Why Franchise My Business?
Franchising a business can be an incredibly rewarding process for all involved; some benefits include the revenue, ease of expanding a company and many others. Most likely business owners considering franchising their companies have many questions regarding the industry. “How do I franchise my business? Where do I learn how to franchise my business? Is my business able to be franchised?” All and many more are important questions to consider before trying to expand your company.
Successful Business Operation
One of the most important portions of a franchise operation is the business plan. This is the foundation for the original store and every one to follow. When a franchisee invests in your company, they are investing in the business plan. The structure and regulations designed in the plan ensure that franchised locations remain true to the original store and corporate specifications. It serves to give the same materials and success rate had by the franchisor store to the stores owned by franchisees.
Franchising Fast Facts
Put simply, the numbers don’t lie. The franchise industry is growing at a rapid pace and shows no sign of slowing down. Some franchising facts:
- More than $800 billion in annual sales
- 40.9% of all retail
- Total franchise sales over 1 Trillion
- 1 in 12 business establishments is a franchise
- A new franchise opens every 8 minutes of every business day
- There are approximately 1500 Franchisors and 550,000 Franchisees
- More than 8 Million people are employed by franchise businesses
- The total number of people employed in franchising is approaching 8 Million, with 8 to 14 employed per business.
- Franchised businesses create more than 170,000 new jobs each year.
(Source: International Franchise Association)
Products and Services in High Demand
The franchise industry has experienced significant increases in demand across all industries including fast casual dining, health and fitness, beauty and spa services, automotive, business services, home health care, personal care, lodging, and many more.
Source: International Franchise Association
As a possible franchisor, discovering “how to franchise my business” can a smart decision, but certain companies will find a better success rate as a franchise than others. Before learning how to “franchise my business” consider the above factors and how each relates to your business. For any other questions regarding franchising contact an Upside Group franchise consultant today