Franchising remains one of the best pathways for inspiring entrepreneurs to own and operate a business. Thanks to the support they receive from the franchisor, franchisees can be successful if they put in the time and hard work. According to U.S. Bureau of Labor Statistics (BLS), about 20% of non-franchised independent businesses close their doors after two years.
The industry continues to grow each year as well. The U.S. Census Bureau states that 10.5% of all businesses are franchises, accounting for about 3% of the national GDP. While a recession has been an ongoing fear for 2023, many franchises expect growth in 2023.
Franchising continues to be a success, but none of it would be possible without the individuals responsible for its growth: the franchisees. The franchisor-franchisee relationship resembles that of a partnership or marriage. The two must be in sync with each other for success. In many cases, this includes recognizing the franchisee when they have exceeded expectations and proven to be dedicated to being successful.
Franchisee recognition ultimately ties into the overall culture of the franchise. It promotes a partnership mentality between the franchisee and the franchisor. In addition, it promotes a family-type of culture that many franchises embrace. From franchise growth to franchisee morale, here are the three reasons why franchisors should recognize the value of their franchisees.
Read more at FranchiseWire.