When an entrepreneur decides to go the franchisee route for starting a business, a big decision that comes before him or her is which franchise to join. There are a lot of different franchises out there, each with their own unique characteristics.
The relationship between corporations and the companies or individuals who own outlets are ideally complimentary but are often complicated. Such is the case with 7-Eleven and its franchisees. According to the storeowners, the corporation has taken an increasingly bigger cut of the profits since the early 2000s, when the company and the franchisees used to split profits evenly.
A Minnesota company that owns 10 Jimmy John’s sandwich shop franchises in the Minneapolis and St. Paul metro area was recently found to be within its rights to dismiss six workers. The Jimmy John’s employees representing Industrial Workers of the World circulated posters to fellow employees as well as 100 local and national media outlets in 2011 that were critical of the company’s sick-leave policy.
Owning a franchise can be incredibly rewarding, but it can also be incredibly risky. The first risk that franchise owners will encounter comes in the form of their franchise contract. Signing a contract that is not to your benefit can be perilous to your financial success. And many franchise contracts are skewed in favor of the franchise company, not the owner.
In the past year, there has been extensive public discussion on female parity in the workplace. The business world may still be dominated by men, but women are making significant headway. Female entrepreneurs are steadily becoming more powerful, paving the way for other business-minded women.
The franchise industry is set to have a good year. The 2018 Franchise Business Outlook has been published by the International Franchise Association (IFA), and the industry’s growth looks very optimistic. According to the association’s research, the franchise industry is expected to expand for the eighth straight year. The IFA estimates that franchise output will increase by 6.2 percent to a whopping $757 billion.
Every entrepreneur is looking for the next big trend, opportunity or money-making venture. It’s crucial to look ahead and try to predict the most successful industries of the future in order to get in on those opportunities now.
Individuals looking to operate their own business have various options for branching out into the business world. One is to join a franchise. Some might find this an attractive option as compared to trying to build a business completely from scratch. Becoming a franchisee can have many benefits, including getting to be connected to an already established brand.
Fitness has been a booming business here in the U.S. in recent years. And one sector of this industry that has been seeing some particularly significant growth lately are franchises. Recent years have seen franchise growth coming in faster than industry-wide growth within fitness. And some estimates are predicting that this will continue. According to one set of recent estimates, franchise brands will see about double the growth rate of the fitness industry in general between now and 2022.