Today what we have on tap for you is just where does the franchise industry currently stand today as far as its breadth and depth. And I think what's really interesting about all of these statistics we're going to go through is the amount that they've grown in just a short period of time.
Now I do want to disclaim a couple of things here. Number one, these franchise industry statistics come from different sources, including Entrepreneur Magazine and the International Franchise Association. What we’ve seen is that the stats are all give-and-take a few on the same statistics. So we kind of averaged them out a little bit for these stats we are showing today.
So what I'm going to do is I'm going to read these out and Stacey and I are just going to give you some commentary on these on just how much the franchise industry means to the U.S. economy right now.
In the Franchise industry, the economic output of the franchise establishment in the United States is in excess of 790 billion per year.
That is a tremendous amount of money flowing through these franchises. So, Stacey, I mean, what does this mean?
I mean, this is a huge number.
It means there are a lot of zeros and numbers don't lie, right? So franchising is a huge part of the economy in the United States. Dave and I always talk about whether should you start a business from scratch or should you look at franchising. And we always encourage our candidates to look at all of their options, but the numbers and the stats don't lie. So the number that Dave's sharing with you 790 B, with a billion, dollars of economic output, that's a lot of sales being made, attributed, and passing through a portion to the franchises themselves.
I think the big thing here is how much this has grown just over the last 10 to 15 years, it really has become a much larger part of our economy.
Statistic number two. We, a lot of times allude to this in some of our other webinars and podcasts.
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