While virtually every sector of the economy remains stagnant in the recession, the franchised business sector is growing with FranNet of Eastern Tennesseeâ€™s help — and those new businesses are boosting the local economy.
The International Franchise Association projects 1,900 new U.S. franchise businesses for 2011, creating 194,000 jobs and adding $33 billion more to the economy. The average new franchise business creates 10 jobs, according to FRANdata, an independent organization that analyzes the franchising sector.
â€œThe overall economic impact of new franchise businesses opening this year is big, but at a local level, these numbers mean real jobs for real people,â€ said Jerry Bird Owner of FranNet of Eastern Tennessee. â€œIf even 10 new franchises open in our area, thatâ€™s 100 jobs — and thatâ€™s huge.â€