According to the U.S. Small Business Administration, franchising is the fastest-growing kind of small business. Furthermore, each new franchise generates 8-14 new jobs and a new franchise opens an average of every eight minutes per business day. Overall, franchises create over 300,000 new jobs per year.
Franchising has opened the door of opportunity for women, families, and minorities. Women have discovered that operating franchises often allows them to spend more time with their families. Women wholly own about 10 percent and jointly own about 30 percent of U.S. franchise outlets, according to the Small Business Administration. In many cases, families pool their resources and time to operate outlets—and often use the profits to create their own mini-chain of stores. Minorities have benefited, too. They have been able to locate establishments in urban areas which at one time lacked minority ownership. Significantly, some franchisors such as Burger King and the Southland Corporation, owner of the 7-11 convenience stores, provide special financial programs for minority owners. They also work closely with organizations like the National Association for the Advancement of Colored People (NAACP) to recruit more minority owners. In this respect, franchises have been a boon for society.
No matter who owns a franchise outlet, the franchisee and the franchisor share the risks and the responsibilities, although not always equally. Since both parties have a financial investment at stake, the risk can be substantial.
Sources :
www.nytimes.com
BizTree.com
- www.accessmedia.com.au
www.polarkrush.co.uk
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