While virtually every sector of the economy remains stagnant in the recession, the franchised business sector is growing with FranNet of Eastern Tennessee’s help — and those new businesses are boosting the local economy.
The International Franchise Association projects 1,900 new U.S. franchise businesses for 2011, creating 194,000 jobs and adding $33 billion more to the economy. The average new franchise business creates 10 jobs, according to FRANdata, an independent organization that analyzes the franchising sector.
“The overall economic impact of new franchise businesses opening this year is big, but at a local level, these numbers mean real jobs for real people,” said Jerry Bird Owner of FranNet of Eastern Tennessee. “If even 10 new franchises open in our area, that’s 100 jobs — and that’s huge.”