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Franchise Businesses - Often Overlooked by Accountants

Franchise Businesses - Often Overlooked by Accountants

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by Hugh Duffy

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Nearly every day, we all frequent a franchise business. Whether it's a trip to the gas station, fast food restaurant, cup of coffee, frozen yogurt, automotive repair, lodging, fitness centers, and copy centers, we have all seen the growth of the franchise business model. Here are some facts that illustrate how big franchises have become:

  • There are over 3,000 different franchisers operating in the US today.
  • Franchises in the US provide nearly 18 million jobs.
  • There are over 300 different industries for franchises.
  • The franchise industry represents approximately 50% of all retail sales in US.
  • Approximately 1 out of 12 businesses in the US is a franchise.

Given the sheer growth of franchises, it might be time to rethink your mindset towards franchised businesses. Here is a quick sampling of the opportunity you are missing out on.

Fast Food - McDs, Burger King, Wendy's, KFC, Arby's, Subway, Denny's, Taco Bell, Bojangles, Moe's

Novelty Food - Dunkin' Donuts, Baskin Robbins, DQ, Edible Arrangements, Cold Stone, Cinnabon, Carvel, Ben & Jerry's

Pizza - Domino's, Papa John's, Little Ceasars, Pizza Hut

Automotive Repair - Midas, Monroe Muffler, Jiffy Lube, AAMCO, Meineke, Maaco

Business Services - UPS Store, Minuteman Press, Fast Signs

Gas Stations/C Stores - 7-Eleven, ampm, Circle K

Lodging - Hampton, Days Inn, Motel 6, Hilton, Ramada, Holiday Inn, Knights Inn

Home Services - Servpro, ServiceMaster, The Maids, Merry Maids, Lawn Doctor, Weichert, RE/MAX

Retail - Ace Hardware, GNC, Radio Shack, True Value Hardware

Fitness - Planet Fitness, Golds Gym, Gymboree

To capitalize on franchise businesses, Chahal & Associates is aggressively target franchise businesses in fast food, retail, travel and auto repair with Build Your Firm's assistance. Below are some of the franchise brands they've acquired already. Although it's not sexy, ignoring franchises might be something that you regret in the future.

Franchise - Fast FoodFranchise - Retail

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Hugh Duffy, BYF CEO and Co-Founder

Hugh is the consummate marketing coach for accountants and takes pride in the impact that it has on their practice, and lives. Hugh has more than thirty years of marketing experience. Since 2003, he has been teaching accountants on how to improve their marketing and make more money from their accounting practice.