Alesia Visconti, our esteemed CEO, has recently been elected to the Supplier Advisory Board of the International Franchise Association (IFA). By Rose Mango
The International Franchise Association’s (IFA) VetFran program offers over 500 companies that have a shared commitment to help veterans by providing a financial discount to get veterans up and running as business owners. Lowering the barriers to entry is VetFran’s way to give back to those who have served and say thank you for serving our country. By Rose Mango
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.
The Black Franchise Leadership Council (BFLC) has been part of the International Franchise Association (IFA) since February 2021. As an integral part of The IFA’s Diversity Institute, BFLC is showing strong leadership in assisting black franchisors and franchisees in succeeding in owning their own business through franchising. By Rose Mango
Starting, helping, taking charge are just some of the words women use to describe how they began their career in franchising. Regardless of the path, they share a common ground; the franchise industry has enabled them to reach their professional goals. By Shelia Fischer
September 15 marked the beginning of Hispanic Heritage Month, which celebrates the history, cultures and contributions of American citizens whose ancestors come from Spain, Mexico, the Caribbean and Central and South America. By Rikki Amos
On 9/11 as part of our promise to “Never Forget,” the U.S. celebrates a National Day of Service in remembrance of those killed and injured, and in recognition and honor of those who stepped forward to serve our nation. Franchising gives back throughout the year, but this is a special day to reflect and recommit to service. By Rikki Amos
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
During the 2022 International Franchise Association Convention in San Diego, VetFran hosted a seminar titled: “Winning the War for Talent.” Sponsored by USAA, this session brought together veterans, nonprofit leaders, and business owners. By Eric Johnson