How Franchisees Contribute to Small Business Ownership Celebrate National Small Business Week in 2022 by recognizing franchisees.
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National Small Business Week (NSBW), a tradition that dates back more than 50 years, is an opportunity to recognize and appreciate the small business owners who power our economy. This year's theme is "Building a Better America Through Entrepreneurship," and what better way to support this initiative than to focus on how small businesses impact and inspire our communities. In support of National Small Business Week, the White House released a proclamation, heralding the entrepreneurial spirit found in all of our local communities:
"Thanks to these initiatives and the resilience of the American people, America's entrepreneurial spirit has never been stronger. New business applications grew by more than 30 percent over the course of the pandemic, with almost 5.4 million new applications in 2021 alone. More Americans than ever before — including more women and people of color — are following their dreams and starting new enterprises."
Franchisees are small business owners, too
Franchisees are small business owners, too. Franchisees independently own and operate their establishments in the same way small business owners do. The main difference in a franchise establishment versus a mom-and-pop store is that the franchisee is backed by a corporate brand. However, both franchisees and small business owners independently operate their businesses, such as hiring local employees, catering to local customers and contributing to a tax base that benefits their local economy.
For individuals hoping to fulfill dreams of business ownership, franchising provides an option to launch and independently own a business, but with a proven business model, training and ongoing support. In choosing this path, new franchisees have the opportunity to become a vital part of America's thriving small business community. Cameron and Arielle Humphries, who own and operate a Dryer Vent Squad franchise in Florida, exemplify entrepreneurial spirit, stating, "Owning a franchise allows you to skip the "growing pains' that most new businesses go through. We were able to become operational within the first 60 days of signing papers and could already see profit in month one, thanks to systems that were already in place for us. Having a team behind you to support and cheer you on is the best!'"
A bright future for small businesses everywhere
Despite inflationary concerns, by almost all other indicators the U.S. economy is booming. In the past 18 months, America has added nearly eight million jobs – gaining back 93% of those lost during the pandemic. Unemployment, at 3.6%, is at a 50-year low. The current pro-business and growth environment is reflected in the amount of new franchise owners entering the small business ecosystem of their local communities. The optimism matches up with FRANdata's franchising forecast for 2022. According to the industry's leading market researcher, small business growth in the franchising sector is predicted to increase, gaining 17,000 new establishments, a 2.2% jump.
Local small business impact
For every new franchise launched, local communities gain additional small business owners, enhanced job creation and more tax revenue to support the local economy. National Small Business Week is a chance for all of us to shop local, support our local merchants and build thriving, self-sustainable communities. The franchise owners who operate establishments in local communities represent the heart and soul of what small business ownership is about. Michelle Tabor, who owns a Clozetivity franchise, appreciates the advantages of franchising's business model, stating, "Franchises succeed because of the tried-and-true market testing that takes place. The building blocks of the DNA are already there, and the guesswork is taken out of the equation. It's almost plug and play, which is a big deal." There are approximately 32.5 million small businesses in the U.S. which, when combined, accounts for 44% of all economic activity. Remember these statistical facts during this first week in May, because the success of small business owners and franchisees who impact our communities is something that's truly worth celebrating.