Interesting facts about franchise

Have you ever thought of becoming an entrepreneur? If yes, then starting a franchise is an ideal solution for you. According to Jim LaGanke, President of Stewart’s All American, there are numerous opportunities available when it comes to buying a franchise. From retail to restaurants, there are tons of franchise options available for aspiring entrepreneurs like you. In fact, today, franchises are everywhere.

If buying a franchise is on your mind, here are a few interesting facts about franchise you should know.

Read below some of the interesting facts about franchise given by Jim LaGanke.

 As per the International Franchise Association - IFA, there are nearly 825,000 franchise businesses in 300 different industries. As a result, this creates nearly 18 million jobs and generate over $2.1 trillion to the United States economy. Franchising plays a great role in the growth of economy, says Jim LaGanke. The franchise model works in a multitude group of industries, such as food service, health care, education, personal grooming, car care, education, and many more.
When it comes to franchising, it is a highly regulated industry. Whether as a franchise prospect and franchisee, your rights are highly protected. However, this protection varies from one state to another.
There are nearly 3,000 franchisers operating in the United States today.
As per the U.S. Census Bureau, franchising accounted for 10.5% of businesses that employs nearly 300 industries.
According to the studies by IFA, nearly 4% of all small businesses in the United States are franchises. And the franchise industry accounts for nearly 50% of all retail sales in the USA.
The average duration of a franchise contract is 10 years.
A new franchise contract is signed every 8 minutes of each business day in the United States.
The initial franchise investment is approximately $250,000- excluding real estate.
A regulated business opportunity is different from a business format franchise. A franchise is a type of business opportunity, but not all business opportunities are franchises. Franchises offer the licensing of trademark rights, ongoing support and training, help with marketing, and other kinds of assistance, while a business opportunity is a one-time transaction in which you’ll buy products or services that help you start a business.
If you’re planning to open a franchise, it is important to know that franchise is a local business. And to run a business successfully, you need to know local marketing strategies. Although you are required to work within your franchisor’s guidelines, you can also use some of the local marketing activities to reach your local customers.