 Take a stroll down Main Street in any town in America and it won't take long to notice one distinct feature they all share: they all have more than just one franchised business. And for good reason ? franchised businesses have been widely accepted into the mainstream because franchised stores offer known names and dependable standards of quality.
The general public demonstrates its support for the industry right where it counts: at the cash register!
It's no surprise that the U.S. Dept. Of Commerce confirms that franchising is "the wave of the future." That's exactly why smart money is catching that wave right now.
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Listen to what the experts have to say:
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"Franchising is the most successful marketing concept ever!"
- John Naisbitt, Megatrends Author
"In North America, the entrepreneur is our greatest business asset ? any person worldwide has an opportunity to become part of a franchise and participate in that entrepreneurial success. This truly is our greatest export for global economic growth"
- Jeffrey S. Bracker, PhD. Brown A. Williamson Professor of Entrepreneurship |
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Today, there are over 2000 franchise operations within the U.S. alone, and over
560,000 franchisees. These businesses generate more than $950 billion in sales...over 38% of the U.S. retail
market! Better than one out of every three dollars spent by Americans
for goods and services is spent in a franchised business, and more than 7 million people draw
their paychecks from franchised businesses. To illustrate how extraordinary
this industry really is, a new franchise business opens somewhere
in the U.S. every 8 minutes each day!
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| The key to success of franchising is its ability to harness the combined energies and talents of ambitious entrepreneurs under a single banner to gain market strength, become household names and realize their shared goals. Group advertising, buying power and the sharing of ideas are some examples of what can happen. Proof that franchising works is everywhere. Prominent national and international franchise organizations include McDonalds, Century 21, Hilton Hotels and Midas Muffler Shops.
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Demand: While today's consumers prefer to deal with familiar names and national brands, their continually evolving needs and desires help create in-roads for developing new specialized market niches. For example, franchises such as dry-cleaning, lawn care, day care, coffee houses and computer training for children are now considered mainstream
Supply:
Franchises offer services and products to meet the desires of their customers. Such adaptability makes it reasonable to conclude that the franchising industry has a very realistic chance of continuing to succeed where less well supported and individually directed businesses "go under".
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| Although franchising is a uniquely American way of doing business, U.S. chains are finding great success in foreign countries. Converging consumer tastes and buying habits make global marketing a reality.
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