President-elect Donald Trump has set an ambitious goal of revitalizing the American economy and ushering in a new era of prosperity. A key component of this plan involves leveraging the power of the private sector, a sector often overlooked during the previous administration. The franchise industry, representing 800,000 small businesses and employing 9 million workers, is poised to play a significant role in this economic resurgence.

Franchises, encompassing a diverse range of sectors from food service to hospitality and beyond, have demonstrated resilience and growth potential, even amidst recent economic challenges. With a projected growth rate of 4% this year, exceeding the broader economy's 2.7%, the franchise sector is well-positioned to contribute significantly to Trump's economic agenda. Here are three key strategies the new administration can implement to unlock the full potential of franchising:

1. Codify the Trump Joint Employer Standard

A top priority for the franchise industry is establishing a clear and permanent joint employer standard. The current ambiguity surrounding this issue creates uncertainty for business owners and hinders growth. The Trump administration's 2020 joint employer standard, which recognized the independence of franchisors and franchisees, was a positive step. However, subsequent attempts to reverse this standard underscore the need for legislative action to solidify this crucial distinction and provide long-term stability for the franchise model.

2. Extend the Trump Tax Cuts

The 2017 Tax Cuts and Jobs Act provided significant relief for small businesses, including franchisees. Extending these tax cuts, particularly Section 199A, which offers a 20% deduction for pass-through businesses, is essential for continued growth and competitiveness. Prioritizing this extension early in the new administration will provide much-needed certainty for small business owners and signal a commitment to pro-growth policies.

3. Reform the Federal Trade Commission (FTC)

Under the previous leadership, the FTC pursued an overly aggressive approach that often burdened businesses with unnecessary lawsuits and investigations. The Trump administration's appointment of Andrew Ferguson to lead the FTC offers an opportunity to reorient the agency's focus towards fostering a competitive marketplace while avoiding excessive regulatory overreach. Early indications suggest a more balanced approach, as evidenced by the recent "junk fee" rule, which was more narrowly tailored than initially anticipated.

Achieving a "golden age of America" will require a concerted effort from all stakeholders. The franchise community is prepared to contribute its expertise and resources to this endeavor. By implementing these three key strategies, the Trump administration can create an environment that empowers franchises to thrive, driving job creation and fueling economic expansion.