Franchise Appreciation Day 2023: This year, Franchise Appreciation Day is celebrated on Saturday, September 2nd, the Saturday before Labour Day. The day is observed to raise consumer awareness of local franchises and how they can be supported. In addition, entrepreneurs and small business owners learn how to leverage the potential of franchising for business expansion.
Franchise Appreciation Day 2023: HISTORY
The franchise model is regarded as the best business model ever created. It is beneficial for both companies and customers. People from all over the world have begun their enterprises through franchising.
Franchising dates back to the Middle Ages, despite how odd that may sound. Local authorities granted church officials a licence to collect taxes and maintain business order due to their high social standing. The nobles of mediaeval courts granted individuals permission to engage in commercial activities and organise markets. These early franchisees paid the lords a nominal charge for protection in order to operate their businesses. The framework under which these early franchisees operated eventually became part of European Common Law.
Franchising fundamentally unites businesses under a single banner to reduce the cost of resources and final product production and to boost sales. It is a common misconception that franchises are always lucrative, but this is not always the case. Franchises make it possible for small businesses to establish their own enterprises with all the necessary resources and the security of an established brand.
National Franchise Appreciation Day encourages consumers to purchase more products from franchised businesses and seeks to foster synergy between similar enterprises.
Franchise Appreciation Day 2023: FACTS
- In 2007, franchised enterprises in the United States generated $304.4 billion in annual payroll.
- Each day, a new franchised business opens every eight minutes.
- There are approximately 1,500 franchises in operation in the United States.
- Numerous franchised businesses offer exclusive deals and discounts to advertise their operations.
- Currently, the food industry is enduring significant changes in the franchising industry.
REASONS WHY FRANCHISE DAY IS IMPORTANT
The primary objective of franchising is to grow enterprises. On Franchise Appreciation Day, this is accomplished.
Franchise Appreciation Day may provide entrepreneurs with the opportunity to take the plunge and launch their business. More strength to them.
Consumers learn more about local businesses and the advantages of purchasing from them, while businesses benefit from the increased foot traffic. A win-win situation exists.
FRANCHISE APPRECIATION DAY DATES