Franchising Industry Overview
The franchising industry generates approximately 68 billion dollars/year in Canada alone, and there are over 78,000 franchise units within the country. Franchise fees tend to range from $5,000-$75,000 and individual investments range from under $10,000 to over $1,000,000. This industry is poised for strong growth in the US due to increasing deregulation, and across North America due to strong consumer spending.
This is an industry that has seen some major shifts in the past few years, and is poised for more. If you are in this industry, here are some trends that may be affecting you:
- Increased Diversity: As baby boomers reach the retirement age, minorities are stepping in and embracing available business opportunities. With diversity, comes diverse opinions and new ideas, which should spark an enormous amount of creativity.
- Multi-Unit Ownership: This refers to the idea of someone owning more than one unit of a franchise – or an expanded territory. This type of ownership is on the rise.
- Fitness, Health and Personal Care: Franchises of this type consistently top the “top franchise systems” charts, and will continue to grow.
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