10 Surprising Facts About the Franchise Industry. The franchise industry is a vast and complex one, with many different aspects that may surprise you. Here are 10 surprising facts about the franchise industry:
- The first franchise was established in 1731. Benjamin Franklin is credited with opening the first modern franchise, a printing company in Charlestown, South Carolina.
- There are over 750,000 franchise establishments in the United States. These businesses employ over 8 million people and generate over $2.3 trillion in sales each year.
- The franchise industry is growing faster than the overall economy. The number of franchise establishments has grown by an average of 5% per year over the past decade, while the overall economy has grown by an average of 2% per year.
- Franchising is a great way to start a business. Franchises have a higher success rate than independent businesses. A study by the International Franchise Association found that 90% of franchises are still in business after five years, compared to only 50% of independent businesses.
- There are franchises for every type of business. From restaurants to retail stores to service businesses, there are franchises available in just about every industry.
- Franchising can be a great way to achieve financial success. Franchise owners earn an average of $75,000 per year, which is higher than the national average for small business owners.
- Franchising can be a great way to build a successful career. Many franchise owners go on to open multiple locations or even start their own franchise companies.
- Franchising can be a great way to give back to your community. Many franchise owners are involved in their local communities, donating their time and money to support local charities and organizations.
- Franchising is a great way to learn new skills and gain experience. Franchise owners receive training and support from their franchisor, which can help them develop the skills and experience they need to be successful in business.
- Franchising is a great way to be your own boss. Franchise owners have the freedom to run their own business, but they also have the support of a larger company.
If you’re considering starting a business, franchising is a great option to consider. With so many different franchises available, there’s sure to be one that’s a good fit for you.
Here are some additional tips for researching and choosing a franchise:
- Do your research. There are many resources available to help you research franchises, including the International Franchise Association website and the Franchise Disclosure Document (FDD).
- Talk to other franchisees. Get their feedback on the franchise system and the franchisor.
- Visit franchise locations. This will give you a chance to see the business in action and talk to the employees.
- Make sure you understand the costs involved in owning a franchise. This includes the initial franchise fee, ongoing royalty fees, and marketing fees.
- Be prepared to work hard. Owning a franchise is a lot of work, but it can be very rewarding.
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