'Franchising is Small Business at Its Best', Tax Services Franchise Tops List
For the 26th year Entrepreneur magazine is pleased to announce the top franchise opportunities. The Top 10 franchises for 2005 are:
- The Quiznos Franchise Co.
- Jackson Hewitt Tax Service
- The UPS Store
- Sonic Drive-In Restaurants
- 7-Eleven, Inc.
- Dunkin' Donuts
- RE/MAX Int'l, Inc.
America has stepped up to the sandwich bar once again - Subway comes in at No. 1 for the 13th time in 18 years. When told of his company's achievement, founder Fred DeLuca said, "It feels like winning the Super Bowl - but this league is a lot harder."
Ranked #2 for the third year in a row, Curves, the women's only fitness centers franchise, celebrated growth of 37.3 percent in the past year and now has more than 3 million members. Looking ahead, franchises should continue to own a viable share of the $14.1 billion fitness industry.
Companies in the 2005 Franchise 500 generated a combined total revenue of $135.7 billion in their most recent fiscal year. Areas showing the most growth included franchises in the fitness and weight-loss industries, children's tutoring and enrichment programs, senior care and tech consulting.
A new up-and-coming category for franchising is eBay drop-off stores, with three companies that began franchising in the last year.
Though franchising as a concept has existed for centuries, in recent years it's become an American icon. From creating new jobs to establishing economic stability, franchising is an important avenue for achieving the American dream.
According to Don DeBolt, president of the International Franchise Association (IFA), "Franchising has had a $1.5 trillion impact on our economy." And, according to a study by the IFA, franchises directly employ almost 9.8 million people and supply a payroll of $229.1 billion. "Big business has not been creating jobs," asserts DeBolt. "Small business and franchising have created jobs. Franchising is really small business at its best."
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.