Franchising is a successful method of business expansion and the industry itself continues to grow worldwide. It is seen as a safer way to start up a new business.
The ‘Franchise Business Economic Outlook 2020’ report prepared by FRANdata for the International Franchise Association revealed:
- The number of franchised businesses in the US is expected to grow by 1.5% to a total of 785,316 establishments.
- The franchise industry is expected to add 232,000 jobs in 2020, growing total employees to 8.67 million.
- Franchise businesses' economic output is expected to grow faster than the economy as a whole.
- Overall GDP contribution by the franchise industry is expected to grow by 4.6% to $494.96 billion.
The report also highlights that the business services sector is the third largest sector in the US with 2020 projected output of $109.5 billion.
An often used cliché in franchising states that 'you are in business for yourself but not by yourself'. Like many such clichés it rings true. The prospect of becoming self-employed can seem a daunting one. Many people that join us have strong technical skills but need support in areas such as client acquisition, marketing and business development.
With a franchise you will be expected to put in the same level of effort, time and enthusiasm you would if going it alone, however, you will be doing so with the added benefits of proven training, systems and support provided by the franchisor. You will also enjoy the benefits of being part of a well-established network of accountants who have a community spirit of sharing and supporting one another.BACK TO TOP