Franchises have been growing in popularity rapidly over the past few decades. The International Franchise Association’s Franchise Business Economic Outlook for 2020 projected that the number of franchised businesses in the U.S. would increase by 1.5 percent to a total of 785,316 — adding 232,000 jobs a year to reach a total of 8.6 million employees across the industry.
The consistent expansion is unsurprising given that franchises combine the desire many people have to be entrepreneurial with the ability to skip some of the more cumbersome aspects of setting up a business fully from scratch. With a franchise, much of the work regarding the brand and business processes have already been done, and it is more or less a plug-and-play system.
That’s not to say that starting and running a franchise doesn’t take a lot of work, however, because it
Article source: https://www.entrepreneur.com/article/371163
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