Credit: Unhindered opportunity for all Americans is essential to our economic and political well-being. To retain leadership in bringing new products and services to the marketplace both in the U.S. and abroad, franchise systems continue to provide the widest possible entrepreneurial opportunities for everyone. They also provide expanding opportunities and strong growth possibilities for minorities, women, veterans, and the handicapped.
Franchised businesses are rapidly adding jobs to a broad range of industries. In addition, franchise companies are major contributors in the development of management and technical skills that are vital in the creation of an experienced work force, which is so important in building and strengthening both American and foreign economies.
The mutually beneficial relationship that exists between franchisors and franchisees makes franchising unique in the world of business. It provides entrepreneurs with an affordable means of accelerating expansion and achieving development goals more quickly than might otherwise be the case, and with far less risk. Similarly, franchisees have a head start because of the support provided by the franchise system.
Franchising means being in business for yourself but not by yourself. Whether it's accounting and financing, advertising and public relations, personnel management, purchasing, or inventory control, franchisors are there to provide "hands on," one-to-one assistance.
While franchising does provide opportunities, it does not create miracles. Franchisees combine knowledge and resources with entrepreneurial drive and spirit to form a business relationship unique to franchising. Franchising is a field of expanding economic opportunity in which each and every person can play a part based on talent, initiative, and dedication.
Here are videos about A to Zs of franchising.
The International Franchise Association (IFA) was established in 1960 to build and maintain a favorable economic and regulatory climate for franchising. It is the only association serving as the voice for franchising in the United States and is a major participant in the international franchise arena. IFA's mission is to enhance and to safeguard the business environment for franchising worldwide. Today, more than 75 industries operate within the franchising format, and IFA's membership and network encompass some 1,000 franchisors, 350 suppliers, and over 7,000 franchisee members.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
