Established by the World Franchise Council, World Franchise Day reflects how franchising empowers local entrepreneurs to thrive while benefiting from the support of an established system. The CFA (Canadian Franchise Association), meanwhile, has been making its own contribution.
Driving economic growth
Working to drive economic growth and create job opportunities in their communities, franchisees embody the true spirit of entrepreneurship, using innovation, dedication, and hard work to succeed. What sets franchising apart is its unique model, allowing entrepreneurs to be in business for themselves, but not by themselves, with access to mentorship, training, and operational support that sets them up for success.
The Canadian franchise industry, for example, represents the 12th largest sector of the Canadian economy, with over 67,000 franchise establishments. The sector also contributes over $128.4 billion annually to national GDP; and this year Canadian franchises are expected to pay nearly $17.4 billion in federal taxes and $14.7 billion in provincial taxes.
Wealth creating
Not only is franchising wealth creating it is also job creating with one in 20 Canadians now being employed, directly or indirectly, in a franchise system. Canadian franchises are forecast to create nearly 1.75 million jobs for Canadians in 2025, paying over $67 billion in wages.
Franchisees are also deeply rooted in their local communities, with their contributions going far beyond economic metrics. Indeed, nearly all small retailers (97%) report contributing to their communities or provinces in some way, with 74% donating to local charities and causes, 56% sponsoring local events and teams, and 55% providing job opportunities for youth; according to the Canadian Federation of Independent Businesses (CFIB).
More than just a business model
“Franchising is more than just a business model; it plays a vital role as a local job creator, economic contributor, and active participant in community initiatives,” said Sherry McNeil, CEO and President of the CFA. “World Franchise Day gives us the opportunity to celebrate the power of the franchise industry, the entrepreneurial spirit of franchisees, and the incredible impact of franchising on both local and national economies.”
Among those celebrating World Franchise Day is Ontario Premier Doug Ford, who recorded a special message promoting the initiative, available here: https://youtu.be/NDcKfqIYf94
For more information on how the franchise community is celebrated this special day, visit https://www.cfa.ca/world-franchise-day
