Franchising is on the rise and shows no indication of slowing down. More and more entrepreneurs and business owners are opting for this model as opposed to starting a new venture.
Here is why:
- Franchising creates jobs. According to an article by Bizcommunity, job creation is one of the perks of the franchise model. “Individual franchise locations create jobs, and franchise networks multiply the jobs they create by replicating in more markets. The more they succeed, the greater the multiplier, which spurs economic growth,” they penned.
- High turnover. Last year, the Franchise Association of South Africa (FASA) released a survey that revealed a revenue turn-over of approximately R721 billion in the South African franchising industry. As a result, the sector’s contribution to South Africa’s GDP was 15.7%.
- Business model that is recession-proof. The advantage of franchising is that you are entering the market with the support of a tried-and-tested business model that has worked for many years.
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