Today, franchising has become one of the most widely accepted forms of business ownership in the world. This activity currently provides a popular way for investors to seek steady streams of revenue from businesses in the United States. This brief article highlights three important statistics showcasing the appeal of franchising in the modern era.

One: More Than 730,000 Franchises Operate in The USA Today

If you strongly suspected a successful small business in your neighborhood belongs to a national franchise, don’t discount this intuition. Statistics indicate a significant number of commercial enterprises in the United States actually fall within the franchise category. A single shopping outlet easily encompasses franchised enterprises as diverse as a cell phone repair franchise, a real estate franchise, and a dog bathing franchise.

With well over 700,000 U.S. franchise outlets serving customers today, this form of business has gained widespread acceptance during recent years. Franchises offer the advantage of a “built-in” roadmap. Owners easily operate this type of business entity on a turnkey basis.

Two: Franchises Employ Millions of People in the United States

In 2018, the International Franchise Association predicted franchises in the United States would provide employment for 8.1 million workers. The organization surmised the efforts of this workforce would account for up to 3% of the national Gross Domestic Product. Clearly, franchises today employ numerous workers in the private sector.

The economic significance of franchises reportedly proves most pronounced in Southern and Western states. This type of business enterprise frequently enables an owner to entrust significant portions of employee training to a franchise training program. In this respect, franchises sometimes help minimize the stress involved in hiring and training a dependable work force.

Three: Franchises Add Billions to the U.S. Economy

Michelle Van Slyke, a Senior Vice President of Marketing and Sales at UPS, reports franchises contribute an estimated $800 billion to the nation’s economy. This figure indicates the vital importance of this type of small business today. It suggests franchising holds key advantages for many firms.

By presenting entrepreneurs with tested business models, franchises endeavor to improve the odds for commercial viability. This consideration likely contributes to their present popularity. Investors seeking a proven formula for achieving success within an unfamiliar industry enjoy the option of becoming franchise owners. They adhere to well-established business plans rather than experimenting with new, uncertain “trial-and-error” strategies.