Daily Management Review

US Employment Figures Boosted as New Franchise Models become Popular


US Employment Figures Boosted as New Franchise Models become Popular
The franchise model in the US industry has been able to perform better than other models and recent study shows that it has generated the most employment and contributing significantly to the national economy.
Innovative hybrid models for further job opportunities is one of the positive outcome of the franchise model apart from making significant contributions to boosting employment figures.
ADP Research Institute noted that this October delivered one of the largest one-month gains since tracking numbers had began. 52,000 new jobs to the economy were added by the American franchise businesses models during the month of October.
The majority – 75%, of the franchise growth was accounted for by the franchise restaurants. Auto parts companies and service repair franchises, which represent another 22% of the growth in jobs during October are some of the other franchise operations are showing signs of growth potential.
 The research found out that business segments like accommodations, personal care, real estate, retail, professional services, building and construction and education have emerged as a greater variety in the type of franchises available.
More business niches are considering the franchise model or a hybrid of that model to grow and expand their own operations within the changing environment. This is being preferred over the traditional business growth model ad it has the potential of multiple outlets or locations.
More entrepreneurs are recognizing the benefits of franchising and identifies advantages like expansion flexibility, efficient supply chains, lower overhead and enhanced profitability.
100% Chiropractic, a company to help new chiropractors get their offices opened up quickly without having to contend with the cost and complexity of the infrastructure is an example of a successful franchise.  More chiropractors have been attracted to the franchise option rather than starting from scratch due to the ability to get considerably more support than they would on their own. The company has helped 20 chiropractors get their businesses up and running over the last five years.
iSOLD.It@Home is another example that offers a way to participate in a franchise while working from home. This is a combination of the franchise model with the ongoing trend of working at home for resource, operational, and marketing support to reach profitability at a faster rate.
 The company is recognizing the potential of offering a new platform for those seeking a work-life balance while still drawing an income. This has made this a successful retail store franchise model. This online retail franchise allows franchise owners to get access to overstock products and sell them on eBay from the first day they open their virtual shop.
A growth in supplemental education franchises, such as the Kumon Math and Reading Centers, Have been noted with increasing interest in educational alternatives, including charter schools or online education.
 Thanks to the franchise model many teachers who previously were struggling with a low-wage jobs have now become business owners and thrived within this new opportunity, given the low investment and limited overhead required.
The franchise model is also beneficial particularly to those who are older and who have the necessity for an income or even the need of extra income.