in Natick, Massachusetts.

“January was our best month in the number of inquiries in the past seven or eight months,” he said.

Finally, the article singles out business coaching franchises, IT franchises, digital imaging franchises and senior care franchises as industries on the move.

Times may be tough, but it’s reassuring to see the franchising industry looking so resilient at the moment.

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