In September of last year, The US Census Bureau released its first-ever report on the franchise industry. The numbers are pretty darn impressive.
Did you know that there are over 3,000 different franchise concepts in several different categories to check out, if you’re considering a franchise?
Look at this great Franchise Infographic.
Scott Shane, fellow Clevelander, and the A. Malachi Mixon III Professor of Entrepreneurial Studies at Case Western Reserve University wrote that;
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“Franchisee-run establishments are a formidable economic force. They generate about $1.1 trillion in sales annually, and employ almost 6.3 million workers, with a payroll of more than $125 billion. That’s 14.3 percent of sales, 7.8 percent of payroll, and 10.7 percent of employees in the industries looked at by Census.”
The Professor does a fine job digesting all of the numbers in this post over at OPEN FORUM by American Express. It’s worth the read.
And, it shows you just how powerful the franchise industry is.