Insights gained at the International Franchise Expo reveal that the sector makes a considerable contribution to the global economy.
That’s according to a report from payroll and HR outsourcing specialists, ADP. Its inaugural National Franchise Report, released at the Expo, confirmed that within the last six months, franchise services have employed over 19,000 more people in the US alone and earns $2.1 trillion.
The most significant growth was recorded among food retail and restaurant enterprises, which employed an additional 690 and 6,110 staff respectively, adpemploymentreport.com shows. Together with business services, these industries employ 17,590 people.
In total, the report found that franchise industries had added 150,000 jobs to the economy in the last year.
Over 20,000 people were expected to attend the Expo, thus the news may serve to inspire confidence among franchisors and franchisees in other countries.
Additionally, organisers hoped that the Expo, which took place in New York’s Javits Center on 20-22 June, would highlight the benefits of franchising to people that want to run their own business.
With 400 exhibitors on board from almost every industry imaginable, visitors were given the opportunity to consult the experts and have their questions answered. They could also listen to any of the 70 seminars, on topics that included the ‘A-Z of franchising’ and ‘How to franchise your business’, pix11.com writes.