Franchise Blogs

Everything you need to know about owning a franchise — all in one place.

Owning a Franchise Makes Economic Sense

By Admin

There’s no doubt that there are many types of small businesses and that they all can have positive effects on our economy. Franchises, however, have some impressive numbers to show that they are big influencers to our economic growth. If you’re debating whether to open a small business from scratch or go with a franchise, here’s some statistics that may just help you decide.

Franchises Spur Economic Growth
Successful franchises, like Cherry Blow Dry Bar, can grow in new locations at a quick rate due to the demand of the market within a populated area. These individual franchise locations can create jobs, add growth to shopping areas, and keep people using local businesses.

Brand Authority
The brand name is one of the most valuable assets a company can possess. It gives confidence and integrity to a product and service and let’s your customers know what they can expect when they visit your Cherry Blow Dry Bar franchise. A high-quality brand allows you to stand apart from your competitors.

Franchising Gives Back to Local Communities
Frequently franchise businesses, because the brand is big enough, can partner with large foundations and organizations such as cancer research to give back on a large scale among all their locations. Whereas, while worthwhile, small independent businesses don’t have the stamina and capital to give back as much as a franchise. 

Franchising Powerful Statistics
Franchise ownership, and the jobs created, foster highly-skilled careers, offer career progression, and give stability to the economy. In fact, according to the IFA Economic Impact Study conducted by IHS Market Economics, here’s some thought-provoking statistics:

  • There are 733,000 franchise businesses in the US
  • Franchising generates 7.6 million jobs
  • Franchising directly accounts for $404.6 billion in GDP
  • 78% of voters see franchise brands as consistent, efficient, and affordable

If you’re interested in seeing if a Cherry Blow Dry Bar franchise is right for you, Contact Us and a representative will be in touch. If you’d like to see the minimum requirements and have other questions answered before speaking with a representative, visit our FAQ page first.