Franchises are everywhere. They’re such a part of our life that we often fail to see realize just how many businesses are franchised. Well, a recent survey has provided a statistical explanation of just how many franchises are in America.
The US Census carried out the inaugural Economic Census Franchise Report in 2007. The numbers, which were released late last year, are pretty fascinating, as we have mentioned before. 10.5 percent of all businesses are franchised. About 8 million workers in a work force of 59 million are employed in franchising. The industry’s total sales account for nearly $1.3 trillion. Amazingly, there are 295 franchise industries active in the country.
The IFA has provided an official reaction to the study, via an interview in the January issue of Entrepreneur magazine. Spokeswoman Alicia Harrison said the report "gives us better information to present to policymakers when lobbying for issues related to our franchise community."
"What did surprise us was that franchises appear in 295 different industries,” she added.
This is a timely reminder of the strength and diversity of franchising as we start the new year.