Published on February 19, 2014
15 Franchise Stats for 2014 Want some factoids to inform your franchise growth strategy in 2014? Take a peek at these stats to inform your franchising decisions this year.
JOBS, JOBS, & MORE JOBS #1 Franchises are expected to add nearly 200,000 new jobs in 2014. Source #2 #3 The pace of employment gains created by franchises will continue to outpace total private sector employment growth by 0.3%. Source Franchising accounts for roughly 10% of new U.S. jobs. Source
THE GROWTH FACTOR #4 #5 The number of franchise businesses in 2014 is expected to rise by 12,915 in 2014, bringing total establishments to 770,368. Source The 2014 establishment growth rate is expected to rise 1.7% from 1.4% in 2013. Source
SHOW ME THE MONEY #6 The output of franchise establishment, in terms of dollar revenue, is expected to increase 4.7% in 2014 – up from the 4.3% recorded in 2013. Source #7 Franchise businesses are forecasted to represent 4.5% of U.S. GDP or $493 billion in 2014 – up from 3.5% of U.S. GDP or $472 billion in 2013. Source
ONES TO WATCH #8 #10 Within the franchising sector, business services, commercial and residential services, and quick service restaurants are expected to be the biggest drivers of job creation in 2014. Source #9 Restaurants are the largest franchisors, with roughly 155,571 quick service franchise restaurants and 36,981 full-service franchise establishments in operation in 2014. Source Business services has the fastest growth rate and is expected to add 35,109 franchise jobs in 2014, while quick service restaurants, the largest sector in franchising, is expected to generate 75,596 new jobs. Source
HEAVY HITTERS #11 Multi-unit franchise operators control 55% of all franchised units in the U.S. Source #12 At 64%, West Virginia has the highest concentration of multiunit franchisees. All other states with high concentrations of multi-unit franchisees are southern states including: Arkansas, Mississippi, Kentuc ky and Alabama with 62% each. Source
CONCENTRATED EFFORTS #13 The average multi-unit franchisee owns 5 franchised locations, up from about 3.5 in 2007. Source #14 The industries with the highest concentration of multi-unit franchisees are in food. Source #15 The top 10 industries by multi-unit franchise control are: Source
FRANCHISE CALL-TO-ACTION In a crowded competitive environment, it’s more important than ever for franchises both large and small to have a keen understanding of their customers and a precise definition of their market position in order to stand out from the crowd. Buxton gives franchisors the tools they need to truly define and locate their target audience while giving them the ability to make informed, data-driven decisions for site selection, marketing strategies and territory development. If you need help growing your franchise, reach out to us. BUXTON@BUXTONCO.COM or 800-2BUXTON
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