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The Entrepreneur’s Source Reviews the Franchise Industry’s Effect on the Job Market
The Entrepreneur’s Source Reviews the Franchise Industry’s Effect on the Job Market
When making the transition from Employment to Empowerment by investing in a franchise concept and leveraging it as a vehicle to attain your personal Income, Lifestyle, Wealth and Equity (I.L.W.E.™) Goals, not only does if affect you, but it can profoundly aid the job market. By becoming self-employed as a franchise owner, you will have the power to hire others to work in your business. Many franchise concepts require a franchise owner to hire one or maybe multiple employees, and this can be quite beneficial to the American economy and job market. Today, The Entrepreneur’s Source reviews the franchise industry’s positive impact on the job market.
The Franchise Industry as a Job Creator
The franchising sector is one of the leaders in job growth and employment in the U.S, helping to drive the economy into a time of economic progression. In fact, franchise businesses have repeatedly outpaced other industries in quarterly job growth, reported Entrepreneur.com. In fact, franchise jobs account for about 10 percent of all jobs in the U.S. Much of this job growth can be attributed to the increase in number of franchise businesses. According to the International Franchise Association’s (IFA) 2015 Franchise Business Economic Outlook report, in 2015, the number of franchise businesses is expected to rise by 12,111. An increased number of franchise establishments translates into a higher demand for franchise employees.
Since 2007, the franchise industry has created more jobs faster than all other areas of the business, the IFA reported. In 2014, franchise businesses had a job growth rate of 2.7 percent compared to 2.2 percent of all other industries. By the tail end of this year, franchise job growth is expected to reach 2.7 percent, adding nearly 250,000 news jobs to the U.S. economy.
Currently, there are more than 8.5 million jobs in franchising, and in 2015 this number is predicted to grow to 8.8 million. These jobs range in a wide area of businesses. According to the IFA report, job makeup within the franchising industry is as follows:
- 65 percent of jobs are in food and hospitality
- 13 percent being in full service restaurants
- 38 percent found in quick-service restaurants
- 8 percent in lodging
- 6 percent food retail
- 29 percent in the service sector
- 8 percent in personal services
- 11 percent in business services
- 6 percent retail products and services
- 4 percent commercial and residential services
- 6 percent real estate and automotive
- 4 percent in real estate
- 2 percent in automotive
When an individual invests in a franchise concept, they are not only employing themselves, but opening the doors for many other potential employees. In this aspect, franchise owners can be looked at as not only drivers of economic growth, but job growth as well.
Contact a Coach at The Entrepreneur’s Source Today!
For individuals who are looking to join the growing franchising industry and help the franchising sector reach 200,000 new jobs in franchising each year, consider contacting an alternative career coach at The Entrepreneur’s Source today. E-Source coaches are trained professionals in helping prospective entrepreneurs move from Employment to Empowerment through franchise business ownership and fully exploring available franchise opportunities.
For more information about how a coach at The Entrepreneur’s Source franchise can help you achieve self-sufficiency, contact a coach today https://entrepreneurssource.com/contact.html.