Many people think of franchise stores and brands as "big business." Many think that the local store with a franchised label is part of a huge company and therefore not in the small business category. Let me help correct that notion.
Most of the franchise stores, restaurants, and hotels across New Jersey are in fact small "mom and pop" shops run by families just like yours.
According to the International Franchise Association, which represents more than 775,000 franchise businesses employing more than 8.2 million Americans, there are more than 19,800 local franchise businesses in New Jersey employing more than 200,000 people and generating approximately $22.9 BILLION in economic activity.
The IFA is in New Jersey this week and the VP for state and local government relations, Jeff Hanscom, joined us on the show.
The group is in New Jersey to promote a program called "Open for Opportunity" which is part of a national campaign to highlight the opportunities presented in Franchising. One thing that stands out is the fact that veterans account for 7% of the population, but 14% of franchise owners.