Whether you dream of owning your own business or want to expand your current entrepreneurial ventures, you’re not alone. Nearly half of all Americans want to own a business. Their reasons are as varied as the people themselves: It could be independence, the desire to own and grow an enterprise that belongs to them, the wish to be a business leader or to pass a thriving business on to their family.
People who have gone out as entrepreneurs are extremely happy with their decision. More than 70 percent would do it all over again if they had the choice.
All businesses need both entrepreneurial spirit and stability. Once you have the entrepreneurial spirit, perhaps the best way to start your own business is to do it via owning a franchise. When you own a franchise, you’ve increased the stability of your business for several reasons:
- First, business owners get support and advice from an established organization with proven success.
- Second, business owners get a model for how to successfully run their business. Forbes has likened running a franchise to building a model airplane from a kit, rather than having to make your own pieces from scratch at a foundry.
- Third, business owners will be managing a business with an instantly recognizable brand and product. The customer base is already established. They skip one of the most challenging periods for new businesses: The period when brand recognition, product recognition and a customer base must be built. With a franchise, they already exist, just waiting for your business skills.
Franchising a Business: An Economic Engine
When you decide to own a franchise, you are participating in one of the primary economic engines across the United States. Franchises overall are currently responsible for 8.9 million jobs in the United States. They contribute $890 billion to the economy of the United States.
They contribute 3 percent of the gross domestic product.
Growth in franchises is strong. The GDP from the franchise sector has grown every year since 2010. The growth is greater than that of the economy overall.
The overall GDP of franchises is expected to expand strongly, at a 5.6 percent rate, during 2016, to $552 billion. Franchising a business is a good business opportunity.
Restaurant Franchises: One of the Strongest Franchise Sectors
The restaurant franchise sector has one of the strongest growth rates among all industries.
The projected growth for restaurant franchise opportunities this year is 6.3 percent, well over the franchise industry average of 5.8 percent.
The number of restaurant franchising opportunities is estimated to increase 1.6 percent this year, compared to a 1.7 percent increase for the franchise industry as a whole.
The overall economic picture for restaurant franchise opportunity is excellent. Restaurant franchises benefit when the employment picture is strong and prospects for employment are rising.
It’s a simple equation. Jobs + Income growth = More disposable income to spend at restaurants.
There’s more to the equation, too.
More employment may mean less time to cook at home. Whether it’s the wife, kids or husband, if those responsible for meals are working or working more, it means less time to cook. Less time to plan meals. Less time to grocery shop.
That’s good news for restaurant franchise owners.
It means people depend more on restaurants, whether it’s stopping on the way home for a ready-to-serve meal or phoning for delivery.
It makes franchise opportunities in restaurants one of the best economic opportunities to own your own business there is.