If you could travel back in time to visit a franchised business of 50 years ago, you would see many similarities to today's franchises. For instance, standard signage, menus, employee uniforms, and operating procedures were as common for franchisees then as they are today. But franchising has nonetheless changed enormously and has seen countless firsts and innovations over the years, decades, and centuries it has existed.
Owning a million-dollar business may sound like a pipe dream, but it is well within reach for would-be franchisees.
The lesson for franchisees who want long-term success is: It is as important as ever to select a true master of franchising when choosing a concept to invest in.
With more than a century and a half of surviving all environments and circumstances behind them, franchising's innovators will respond creatively and effectively.
Quick-service restaurants make up the largest of the 10 franchise industry segments measured by the International Franchise Association.
Franchised businesses are poised to add more than 12,000 locations in 2015, for a total of nearly 782,000 and an establishment growth rate of 1.6 percent, according to the International Franchise Association.