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Experts Give Franchise Advice and Statistics

Written on March 27th, 2007 by Joseph in Franchise News.

The International Franchise Association reported that, in the U.S in 2001, franchised businesses operated 767,483 establishments. The businesses provided 9.8 billion jobs, gathered a $229 billion payroll and accounted for 7.4% of all private-sector jobs as well as 5% of all private sector payrolls. 

Today, research shows that there are over 2 500 active franchise companies that cross 75-80 industries in the United States. At first, franchising was concentrated in the food-service industry, but now only 30 % of franchises are in the food-service industry. Today, service businesses, building and construction and child-related businesses are the 3 fastest growing types of franchises!

Experts say that all potential franchisees should consider what they like to do, determine their available capital as well as the amount of financial risk they are willing to take. Also consider the amount of start-up capital and working capital required. You can find a franchise for almost any budget, but the most important aspect is to find something you love doing and are happy to make a career of.

Experts also recommend that anyone considering a franchise should talk to other franchisees first as well as hire a lawyer to look everything over before signing any agreement. In the UFOC, look at the different franchisees listed and chat to them. 

Research has shown that franchising is the no.1 choice for many entrepreneurs. So what you waiting for? Learn more about franchising now.