Franchise businesses are a critical part of our nation’s economy as they foster entrepreneurship while empowering independent, local and diverse small business owners who create jobs in many different sects of business. As the U.S. economy is greatly impacted by franchising, so are local communities. Below are just a few of the ways your franchise may be impacting your community’s economy.
Starting with the most obvious benefit, franchises and other small businesses create jobs for individuals within the community. Instead of needing to commute to another city, individuals have the opportunity to work closer to home.
Supports Other Local Businesses
By employing individuals within the community, your local franchise creates opportunities for your workers to shop at other local franchises and small businesses, further boosting the economy. By grabbing lunch or dinner from a local restaurant, running errands during break times or grabbing coffee from local coffee joints, your franchise is contributing to a tightly knitted community vibe.
Your Community’s Identity
Walk down any community’s main street and you will get a feel for the unique character of that particular town. You may see a lot of eclectic shops, coffee hangouts, and yoga studios or an elaborate antique store and DIY craft shops. Each of these small businesses contributes to the identity of a community. Many community boards seek to preserve the unique charm through local small businesses.
Your franchise can help to build a sense of community! Like other small businesses, your business is more likely to build personal relationships with your customers. You may even know many of your clients by name. This contributes to the unique identity of your community.
Furthermore, many small business owners work together through formal or casual relationships. These relationships also contribute to the success of your local business community. For example, merchant’s associations often work to engender goodwill between businesses. When foot traffic increases to one business, other businesses nearby can benefit through both exposure and referrals by word of mouth.