We now present our weekly franchise news roundup, courtesy of our friends at FranchWire.
Franchising Will Close In On $4 Trillion By 2015
We often say that franchising is big business. Now we can back that up with a very big number.
According to Global Industry Analysts via the SF Gate, the global franchising industry is expected to hit $3.96 trillion by 2015. That’s a testament to the strength of the industry, naturally, but more than that it’s a testament to just how global the industry truly is. Rejoice, franchisees!
Think about it: KFC has taken over Japan. Subway is everywhere, as is McDonald’s. Big-time American franchises have literally infiltrated every corner of the world, and globally customers have been acquiring a taste for them.
That’s not even including cleaning businesses, day cares, hotels and a thousand other aspects of franchise that have also crawled across the globe. Consider also that many franchises from far-off lands have come to America and thrived, as well.
It’s a truly wonderful time to enter into the world of franchise, in other words. Let’s hope the industry exceeds those projections.
The Rapid Rise Of Food Trucks
One of the chief challenges for any franchisee just starting out is the overhead. You have to pay for and maintain a shop, after all, and that’s not easy.
It may not be significantly cheaper, but food trucks offer an interesting alternative. It’s an especially popular way to offer ethnic foods to busy lunch crowds, with Korean BBQ trucks (my personal favorite) to Spanish cuisine trucks popping up across the U.S.
Because of the mobility of those trucks, franchise owners can hit multiple busy spots for lunch and even dinner in a day. It’s also a heck of a lot easier to have multiple locations, since your location is limited only by the tread on your tires and the gas in your tank.
The challenges? You’ve got to pay for parking, find a spot to set up shop every day and lug your equipment with you everywhere. It’s also easier to break into a truck than a full-sized store, which poses a challenge. But if you can’t or won’t get into a storefront and you really want to bring your food to eager customers, this might just be the approach for you.
The IFA Convention Is Around The Corner
A few days ago, FranchWire talked a little bit about the IFA Convention 2012 and how important it was to keep up with what will be going on down in Orlando next week. Be sure to visit them and they’ll keep you informed!