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Franchise Business

About the Franchising Business

The majority of people think of a franchise business as a fast food box. Surprisingly to many there are franchise concepts that span over 75 different product and service lines. The franchising business model turned into a major opportunity for entrepreneurs. Business Week Magazine explored the state of franchising: what's new, what works, and how entrepreneurs have merged their talents with proven systems, giving them the opportunity to create new niches and run their own businesses.

Proven Profitability 760,000 franchise businesses generate 18 million jobs, or 14% of the nation's private workforce. A $1.53 trillion economy. The IFA expects franchising to grow 6% this year.

SOLID SYSTEMS The recent interest within the investment sector,  views franchisers' strong brands and steady cash flows as sound opportunities, is one promising sign for as a franchise business.

GOLDEN AGE. A volatile economy over the past several years has continued to drive both the growing number of concepts and rising volume of franchisers and franchisees. For companies looking to expand with little cash on hand, franchising has become a popular way to get there. While franchising opportunities appeal to women.

ERRAND EMPIRES. Owning a business is the American way, and franchising is one option for all to start a business. America's transition to a service economy, two-income families, change demographics, franchising is shifting from food to service businesses.

CLOUT. The IFA is increasingly flexing its muscle in Washington over concerns like affordable health care, immigration reform, solid support of Small Business Administration lending programs, and minimum-wage issues.

The International Franchise Association Expos include minority franchising workshops, its annual events are geared toward prospective franchisees and minorities. The association's Educational Foundation and the Association of Small Business Development Centers also have launched a Minority Technical Assistance Program to increase the number of minority franchisees.

A Franchise Partnership in Chicago seeks to connect aspiring minority entrepreneurs with franchisors and help finance the deals. Founded five years ago, the program enlisted 16 franchise companies including Carvel Ice Cream, Dunkin' Donuts, PostNet, Sign-a-Rama, and Fantastic Sam's hair salons.

It also signed on an impressive list of banks and other lenders and presented franchising seminars to more than 1,000 Hispanic and African American adults. So far, 10 African American and four Hispanic franchisees have formed as a result of the partnership's efforts. .