Franchise News, Industry Trends, TES Insights
Local Franchises in Alabama Contribute to Economy and Provides Home-Based Career Opportunities
It is a well-known fact that small to medium-sized businesses are the backbone of the American economy, and in the upcoming months and years, the SMB sector will be crucial in bolstering the country as the country opens again. It is not as commonly known that franchising is an integral part of the SMB sector — according to www.franchiseeconomy.com, there are over 733,000 franchise establishments supporting 7.6million jobs nationwide.
When you look at industry stats, however, you can see very clearly how franchises have contributed to their local and statewide markets and the American economy at large.
In Alabama, for example, there are over 12,200 franchise locations that almost 125,000, and 72% of voters say franchise businesses are a part of their daily life. This generates over $9.7 billion in output and contributes $5.4 billion to the GDP.
Perhaps surprisingly, many franchises aren’t focused in food, fast-casual or the hospitality sector, but instead, play integral parts in categories such as home improvement services, personal care and wellness, and children’s tutoring and education, just to name a few. Furthermore, franchises in these various industries are not always brick-and-mortar concepts; some may even be home-based or completely virtual business opportunities.
Most franchisees are local business owners who are passionate about having a positive impact on their communities while taking advantage of widespread brand recognition and the support of a tried-and-true franchise system.
Our Career Ownership Coaches® work with clients to provide education and awareness around proactive investments that will give financial stability and freedom, all of which include franchising as either an investment strategy or a viable option to take control of their financial future.
If you’re interested in helping people realize their dreams, while achieving your own, reach out to us today about becoming a Career Ownership Coach with The Entrepreneur’s Source.
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