Entrepreneurship in America makes up the fabric of who we are. Statistics tells us that approximately “every minute a new business in the U.S. is started.” Operating your own business is both rewarding and challenging. The fact is many people do not see their dream make it to a successful completion. Here are just 3 reasons why a business may begin with a great idea, but not succeed:
- Product or service does not tap into customer’s needs.
- Product or service does not stand out from the competition.
- Business is operating without a sound business model (no strategy/plan).
This information should not deter you from accomplishing your dream but arm you with how best to achieve growth in a new business. Determining the best business opportunity serves you best. Whether you decide on a franchise or starting from scratch, a look at the growth trend in the United States is a good guide.
FRANCHISE INDUSTRY
CNBC just published an article this year stating that the franchise industry was one area of business that would see growth in the coming year. The news came on the heels of a study conducted by the International Franchise Association. Their research is world-renowned for forecasting and analysis of trends in economics. Here are a few of the highlights from the study.
- The franchise industry finished the year somewhat stronger than originally predicted in the September 2015 report.
- Franchise businesses were up by 1.7 percent in 2015.
- Franchise employment saw an increase of 3.0 percent.
As is evident from the above numbers, the franchise sector of business enjoys robust growth and continues to grow. Here are 3 more reasons a franchise is a good business plan for an entrepreneur.
- You obtain a known name.
- You receive an established business model.
- You acquire a solid support network.
- You become a member of a national organization.
The numbers and other data indicate that investing in a franchise is rewarding. With all of the many franchises a person could get involved in, you want to select one that is both rewarding and fits your lifestyle. Let’s look at some highlights of the staffing industry and its outlook for the future.
STAFFING INDUSTRY
- Approximately three million people, both temporary and contract, work for staffing agencies in any given week.
- In the United States, around sixteen million employees are hired through staffing agencies.
- Between 1995 and now, the staffing industry has seen a seventy-eight percent growth rate.
- The staffing industry generates approximately one-hundred-forty billion in revenue annually.
- The rate of growth for the staffing industry is two-thirds faster than that of other industries.
It is obvious by the numbers that the staffing industry is thriving and for good reason. Staffing agencies benefit both the employer and employee. Staffing agencies are skilled at making the matches between employers and employees. With a large database of contacts and an established business model in place, staffing agencies support both employers and employees in their quest for a satisfied workplace setting. This is why the staffing industry has flourished and continues to do so.
Another reason staffing agencies are so rewarding is you have the opportunity to work with so many great people and make a difference in their lives. When you find someone that perfect job or help a struggling employer fill the gap, it’s thrilling.
Nextaff is a dedicated staffing agency located throughout the United States. We are now offering the unique opportunity for individuals to franchise under the Nextaff name. Find the rewards of being your own boss. In addition, you will discover the amazing support of the Nextaff staff. As one franchisee put it, “I have never felt like just a number at Nextaff, I have always felt like I was part of a family.” Contact us today to discover how you can pursue your dream to start a business.