Nowadays, franchising has developed so much that several industries are becoming part of its widening system. Even businesses that are based online and that offer work from home businesses are offering their brands for franchising. This is probably the most acknowledged development of the franchising system—the fact that it opens up more opportunities for people to earn.
In terms of the quality and development of franchising, there is a lot to be said about its progress as a system and an entire industry on its own. Franchising has started with the simple process of providing legal permission to a third-party venture to market the brand and sell the product of a larger business. But over time, it has developed into a more sophisticated system. There are now franchising companies that allow its franchisees to run and decide over their own franchises. They are given full sovereignty on governing the business.
Assuming there is at least a 3% growth in the next years, the numbers reported by the International Franchise Association from 2007 may have grown into roughly 970,000 for the year 2013. Using the same projection on the report of Entrepreneur 500, the percentage of home-based franchises may have increased to 60%. That is already more than half of the entire franchising industry.
If the projections will remain positive, these numbers will grow to include more franchises in the coming years. Truly, one cannot say that franchising is only for a few. Unlike before, when only the less privileged group of aspiring business owners are likely to avail of franchises, franchising at present is a really popular choice. Even the best entrepreneurs and the most accomplished business people can and are likely to avail of franchises.
Due to the continuing popularity of online businesses, determining how widespread franchising can be quite difficult. There can be thousands of franchises in a particular field in one country only. If the United States can record hundreds of thousands in a particular year, definitely the number of a worldwide count will yield a higher value. But even without a solid and firm data, there can be no doubt that the online franchising industry is really on its way to dominance.
Ultimately, franchising is seen to grow so much wider in the next few years. More developments are also foreseen. As long as more people will learn of the benefits of buying franchises, the numbers of the ventures will be far bigger. The growth will definitely affect work from home opportunities especially online business travel franchises because of the online offerings in terms of convenience and cost-efficiency.