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Franchise businesses could be doing the public more good that what some people would normally think. The ADP National Franchise Report for September 2016 showed that the franchise sector created 26,000 additional job openings in the US, which is significantly far more than the number of jobs created in other sectors. Restaurant businesses are not too far behind where these were able to add 18,800 jobs.
Employment was also reported to have increased in the following sectors: auto parts & dealers (up by 3,500), business services (up by 500), real estate (up by 300), and food retailers (up by 200). While growth was seen in almost all the mentioned sectors, there was one that experienced a decline – the accommodations sector saw a decrease of 500 in its number of employees.
In a recent press release, the vice president and head of the ADP Research Institute, Ahu Yildirmaz, said that compared to the past twelve months, employment growth has been significantly better this September. The chief economist of Moody’s Analytics Mark Zandi supported Yildirmaz’s claim – he said that there are now more job openings than before. On top of this, Zandi also says that layoffs are very low.
Employment growth is a good indication for any business since it also means that the business itself is growing. With the available data from the ADP, this could be an indication that investing in a franchise business this season is a great idea. Interested with the idea? Then here’s a useful tip – invest in your people. Employee training will equip your employees to better serve your customers. It is also crucial that you work with the right franchise with a proven system that’s repeatable so that it would be easier for you to set this up.
For those of you who are worried that the business could fail, then here’s an interesting fact – US consumer confidence increased this September, the highest so far in nine years which means that people are now more capable and willing to spend on goods and services.