Idaho is gaining the attention of franchises as its economy is continually projected to outperform the majority of states. As mentioned in a recent Idaho Press article, according to Laffer-ALEC's 2020 State Economic Competitiveness Index, Idaho received a third-place ranking for economic growth outlook and ranked eleventh in economic performance when compared to the rest of the nation. With this optimistic economic potential and proven resilience in 2020, accompanied by Idaho's attractive business-friendly environment, more franchisees are seeing the appeal of placing their next locations in Idaho.
Some franchises already capturing these benefits with plans to expand in Idaho in the near future are Beef 'O' Brady's, Amazing Lash Studio, and Workout Anytime. The common key drivers in their decision to choose Idaho include a higher value on their dollar and less restrictive regulations resulting in a faster open date. "There's less red tape... For example, there's a big difference for a Planet Fitness who wants to open and can open in eight or ten months versus one that can open in two years because of all the regulations they have to go through.", Idaho Press quoted Steve Beagleman, president and CEO of SMB Franchise Advisors.
While franchisees are seeking out opportunities to expand in developing and underserved markets, making Idaho a prime candidate, they are also finding the communities of Idaho to be very supportive. Not only does this afford the ability for further expansion but for an increase in job opportunities in the communities they serve.
“'Companies are going to move from these highly regulated areas because a) they were dealing with COVID (shutdowns) and b) they were dealing with (restrictions) before COVID,' Beagelman said. 'I think Idaho is going to do very, very well after all of this is said and done from a small business standpoint in the franchising industry.'”, Idaho Press quoted.
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Read the full Idaho Press article here.