Franchises to Add 200,000 Jobs to Economy in 2014
By, Hillary Burns,
It’s projected that franchises will bring in $493 billion in revenues in 2014.
BELMONT, MA, September 12, 2014 /24-7PressRelease/ — Franchising is part of the American way of life, and it’s not limited to McDonald’s and 7-Elevens. Hotels, bars, salons, gyms, restaurants, day care, car repair shops, pet care, schools, real estate brokers, home construction — the spirit of entrepreneurship is alive and well, and anyone can get in on the ground floor.
“This year franchises will create 10 percent of all new US jobs,” says David B. Slater, a founding director of the International Franchise Association and author of the new book “Mister Franchise.” “That’s good news for the average American who might be out of work or underemployed and looking for a new path to success. It’s also projected that franchises will bring in $493 billion in revenues in 2014. That’s 4.5 percent of the national GDP.”
As an icon in the franchising world for the last fifty-six years, Mr. Slater has seen the growth and boom of this most-effective model of entrepreneurship — and has been associated with some of the world’s most well-known and successful franchises, such as Mister Donut (where he was CEO and copartner; the company later merged with Dunkin’ Donuts), Omnidentix, and Americounsel.
In “Mister Franchise,” Slater offers his insider advice to those new entrepreneurs who are just starting out in franchising, to help them avoid the most common and costly mistakes–everything from weighing the pros and cons of franchising, the art of tracking sales and cultural trends to predict the next big franchising opportunity, and how to raise capital and use available resources.
One of the biggest issues a potential franchisee faces is what kind of business to start. Some of the most popular current franchises are in the following fields:
- QSR, or quick-service restaurants — otherwise known as fast food like McDonald’s, Burger King, and KFC (82% of all franchises)
- Sit-down restaurants, such as Bennigan’s, Denny’s, and Johnny Rockets (77%)
- Baked-goods establishments (think Dunkin’ Donuts, Cinnabon, and Mrs. Fields Cookies) (72%)
“A franchise can be a goldmine if you know the secrets,” Mr. Slater notes. “Which means it’s crucial to do your research beforehand. Assess your resources and do your due diligence on a variety of franchise opportunities, then compare the information to make the most informed decision you can.”