It is a well-known fact that small to medium-sized businesses are the backbone of the American economy, and in the upcoming months and years, the SMB sector will be crucial in bolstering the country as the country opens again. It is not as well known the large role franchising plays in this sector.
When you look at industry stats, however, you can see very clearly how franchises have contributed to their local and statewide markets and the American economy at large.
According to www.franchiseeconomy.com, there are over 733,000 franchise establishments supporting 7.6million jobs nationwide. In California alone, there are over 75,800 franchise locations that support almost 728,900 jobs, and almost 70% of voters say franchise businesses are a part of their daily life. This generates over $69.4 billion in output and contributes $43.9 billion to the GDP.
Perhaps surprisingly, many franchise opportunities aren’t focused in the food or hospitality sectors, as expected, but actually play crucial roles in many other categories Americans rely on and use often in their daily lives. Furthermore, franchises in these various industries are not always brick-and-mortar concepts; some may even be home-based or completely virtual business opportunities. In California, for example, there are home-based businesses that cover the home-inspection industry, street food, and B2B restaurant services, just to name a few.
Most franchisees are local business owners who are passionate about having a positive impact on their communities while taking advantage of national brand recognition and the support of a tried-and-true franchise system.
Our Career Ownership Coaches® work with clients to provide education and awareness around proactive investments that will give financial stability and freedom, all of which include franchising as either an investment strategy or a viable option to take control of their financial future.
If you’re interested in helping people realize their dreams while achieving your own, reach out to us today about becoming a Career Ownership Coach with The Entrepreneur’s Source.
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