People may remember the 1984 as the year Michael Jackson’s Thriller debuted or the year that The Cosby Show first graced television, but many remember it as the year The Entrepreneur’s Source first opened its door for business.
With 2014 marking its 30th anniversary, E-Source has gone back in time and has taken a look at the past 30 years in the franchising industry.
E-Source entered the franchising industry during a time of overall growth in the industry. In 1988, just four years after The Entrepreneur’s Source opened, 416,000 franchise businesses were in operation across the United States, providing jobs to 7 million workers and generating $543 billion dollars annually.
The millennium celebrated continual growth in the franchising industry. As of 2001, the International Franchise Association’s Educational Foundation reported that the number of franchises had almost doubled to 767,483 franchises, employing nearly 10 million Americans. By 2005, the number of franchises increased by 18.5 percent to 909,253 and 11 million Americans were employed by the franchise industry.
The economic recession that began in December 2007 brought slight stagnation to the growth of the franchise industry. Despite the economic hardship many industries faced, franchise employment remained overall strong when many other industries were experiencing layoffs and reductions. The franchise industry bounced back quickly from the recession and was a contributing factor in the creation of numerous jobs post-recession.
“Throughout the recession and tepid, uneven economic recovery, the strength of the franchise sector has been a consistent job creator for the U.S. economy,” said IFA President & CEO Steve Caldeira. “While the economic forecast has improved, reform of both the individual and corporate tax codes is long overdue. Given that small businesses create two-thirds of net new jobs, any tax reform must address both corporate and individual rates, so franchise small business owners can invest in building more units and creating more jobs.”
This year, the IFA’s Educational Foundation‘s The Franchise Business Economic Outlook: 2014 projects that the number of franchise businesses in 2014 is expected to increase 1.7 percent, adding nearly 200,000 new jobs to America. The IFA reports that over 75 industries use the franchising model and that one out of every 12 businesses is a franchise.
E-Source today has over 200 franchises and is responsible for connecting many entrepreneurs to franchises through its coaching resource. Operating as a “one source resource” for entrepreneurs, E-Source’s coaches have placed tens of thousands of people in business and franchises, representing over $400 million in client investments. Thanks to Terry Powell and E-Source coaches, E-Source happily celebrates a successful 30 years in business and looks forward to many more.
To learn more about the E-Source, visit us at https://entrepreneurssource.com/.