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The day is finally upon us. Barack Obama’s election on November 4 seems quite long ago now, but many people — including those in the world of franchising — are hoping Obama’s inauguration this afternoon may act as a catalyst for the global economy.

Many in the franchising world are wondering what an Obama presidency will mean for small businesses and entrepreneurs. It’s important to keep in mind that Mr Obama has legitimate franchise credentials: his first job was in franchising, at a Baskin Robbins in Honolulu. And though the President blames the experience for distaste of ice cream, it’s safe to say he learned first-hand the importance of small businesses and franchises to the fabric of American society.

Here’s a link to Obama’s plan for small businesses. His scheme centers on providing a small business health tax credit, eliminating capital gains tax for small business people and increasing access to small business credits for women and minorities. It’s unclear exactly how many of his goals for small businesses will be enacted. Some are skeptical: Forbes magazine yesterday published an article that said the small business initiatives in Obama’s economic stimulus plan weren’t going far enough.

“Businesses need tax incentives that will put money in their pockets right now. Yet few of the tax provisions being considered accomplish that to any significant degree,” says Dean Zerbe, a former senior tax counsel to Republican senator Charles Grassley, of Iowa.

We can only wait and see to know how far Mr Obama’s economic plan will go to protect small business people, but one thing is certain: the new President will receive unprecedented good will in his first few months as he attempts to steer the country through its worst economic crisis since the Great Depression. Everyone in franchising will be wishing him the best.