Every year, Franchise Appreciation Day is celebrated on the Saturday before Labor Day, and takes place on August 31 this year. The day is observed to create awareness among consumers about local franchises, and how they can support them. Entrepreneurs and small business owners also learn about harnessing the power of franchising for business growth.
History of Franchise Appreciation Day
The franchise model is considered the greatest business model ever. It is a win-win for both businesses and consumers. People all over the world have kick-started their businesses via franchising.
As strange as it sounds, franchising dates back to the Middle Ages. Church officials were of high stature, so local authorities granted them a license to assess taxes and maintain business order. The lords of medieval courts granted individuals the right to carry out business activities and hold markets. These early franchisees paid a nominal fee to the lords for protection to carry out their ventures. With time, the framework under which these early franchisees operated became a part of European Common Law.
Franchising essentially groups businesses together under a single banner to make resources and production of final goods cheaper, and to promote sales. There is a common misconception that franchises mean a lot of money, which is not always true. Franchises enable small businesses to set up their own ventures, with all the resources they need, and the stability of an established brand.
National Franchise Appreciation Day encourages consumers to buy more products from franchise-backed businesses and aims to bring synergy between similar businesses.
Franchise Appreciation Day timeline
The franchising business model first appears.
Pub proprietors with financial difficulties become exclusive distributors of beer purchased from specific brewers.
William Metzger opens the first independent automobile dealership in Detroit, Michigan.
McDonald’s has 500 restaurants operating.
Franchise Appreciation Day FAQs
What is a franchise?
A franchise is officially authorized by the government or authoritative body to carry out commercial activities, such as facilitating businesses or their products and/or services.
Is a franchise a good investment?
Franchises are generally a good investment and are proven businesses, but you need to find the right opportunity that suits you. Find one that offers good support and training.
What are the four types of franchising?
The four primary franchise arrangements are single-unit, multi-unit, area developer, and master franchise.
How to Observe Franchise Appreciation Day
Learn about franchising
Learn about the franchise model and how it helps a business grow. It will help you or someone you know make wise business decisions.
Promote your business
If your business is already established under a franchise, use social media to boost your business today.
Look out for discounts
Check out discounts and giveaways offered by businesses, especially for Franchise Appreciation Day.
5 Interesting Facts About Franchising
The franchise-generated payroll
Franchised businesses generated an annual payroll of $304.4 billion in the United States in 2007.
Franchise businesses are growing
A new franchise business opens every eight minutes every day.
It’s a large network
There are an estimated 1,500 franchises operating in the U.S.
There are exclusive discounts
To promote their business, many franchise-run businesses offer exclusive deals and discounts.
The food industry is undergoing great changes in the world of franchising right now.
Why Franchise Appreciation Day is Important
It promotes businesses
The central aim of franchising is to boost businesses. This is accomplished on Franchise Appreciation Day.
Franchise Appreciation Day may be that opportunity for entrepreneurs to take the leap and begin their venture. More power to them.
It’s a win-win for all
Consumers learn more about local businesses and how buying from them will be better, and businesses benefit from this increased foot traffic. It’s a win-win situation.
Franchise Appreciation Day dates