Franchising as an industry first came into its own during the 1930s and 1940s when several hotels and gas stations decided to begin offering new dealers a comprehensive system of operational and marketing strategies. Since that time the franchising industry has become a national power in the U.S. economy and a blessing for risk-averse entrepreneurs.
Why is franchising growing so rapidly? Because franchising works. Franchising allows aspiring business owners to pursue their dreams in an industry they love while eliminating much of the risk and guesswork that usually accompanies a new business start-up. A franchise provides a proven system: A business model forged from trial and error.
In fact, despite solemn growth over the past three years—due to economic downturn and lagging recovery—the International Franchise Association Educational Foundation foresees increased growth in 2013 in the number of franchise establishments, employment, output and contributions to the US gross domestic product (GDP).
Today, franchising is a major force in almost every industry imaginable, accounting for a disproportionate share of service-related sales throughout the U.S. Here are some more interesting statistics gathered from the International Franchise Association:
Franchisors also provide their franchisees with benefits that individuals would not be able to access if starting a business on their own. The most obvious is a proven business model with an established product or service along with built-in brand recognition. As a franchisee you will also receive the necessary start-up assistance and training to avoid mistakes that other new businesses may encounter. You will also receive technical, operational and managerial assistance unavailable to independent businesses.
Franchising has become the clear choice for entrepreneurs who acknowledge their need for guidance and who value a long-term plan for business success!
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