One of our favorite sources of inspiration and business wisdom is the Monday Morning Memo, and we especially enjoyed the recent installment about the nature of the American economy. As the post points out, Fortune 500 companies get all the press. These corporate titans are constantly held up as the preeminent leaders of the economy, but are they really?
[I]f every company in America with more than 500 employees was added to Fortune’s famous list of America’s 500 largest corporations, all those companies combined would account for just three tenths of 1 percent of the businesses in America and less than one half of all the jobs.
Turns out, the backbone of the American economy is not made up of Fortune 500 companies after all. The U.S. Census shows that there are 17 million sole proprietor businesses in America, as well as 5.91 million businesses with under 100 employees. But these “small businesses” are actually the driving force in our economy, creating more new jobs than all of the Fortune 500 companies combined. The little guys buy more ad space and real estate and rent more office space than the Fortune 500, too.
When it comes to creating jobs and adding to the economy, just look to franchise owners. Franchise jobs are expected to rise to 8.262 million in 2013, and the year will also see franchise output grow to $802 billion, an increase of $33 billion just in the last year alone!
Franchising your business is not only a smart, low-risk way to expand your company, but also helps fuel the economy by creating more jobs. To learn how you can franchise your business in just 6 weeks, contact Franchise ASAP today. Our experienced franchise development consultants make the process quick and easy!
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