As we get ready to close out the 2022 calendar year, FranNet of DFW and Oklahoma thought it might be a fun exercise to take a look at what the franchising industry means to both states. There’s no doubt that the industry is a major economic driver for both – especially Texas, which ranks among the top three for franchising overall in the U.S. Utilizing publicly available information from the International Franchise Association (IFA), we can even share how the voters feel about the economic impact of our industry in a number of categories.
It’s helpful to compare the figures from individual states and how much the franchising industry impacts the overall U.S. economy. So take a look at these figures and see if they don’t convince you that entrepreneurism is alive and well in the south-central plains of America…
How Big is Franchising in the U.S.?
According to statistics found in the IFA’s 2022 Annual Franchising Economic Outlook, there are approximately 775,000 franchise establishments in the U.S. Combined, they employ nearly 8.2 million Americans and contribute upwards of $787 billion in economic output – nearly 3% of the total GDP. To date, it’s estimated that there are 300 different business format categories, with thousands of individual franchise concepts to choose from.
Yep, Everything is Bigger in the State of Texas
Not surprisingly, Texas is well-represented in the franchise industry. Figures from the IFA reveal that Texas includes approximately 75,000+ franchise establishments. Combined, these establishments support over 778,000 jobs, amounting to $21.6 billion in annual payrolls. Statewide, franchises contribute to $71.4 billion in output, and 31.6 billion towards Texas’ annual GDP. An associated survey of residents found that three-quarters of all Texans believe franchises have a positive impact on the economy in the Lone Star State. Being locally owned – and family-owned, as most franchises are, is a big deal to Texas voters as well. They’re viewed favorably and are considered part of our everyday life.
But Don’t Count Out Oklahoma!
The state of Oklahoma is no slouch when it comes to the franchising industry. The same publicly available data from the IFA reveals that there are nearly 10,000 franchise establishments in Oklahoma. Combined, these locations employ an estimated 93,000+ residents, amounting to $3 billion in payrolls. The output is estimated to top $8 billion annually, contributing $4.3 billion to the state’s GDP. Voters in the state of Oklahoma mirror that of Texas, in terms of their support for the local economies that franchising supports.
Sometimes, data and statistics can paint a revealing picture of an industry’s impact, as the IFA information demonstrates for both Texas and Oklahoma. While some people may find these numbers eye-opening, we at FranNet of DFW & Oklahoma can’t say that we’re surprised. We see this kind of interest every day, spurred on by entrepreneurs who come to us from all walks of life. Yet all want one basic thing in common – the ability to become their own boss and have more control, freedom, and flexibility over their lives. As we’ve been saying, franchising has the power to provide this outlook – but you have to take that all-important first step in deciding it’s the future that you want for you and your loved ones.
We hope that this is a message you’ll take to heart once 2023 begins. As we close down the 2022 year, we’d like to thank each and every one of our loyal readers. We appreciate the interest you continue to show in the content we develop and share each week. We hope that you’re inspired to reach for new heights next year – and that when you do decide to get started on your entrepreneurial journey, you’ll be knocking on our door to help you get it done.
We wish each of you a healthy and prosperous year in 2023, so here’s to you and here’s to me! Let us be blessed together.
If you’d like to know more about franchise opportunities and ownership, we’d like to hear from you. We are uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is allow FranNet of DFW & Oklahoma to be your guide. Our no-cost, no-obligation consultations have helped hundreds of entrepreneurs in North Texas and Oklahoma secure a future that belongs to them and them alone. If you’d like to get started on your own entrepreneurial journey, we’d love to introduce you to a whole new world of possibilities through franchise ownership. Don’t forget to bookmark our podcast, Unpredicted Entrepreneur, and let us know if you enjoyed our content. Whenever you decide to act on your future, we can help you begin your entrepreneurial journey. Just let us know!