Franchising is a driving force in our economy. There are more than 2,500 franchise companies with more than 760,000 franchisees. These types of companies represent 10% of all retail sales, generating more than $800 billion in revenue and supporting about 17 million jobs. Through franchising, some small companies have become global leaders. Even McDonald’s, one of the most recognizable brands in the world, started off with just one location.
The IFA Educational Foundation created the NextGen In Franchising program, which encourages small companies to create plans for how they might turn their ventures into franchises. Companies that are selected for the competition stand to gain access to some of the biggest brands, entrepreneurs, networking and best practices in their industries, putting these young companies in the enviable position to expand their brands around the world.