Do you know a franchise opens every morning while you have breakfast before leaving for your job?
According to Franchise Consultants, Inc., a new franchise business launches every eight minutes of every business day. More entrepreneurs are becoming more attracted to the franchise model.
The coffee you just had, the pizza you ordered last night, and more—all these businesses have one thing in common: they are based on the franchise business model. If there is any model that has stood the test of time, it is the franchise model. The Franchise Model is contributing to the national economy. Even in an unstable economy, the franchises survive and far better than other businesses.
Here are a 6 things that make the franchise model great and make it very unlikely to fail.
1. Easy to obtain
Franchises have been called one of the best business models ever created. This is because of their proven success and the comparative ease which you can acquire with a franchise. You do not have to do anything from scratch.
2. They add new jobs
Franchises provide a boost to employment figures. According to ADP Research Institute, American franchise businesses created 52,000 new jobs in October 2015. With a franchise opening about every eight minutes… the number is expected to increase, especially in businesses, services and construction industries.
3. They contribute to the economy
Franchises are the major source of new hires. They add to the national economy by their giant revenue. People who are facing retirement from work are finding themselves active and driven enough to make an income and can go into the franchise business.
4. Global reach
Franchises are spread in different countries worldwide. It is because of their global reach that they are safe from an economic meltdown in one country. For example, McDonald’s made it out of the US economic slump by earning enough revenue from its chain of restaurants in other parts of the world. Any other local company in the US would have struggled to survive the economic crises when businesses were down and people were in savings mode.
5. Social media presence
Many start-ups businesses are still learning the ropes of customer loyalty and fandom on Facebook. Pre-established franchises are acquiring thousands of new fans every day. If a Pizza Hut franchise opens in New Jersey, all it has to do is to create a new social media profile specific to the geographical area and within days, it will have a following of a million fans.
6. Home based franchises
Yes, there are franchise opportunities specifically for people who want to work in their PJs. You get all the benefits of a franchise with the flexibility of time and family management. Companies like iSOLD It @Home offers an opportunity to participate in a franchise while working at home. Their operating procedure is fairly simple. You sell overstocked items on eBay by setting up a virtual shop. According to the stats, one in five Americans work at home and this is expected to rise by 63% in the next five years.