According to the Franchise Business Economic Outlook Report, the average annual job growth in the franchising industry is two percent higher than that of the business-wide economy.
The franchise business model is most often associated with national fast food chains. However, the opportunities the industry offers don’t stop with restaurants. Businesses like landscaping, housekeeping and child care are all a part of the increasingly popular franchising community.
A recent article in the Telegram & Gazette highlights the impact that growing popularity is having on the American economy. According to the U.S. Department of Commerce’s International Trade Association’s 2016 Top Markets Report, franchise brands are growing faster than the rest of the U.S. economy. And the Franchise Business Economic Outlook Report says that for the past five years, the average annual job growth in the franchising industry was 2.6 percent. That’s nearly two percent higher than other sectors of the economy.
Despite unfamiliarity with the franchising industry nationwide, industry professionals aren’t surprised with those numbers.
“If you need a plumber, and the choice is between an unknown guy who may or may not do a good job, and Mr. Rooter, who you know has a proven track record, who are you going to choose,” said Evan Hackel, whose consulting company Ingage specializes in franchisor/franchisee relationships, in an interview with the publication. “I know what my choice would be.”
Going forward, the franchise industry plans to continue educating consumers—and prospective business owners—about the benefits that the proven business model brings to the table.
Mat Haller, senior vice president of the International Franchise Association, told the Telegram & Gazette, “One of the biggest misconceptions is that someone in your community who owns a franchise is not a small, local business owner, when in reality, that’s exactly what they are.”
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