Talk on the Street
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Talk on the Street
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The State of Franchising in the U.S.
Franchising has proven itself to be one of the most popular business models in the U.S. And experts are positive on its growth & potential for the future.
Current Franchising Statistics
While the franchise business model has always been a popular choice for business owners and entrepreneurs throughout the United States, regulation changes, tax reforms and an upturn in the economy have led to significant growth in franchising for the eighth year in a row.
The number of franchises is set to increase by 1.9 percent this year, up from a 1.6 percent increase in 2017. Employment figures are forecast to increase by 3.7 percent, after a 3.1 percent increase last year. And the franchising industry output is set to increase 6.2 percent, to an impressive $757 billion.
“Franchising plays an important role in the U.S. economy,” says Derek Cafferata. CEO and President of franchising experts All State Franchise Finders. “Franchise business makes up over 10 percent of all small businesses and the number of people employed within the franchising sector is well over 8 million.”
Since the 1970s franchising has contributed significantly to the country’s economy. Today, there are more than 3,000 different franchises across more than 300 business categories, with close to 800,000 franchise units currently in operation.
Top Trending Franchises for 2018
Looking at Entrepreneur Magazine’s Franchise 500 rankings we see some of the biggest franchising brands as well as some relative newcomers. Not surprisingly, McDonald’s, 7-Eleven and Dunkin’ Donuts take out the top three spots and mixed within the top rankings are some newer franchises like uBreakiFix, Massage Envy and OrangeTheory Fitness, all of whom have been franchising for 15 years or less.
Looking at some of the top trending franchises, we see there are some dominant industries show through. “The fitness industry is quite possibly the fastest-growing industry in franchising,” says Derek. “Alternative fitness franchises are definitely making their mark.”
No longer is it all about gym clubs. Franchises that offer alternative options like pilates or yoga, or those that offer more targeted fitness, such as kickboxing, are becoming increasingly popular.
The same can be said for franchises that offer senior care services. Due to the ageing population, franchises within the senior care industry are continuing to gain strong momentum.
Outlook for the Future of Franchising
The world of franchising is constantly changing. The companies that show a positive outlook, strong growth and great potential are those that are able to quickly adapt to even small market changes, are social media and tech-savvy and are focused on quality customer service.
As the Trump administration roll out their tax reforms, business regulation changes and bolstering of the economy, franchising is showing a positive outlook for the future. Franchising continues to provide jobs throughout a huge range of service industries.
While franchising is most popular in the southern states, the concept of franchising as a realistic and rewarding business opportunity continues to gain momentum across the entire country.
Overall, franchising will continue to show strong growth over the next few years, just as it has for the past several years. Business and economic experts alike are confident in the steady, strong growth of franchising throughout the United States, as more and more companies turn to franchising as a valuable way to expand their market share, and potential business owners turn to the franchise business model as a way to reach their career, financial and lifestyle goals.
For more information regarding franchising, please contact All State Franchise Finders on 1-800-544-2161 or visit allstateff.com today. With more than 30 years’ experience in the franchising industry, All State Franchise Finders are your franchising experts.