Financial Measurement

John Quattrocchi was interviewed on Franchise Business Radio about financial jargon, tax advantages, building a proforma and more. Below are some interview excerpts. By Pamela Currie
John Quattrocchi was interviewed on Franchise Business Radio about financial jargon, tax advantages, building a proforma and more. Below are some interview excerpts. By Pamela Currie
Franchising is a highly competitive and dynamic business environment. With so many brands and concepts vying for entrepreneurs’ attention and so many local business owners competing for consumers’ attention, it’s essential for all of us to establish our own personal brands to stand out and succeed. By Jack Monson
New IFA report shows franchises to add 254,000 jobs, 15,000 new independent businesses this year, despite economic headwinds.
WASHINGTON, March 28, 2023 /PRNewswire/ — The International Franchise Association (IFA) today released its 2023 Franchising Economic Outlook report, showing that franchise unit and job growth continues to outpace pre-pandemic levels, delivering jobs and business ownership opportunities across the United States, despite economic uncertainty across all industries and in daily life. The report highlights the impacts of today’s unique economic challenges, which have affected system growth and led to an increase in wages, among other factors.
“Even with today’s economic headwinds, franchised businesses continue to grow, providing more good-paying jobs for their employees, and serving their local communities,” said IFA President and CEO Matt Haller. “After an historic year of growth during the post-pandemic recovery, the size of the franchise economy in 2023 will exceed pre-pandemic levels – demonstrating the power of the business model for prospective business owners when franchisors and franchisees work together.”
The full report is available here.
Key highlights from the report include:
On the state and regional level, the report shows that states have experienced different rates of franchise business growth due to disparities in business climates, migration trends, the labor market, and major industry investments. On the state level, it is predicted that:
For a state-by-state analysis or to download your state’s data, go here.
“In spite of all the challenges, the cooperative nature of franchise businesses helped better insulate franchise owners from macro-economic uncertainty,” said Darrell Johnson, CEO of FRANdata. “Our team produced insight-driven forecasts leveraging our understanding of the franchise market and industry forces.”
Conducted by FRANdata, the 2023 Franchising Economic Outlook is IFA’s annual study detailing the franchise sector’s performance for the past year and projected economic outlook for the year ahead, as well as an in-depth state outlook for all 50 states and Washington, D.C.
According to Oxford Economics, franchises pay nearly 3 percent higher wages than similar independent companies and offer greater benefits and more generous leave. Franchising creates unparalleled entrepreneurial opportunities for underrepresented communities, and nearly one-third of franchise business owners say they wouldn’t own a business without franchising.
About the International Franchise Association:
Celebrating over 60 years of excellence, education, and advocacy, the International Franchise Association (IFA) is the world’s oldest and largest organization representing franchising worldwide. IFA works through its government relations and public policy, media relations, and educational programs to protect, enhance and promote franchising and the approximately 790,492 franchise establishments that support nearly 8.4 million direct jobs, $825.4 billion of economic output for the U.S. economy, and almost 3 percent of the Gross Domestic Product (GDP). IFA members include franchise companies in over 300 different business format categories, individual franchisees, and companies that support the industry in marketing, law, technology, and business development.
Nikki Richardson was working in fundraising for a large nonprofit when she was introduced to L.A. Bikini and the sugaring hair removal process. She heard from other coworkers that they were going to get sugared on their lunch break at the Mountain Brook, Alabama, location near their office, so she booked an appointment as well. From the first appointment, Richardson was hooked and bought a membership that day. By Kelsi Trinidad
People involved in franchising have developed a specific language. The language describes processes, roles, agreements, and concepts. We want to share franchise terminology to help you become familiar with the common language used by all franchising companies. By Rose Mango
I might be dating myself by recalling the anti-drug ads from the ‘80s and trying to relate them to franchising. The relevancy in my mind comes from the fact that restraint and saying no to something that feels good in the near term but will cause long-term pain is much easier said than done. By Tom Spadea
Each June, we celebrate Pride Month to show support for LGBTQ+ individuals and allies. This year the Pride Council, created in 2019 by the International Franchise Association Foundation, hosted a webinar discussing how different franchises approach their Pride Month. By Rikki Amos
June is a big month of celebrations here at the International Franchise Association Foundation. Our Pride Council and Black Franchise Leadership Council (BFLC) are celebrating Pride Month and Juneteenth respectively, and we are taking this time to reflect on our progress and what’s to come. By Rikki Amos
With the goal to work closely with entrepreneurs in local communities and the excitement of showcasing that “the franchise industry is open for opportunity,” President Matthew Haller of the International Franchise Association (IFA) kicked off the 62nd annual IFA Convention. By Cindy Charette
2022 is forecasted to be a good year for the franchising industry. Growth in home services, restaurants, and hospitality are predicted, in addition to many opportunities in other business sectors. By Dawn Abbamondi