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Franchise & Business Opportunity News

Not Even the Economy Can Slow Franchise Growth

Written on March 20th, 2008 by Joseph in Franchise Industry.

From being the safety-net during difficult times, the franchise industry is fast developing into an economic engine.In a report published by the International Franchise Association, the franchise industry expanded more than 18% between the years 2001 to 2005! During this period, when there were downsizing and unemployment in other sectors, franchise opportunities generated new jobs for over 1.2 million people! Approximately 40,000 new franchise businesses were started during the same period while recession loomed large in the general market. Today, the field of franchising is offering more jobs than durable goods-manufacturing sectors and the fields of financial-activities.

The growth-rate of the franchise industry has been phenomenal in the recent years. The report showed that in terms of the rate of job-growth, payroll and output, the industry has left behind the economy as a whole. While the economy slowed down in the department of employment, franchise industry had enjoyed a growth-rate that was three-time higher! The growth-rate was not limited to one state or region; the franchise industry witnessed significant development in almost every state and region of the United States.

Moreover, the impact of franchise industry is not restricted to its own domain only. The spectacular growth also spurred the development of other businesses as well. The franchise industry was responsible for providing 21 million jobs and $660.9 billion in payroll! What’s more, it’s not that traditional industries like food-related businesses are enjoying all the expansion; in fact, they lost market share in terms of growth of new units to service-related franchise opportunities. The businesses from this area such as senior-care, maid services and handyman services are gaining strong foothold with the changing demographic- and economic- condition of the society. At present, there are 100 different types of franchise fields that boast of around 900,000 businesses and the number shows no sign of slowing down! It is growing and will keep on increasing in the years to come. So, if you were always dreaming about starting a franchise business, now is the right time to fulfill that dream!

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