Do franchises guarantee success? In general, the success rates of franchises are high. Review all important franchise statistics here.
Home Franchise Concepts (HFC) is a family of brands whose specialties focus on the home services industry. The success of franchising with HFC and recent service franchise statistics are optimistic and well-articulated in this statement published in a recent 2021 Forbes article:
“…businesses were able to benefit from a shift in customer spending habits. Fewer vacations and less travel resulted in more money devoted to home improvements. As a result, many service-based franchises had an exceptionally good second half of the year and were even more successful than in previous years. Other franchises remained stable due to the nature of their work. Plumbing and disaster remediation businesses were largely unaffected because when certain situations arise, customers need service regardless of the current economic situation.”
Success of Franchises – Important Statistics to Consider
Starting a small business can be both exciting and intimidating. For many, choosing to become an entrepreneur through franchising gives them the support and confidence they need to launch their business. At Home Franchise Concepts, our experienced leadership team understands this. That’s why we have curated a family of leading brands and are constantly enhancing the benefits of ownership to help ensure the success of each franchisee.
If you’re considering launching a career as a franchise owner and are curious about the overall success of franchises, check out these recent statistics from the International Franchise Association (IFA):
- Franchise businesses contributed $670 billion of economic output into the U.S. economy in 2020
- Franchises represented 3% of the total nominal Gross Domestic Product (GDP) in 2020
- In 2021, franchising opened 26,000+ locations, added nearly 800,000 new jobs, and contributed $477 billion to the U.S. GDP
Franchise owners also have a profound impact on their local economy. According to the U.S. Census Bureau, franchise businesses recently accounted for more than 11% of all businesses with paid employees (across 295 industries).
Are You Ready to Get Started?
Learn more about the entire Home Franchise Concepts family of brands to see which one is the best fit for you. You can start the discovery process by filling out our no-obligation form.