Franchises That Serve Struggling Americans Take The Lead
Written by Jenna Weiner
Entrepreneur magazine has announced the top ranking franchises of the year.
In recent franchise news, Entrepreneur magazine released its 31st annual rankings. The 500 franchises on the rankings demonstrate a 2.9 percent increase from 2008's numbers, proving that franchises are growing as a whole in spite of the recession.
Subway franchises took the number one spot overall, likely because of its cost-conscious, $5-sub deal. Magazine editors predict the shop inspired many similar $5 programs that helped increase the ranks of other delicatessens; 21 sandwich shops made the ranking overall.
Other top ranking franchises included McDonald's, 7-Eleven, and Supercuts. This demonstrates a trend of serving budget-minded consumers among growing franchises.
Such information could prove especially useful for burgeoning entrepreneurs in the current economic climate. Amy Cosper, editor of Entrepreneur, says, "The recession is adding momentum to the pursuit of entrepreneurship and self-employment. For the growing numbers seeking business ownership opportunities, franchising can offer advantages like having established products or services."
Indeed, franchising might be a smart move for starting entrepreneurs and current SMB owners, alike; according to the Franchise Business Review, the wide range in franchise prices makes it as feasible for Americans at most budgets to buy one, and with limited SMB loans, "using other people's money" to expand business could be a savvy move.
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