Boomers Board Franchise Rocket Ride
Posted on: 24/08/2006
Franchise business is soaring, creating new jobs and alternatives to traditional employment for baby boomers.
According to a recent study, the number of franchise businesses is soaring thereby creating new jobs in the Carolinas and offering alternatives to traditional employment for greying baby boomers.
The joint report from the International Franchise Association (IFA) and franchising research firm FRANdata noted that entrepreneurs are creating new franchises at a rapid rate. Nearly 900 new concepts were started in the period from 2003 to 2005, with more than half of those in 2005. Retail food, services, real estate and sports & recreation concepts had the biggest growth rates.
“We are in a ‘new career economy’ in which downsizing, outsourcing and job stress are taking a toll on traditional employment security,” said Randy Mitchell of The Entrepreneur’s Source, a national business ownership consulting franchise. “It is contributing factor to the soaring franchise sector and explains why many baby boomers are boarding the entrepreneurial rocket, which is central to the economy by fuelling innovation, productivity and growth.
An earlier IFA study showed that franchising accounted for more than 14 percent of jobs in the Carolinas, and nearly 10 percent of total economic output; both figures slightly higher than national averages.
“The impact of franchising and self-employment in the Carolinas is far reaching across many different industries,” said Mitchell. “This is an exciting time for those who have been scratching an entrepreneurial itch that has bugged them for years.”
With its Support Centre located in Southbury, Connecticut, The Entrepreneur’s Source is the leading independent business ownership consulting company with more than 290 offices in the United States and Canada offering a full range of services to individuals interested in self-employment and companies searching for methods of expansion.
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