Going into July, economists had forecasted the Consumer Confidence Index to be around a 62. The Conference board released their consumer confidence index today, with an increase from 62.7 in June to a 65.9 in July.
Although the increase is good, a ‘healthy’ economy would score somewhere in the 90’s range and above. John Lonski of Moody’s Capital, believes consumers have an improved view of job prospects, lower energy prices, and stable stock prices but he also believes the CC Index will remain “choppy” until there is a resolution in Europe. The CC Index is based on a poll that was conducted from July 1-19 and includes about 500 people nationwide.
The economy is growing slowly, consumer spending is down but there is indication that people are starting to spend more. Housing prices have made a modest recovery; the national average rose 2.2% from April to May, only the second increase after 7 months of flat readings. Gas prices have come down to a national average of $3.49. The most telling indicator: more people say they plan to buy a car within the next 6 months.
There are literally hundreds of different food franchises out there; deciding on one can be a challenge. But it all depends on your location and what kind of food franchise you’re looking to open.
Franchise Gator is proud to announce the release of our new Android app. Franchise Gator Android App
Use the new Franchise Gator app to search through hundreds of different franchise opportunities and find the one that’s right for you. On the app’s home screen, you’ll be able to search for franchises based on industry, state, and capital. Use check-marks to mark which franchises you’re interested in and submit your information to those company within a few minutes, all from the comfort of your phone!
The Franchise Gator Android app requires Android version 2.3.3 and up.
iPhone users- We haven’t forgotten about you! An iPhone application is being developed for the App store and will be available soon!
According to the Biz2Credit Small Business Lending Index, which is a monthly analysis of 1,000 loan applications on Biz2credit.com, found that approvals at banks ($10+ billion in assets) have jumped from 10.6% in May to 11.1% in June. The rate for June 2011 was 8.9%. Small bank approvals (less than $10 billion in assets) also saw an increase- two percentage points from May to June 2012, ending up at 47.5%.
Rohit Arora, CEO of Biz2Credit, is quoted saying:
“Big banks, which have been under pressure to increase small business lending, have finally started closing deals. CitiBank has become much more active recently.”
Although lending has increased at both small and big banks, lending approvals for credit unions and alternate lenders has decreased. Credit union approval rate fell from 57.6% to 55.8% in June 2012. Some credit unions are reporting they have reached lending limits for the year (currently 12.25% of total assets). Alternate lender approvals drop from 63.2% in May to 62.9% in June.
Arora explains the drop in alternate lending approval rates:”When traditional lenders get back into the game, it impacts the alternative funders, such as factoring and merchant cash advance companies, which generally charge higher interest rates than banks do.” He continues: “If banks are lending, small business owners are less likely to look for other options.”
Are you just starting out with franchising and have no idea where to look? Can’t figure out what a FDD is or maybe you’re not sure where to find franchising laws for your state? Stevie and the FranchiseGator.com crew are here to help! Ask us anything you need/want answered in the comments below. You can also send us an email at email@example.com.
We’ll round up the top ten questions and answers and post them this Friday.
When someone starts looking into franchising, there are severals myths or misconceptions they’ll run across. Whether the all-knowing internet said it or it’s something the entrepreneur thinks, I’m here to help dispell at least 3 Frachising myths. Let’s set the facts straight, franchising does have its ups and down (as with any business) but evaluating whether to become a franchisee or not based on misconceptions is crazy! Here are the top 3 franchising myths I think need to be cleared up: