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Did you know?
- There are over 3,000 different franchise concepts in the United States.
- More than 780,000 franchised units operate in the United States (over 23,000 in Michigan).
- The franchising industry and businesses employ nearly 8.3 million people in the U.S. (247,000 in Michigan).
- The franchise industry accounts for 40% of all retail sales in the United States.
- A new franchise business opens approximately every 8 minutes, every business day.
- Approximately 1 out of every 12 businesses in the United States is a franchise business.
- Average of royalties paid by Franchisees range from 3% to 6% of monthly gross sales.
- Most franchise companies have fewer than 100 units.
- The average length of a typical franchise contract is 10 years.
- The top franchise industry is fast foods.
- Franchising by those 55 and older is up 40% since 2007.
- 80% of Michigan residents polled had a favorable view of family-owned businesses in their community.
2020 Top New Franchises
As ranked by Entrepreneur Magazine
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