Every 1 in 7 businesses is a franchise. No wonder an average of about 300 companies start franchising every year, and a new franchise opens every 8 minutes during a single business day. Franchising as an industry has a long history of existence, and we have seen bands going global through franchising and become a formidable success. For instance, one of the most franchised food and beverage brands, Subway, has 44,758 outlets, followed by McDonald’s with 36,525 outlets. McDonald’s has its franchises in 117 countries, while Subway has franchises in 112 countries.
Why should every franchise business owner consider taking their brand international as the final frontier for growth? Let’s take the success of Domino’s Pizza as an example. It began serving consumers outside the United States in 1983 when the first store opened in Winnipeg, Canada. Since then, Domino’s has extended its global reach, and by 2022 it operated a total of 18,848 restaurants worldwide. According to the industry experts in this sector, cross-border franchising is a strategic way for brands to reduce dependence on domestic demand and grow new, future revenue and profit centres worldwide. Besides, globally expansion through franchising involves low risk, requires minimal investment, and offers a huge upside potential for scaling capabilities.
With many benefits, the franchise industry globally is witnessing rapid growth and is achieving incredible milestones in terms of business. In this issue, we have identified the ‘10 Most Inspiring Franchise Leaders – 2022’ who have been finding success in a rapidly evolving and changing economic, social, technological, regulatory, and business environment. On the cover, we feature Robert Bruski, CEO & Co-Founder of Ctrl V VR Franchising, North America’s first and the world’s largest virtual reality arcade franchise.