At least 37 franchise companies are based in New Jersey and entrepreneurs there continue flocking to the sector that includes office cleaning, tutoring centers and fitness centers. The state’s 17,530 franchises have created 312,951 jobs and contribute $42 billion to New Jersey’s economy, the International Franchise Association reports.
Paulino Silvano wanted to be his own boss, to live the American dream. Lisa Annitti Holgerson wanted work to be rewarding, something more than a job. Both found what they sought in franchising.
Like millions of entrepreneurs, they went into business for themselves by buying into an existing company, rather than creating their own enterprise. At the same time, business owners like Jeff Ryu, the founder of Kudo Beans Inc. in Fort Lee, are going the franchise route to expand successful enterprises.
The appeal for both is obvious. The business owners can grow beyond their original home territories and the buyers enjoy the advantages of being their own boss with the financial and promotional backing of established brands.
But that backing comes at a cost: Franchise holders dictate how the business is run and take their cut off the top, and franchisees lose some control. Read more at NorthJersey.
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