Newsworthy Trends in Franchising
Newsworthy Trends in Franchising
More companies are discovering how solid franchising is and are thriving even when the economy isn't. In today's tough economy, scores of skilled and educated individuals are finding themselves without jobs. In many cases, these newly laid-off individuals have been in the workforce long enough to have a solid skill set and enough money saved up-or a strong enough credit history-to go into business for themselves. Many will choose franchising.
The franchising sector continues to prove its place in the U.S. economy. According to the International Franchise Association, the franchise sector grew by more than 18 percent from 2001 to 2005. During that time, franchising brought more than 140,000 new businesses and 1.2 million new jobs to the U.S. economy.
Particularly attractive in a slower economy is the likelihood for success franchising offers. The U.S. Department of Commerce assessed the failure rate for franchises as a miniscule 5 percent or less per year, with 86 percent still operating after five years. Estimates of failure for independent businesses indicate that 68 percent do not survive the first five years.
A survey conducted by ABC News, The Washington Post and Stanford concluded that 94 percent of people say they're willing to make changes in their lives in order to help the economy and businesses are positioning themselves to take advantage of this new consumer mind-set.
Newsworthy Trends in Franchising - To learn more about this author, visit Ken Hollowell's Website.
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When The Economy Goes Downhill, Franchising Booms!
More companies are discovering how solid franchising is and are thriving even when the economy isn't. In today's tough economy, scores of skilled and educated individuals are finding themselves without jobs. In many cases, these newly laid-off individuals have been in the workforce long enough to have a solid skill set and enough money saved up-or a strong enough credit history-to go into business for themselves. Many will choose franchising.
The franchising sector continues to prove its place in the U.S. economy. According to the International Franchise Association, the franchise sector grew by more than 18 percent from 2001 to 2005. During that time, franchising brought more than 140,000 new businesses and 1.2 million new jobs to the U.S. economy.
Particularly attractive in a slower economy is the likelihood for success franchising offers. The U.S. Department of Commerce assessed the failure rate for franchises as a miniscule 5 percent or less per year, with 86 percent still operating after five years. Estimates of failure for independent businesses indicate that 68 percent do not survive the first five years.
A survey conducted by ABC News, The Washington Post and Stanford concluded that 94 percent of people say they're willing to make changes in their lives in order to help the economy and businesses are positioning themselves to take advantage of this new consumer mind-set.
Newsworthy Trends in Franchising - To learn more about this author, visit Ken Hollowell's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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