Once again, franchised businesses will grow faster than the rest of the economy, driving job creation as entrepreneurs seize upon franchise opportunities. According to the International Franchise Association, Franchised businesses will outpace the general economy in 2014. The IFA released the following statistics:
- Franchises are expected to add nearly 200,000 new jobs in 2014.
- The number of franchise businesses is expected to rise by 12,915 units in 2014, bringing total establishments to 770,368.
- Within franchising, business services, commercial and residential services, and quick service restaurants are expected to be drivers of job creation.
The significance of franchising in our economy is clear. Let’s hope that 2014 does not see a continuation of cumbersome state and federal regulations impeding the ability of franchised businesses to spur economic growth.