There is no doubt in my mind that the “Franchise Prototype Model” has revolutionized the way people take a small local business and turn it into a regional or national brand.”
As Millennial Entrepreneurs are coming into their own with new brands that are emerging and growing, the idea of Franchising as a tool for rapid growth has become a prime focus. Understanding the need for Brand Identity and Social Acceptance perhaps better than any generation before it, the Millennials and GenX’rs are turning to franchising as the key method to expand beyond their immediate territories.
Gary Occhiogrosso, Managing Partner of FranGrow, (a franchise development and sales firm www.frangrow.com ), put it this way “as popular as the internet has become, you can’t physically experience your favorite restaurant or have your hair cut, or do a spin class or take care of aging parents “on the internet” or using an “app”. “There is a “real world” element that provides great opportunities for franchising both product and service based businesses.” “In the first six months of 2017 we’ve been approached by double the number companies looking to franchise their business or help them expand compared to the same time last year.”
FRANCHISING GROWS IN TOTAL
Robert Cresanti – President & CEO of the International Franchise Association (IFA) reported “We are forecasting that for the sixth consecutive year, franchise businesses will grow at rates that exceed the economy-wide growth of industries where franchises are concentrated, Franchise businesses are showing tremendous capability to provide new jobs for working families and new businesses for first-time business owners across all sectors in local communities, despite the fact that franchisees are facing many new regulatory threats at all levels of government.”
TOP CATEGORY IN FRANCHISING
According to Entrepreneur’s Franchise 500, the top growth sector both domestically and internationally is Quick Service Restaurants. As this stat relates to Millennials, they are particularly fond of the build your own concepts that feature fresh, made to order items, using sustainable ingredients and “built” to the customer’s specifications. Occhiogrosso who also teaches restaurant concept development and entrepreneurship at NYU says that his students aim their creativity on either launching or purchasing a quick casual brand that focus on the quality and social responsibility of the concept. He went on to say, “regarding founders and entrepreneurs that engage us to expand their brand, the franchise model is the primary form of expansion. Our client list has grown to the point whereby we’ve had to go to a waiting list. There is no doubt in my mind that the “Franchise Prototype Model” has revolutionized the way people take a small local business and turn it into a regional or national brand.”
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