More money in hand is a reality for many, and investing in a franchise is a way to make it grow.
In 2021, the United States saw the economy — and the personal finances for many individuals — bounce back in a big way from the economic downturn many experienced the year before with the onset of the COVID-19 pandemic. Last year’s growth set the stage for many individuals to look for ways to further develop their financial wealth. Investing is now within reach for many, and one avenue to consider is to invest in a commercial cleaning franchise.
During the first year of the pandemic, the federal government provided cash assistance directly to families through stimulus payments, boosted unemployment insurance, and offered the Advanced Child Tax Credit. From April 2020 through March 2021, three different stimulus payments totaling $3,200 were delivered to each eligible adult. Expanded unemployment payments to jobless workers included $600 weekly supplements between March and July of 2020, and a $300 weekly supplement through much of 2021.
These benefits, coupled with the rebounding economy in 2021, led to more people with more money in their pockets and accounts — and more confidence in a continued recovery for their businesses than we have seen in years and possibly decades. The economic recovery is expected to continue through 2022 and is backed up by recent data.
Many Americans are, by several measures, in a better financial position than they have been in many years. The nationwide unemployment rate dropped to 3.8 percent in February according to the Bureau of Labor Statistics. The government relief programs, more jobs, and better paying opportunities due in part to labor issues accented by The Great Resignation, have combined to lead to more Americans with more financial strength.
Data collected by The JPMorgan Chase Institute in 2021 showed that median cash balances in checking accounts were more than 50 percent higher at the end of July 2021 than they were in the same period in 2019 — before the pandemic. Lower income families had balances roughly 70 percent higher than the 2019 levels. All told, Americans in the aggregate have roughly $2.7 trillion in “excess savings” accumulated since the pandemic began, by some estimates.
It’s clear more people have the means to invent and make their money grow. It means the opportunity is there for those looking to invest in a commercial cleaning franchise.
Want to know more? Learn much more about the Jani-King of Cleveland Franchising Program, including if it is the right fit for you.
Cleaning Franchises Remain a Viable Entry Point
As the financial numbers improved for many Americans, so too did their desire to change their working circumstances. As mentioned above, The Great Resignation was one of the biggest trends of 2021 with more and more individuals examining the prospects of owning and running their own business. Franchise ownership provides that opportunity.
The immediate forecast for franchise growth, across all industries, remains strong. The 2022 Franchising Economic Outlook, released by the International Franchise Association (IFA), showed that franchising is helping to lead the economic recovery in the U.S. The output for franchises rose 16% in 2021, reaching nearly $788 billion. Franchise growth is expected to increase by 2.2% in 2022, with approximately 17,000 new franchises to be added. Franchises are predicted to add another 300,000 jobs this year, pushing the total of jobs tied to franchises back to pre-pandemic levels.
So, owning a franchise looks like a positive way to put your money to good use. But why invest in a commercial cleaning franchise? Whether you have a nest egg built, or are looking for a way to use a recent windfall (from a tax return for example), commercial cleaning franchises remain a strong choice.
Commercial cleaning franchises work in a large, well-established industry, and every facility and business needs some level of cleaning. Additionally, proactive organizations are looking for expert help on what disinfection materials and equipment can be best used to keep their environment safe and clean. It’s an easy to enter sector as well with relatively low upfront costs compared to other franchise models, and the ability to work with every kind of business, from government buildings and office spaces, to schools, restaurants, healthcare facilities, and many more. Commercial cleaning franchises remain in demand as well, as most recognize the greater need for regular cleaning and disinfection services as part of the pandemic recovery effort.
Go Further with Jani-King. Learn how Jani-King of Cleveland is the proven franchisor, with a proven system, that can help you grow your own business.
Invest with the Best; Invest with Jani-King
Founded in 1969 and franchising since 1974, Jani-King has become one of the world’s largest commercial cleaning franchise companies with more than 12,000 franchises servicing from nearly 7,600 locations. Specific to Northeast Ohio, Jani-King of Cleveland has served as the region’s master franchisor for more than 30 years and has become a trusted cleaning partner with several regional institutions like Playhouse Square, University Hospitals, and the Akron Rubber Ducks.
When you invest in a commercial cleaning franchise you want to maximize your chances of long-term success. By partnering with Jani-King of Cleveland, you gain access to a range of benefits that enhance the opportunity for growth of your new franchise while also playing up on the inherent strengths of a franchise in that field. With Jani-King, franchisees enjoy support with access to insurance programs, billing and collecting services, new account offerings, the buying power that comes with corporate backing, and overall field support. You focus on delivering tremendous customer service, and Jani-King helps alleviate the business aspects and details.
You can learn much more about the Jani-King of Cleveland franchising process here. We want potential franchise owners to make a fully informed decision about investment.