Franchising is a business process in which the owner (franchisor) of a product, service or method obtains distribution through its affiliated dealers (franchisees).
▪️ Franchising greatly contributes to the U.S. economy on an annual basis
▪️ According to the Statistica Research Department, there were 773,603 franchise establishments in the United States in 2019.
▪️ You can franchise across various industries, but the most common franchise is in the fast food sector.
▪️ 30 percent of those interested in opening a franchise in the US are most interested in a fast food franchise.
What Are Top Growing Franchises In The United States?
▪️ The initial investment cost of the 4 fastest growing franchises in the U.S. is – Super Cuts ($151K -321K), Jan Pro Franchising International ($4k – $56K), Reis And Irvy’s ($140K – $1.1M), and Cruise Planners ($2K-$24K).
Do Franchises Contribute Towards The U.S. Economics And Job Growth?
▪️ Franchises generate more than 60 percent of all jobs added annually in the U.S.
▪️ According to IFA Economic Impact Study, franchising directly creates 7.6 million jobs and indirectly supports 13.3 million jobs.
Is It Expensive to Buy A Franchise As A Franchisee?
▪️ The cost to invest into a franchise depends on many factors – initial franchise fees, royalties, payroll, taxes, location, inventory, etc.
▪️ Learn as much as you can about the Company, its products, services, or methods.
▪️ Research on the location where you are looking to set up the franchise store.
▪️ Understand all the set up costs and royalties so there are no surprises.
Who is the FIFTH fastest growing franchise of 2020 in the U.S.?
▪️ Any guess? Think tacos and burritos. Yes, @TacoBell !
▪️The initial investment cost in Taco Bell franchise is $571K-$3M
What franchise would you invest in? Have you thought about franchising your business? Comment below.