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The Rise of Internet Franchising
With a rapid yearly growth of businesses and individuals all over the world going online, a number of internet franchises are quickly expanding.
/Franchise PR News/ - DUBLIN, IRELAND, May 28, 2006 - With a rapid yearly growth of businesses and individuals all over the world going online, a number of internet franchises are quickly expanding.
Many businesses, particularly small and medium-sized companies, are demanding internet services and solutions to help their business grow and reach more people in their region and country or countries where they operate.
This model of business, known as e-business, enables firms no matter what their size to benefit from having their own website and other online tools.
Firms can especially increase their profits by being able to sell their products through online transactions, as recent studies have shown how lucrative this is.
According to Jupiter Research, online sales in the US in the retail sector only is predicted to grow to over $117 billion by 2008 and the Interactive Media in Retail Group's (IMRG's) study found that ten per cent of retail sales are now carried out on the Internet, with online spending estimated to be 30 billion in 2006.
Another benefit identified in the IMRG report is that 30 billion worth of conventional high street retailing will be affected by the internet, as consumers conduct web-based research or react to information found online.
Therefore, companies that provide internet solutions have made great strides with franchising, as they know there is demand for these services across the developed world and in many countries in the developing world.
In addition, with franchisees providing capital to become a consultant in a particular area with office space, expansion costs are lower than other businesses in this field.
Internet solutions firms are also proving popular with franchisees as they offer people the chance to develop their e-business skills without having to invest in product development and training tools for other staff.
In many cases, franchisees do not have to have a detailed technical background, as comprehensive training programmes will give them the information they need to know to make their franchise a success, including seminars on new, improved technologies.
One such success story is WSI Internet Consulting and Education, based in Toronto, Canada. Now in its 11th year of business, the company has over 2,000 franchises in 87 countries.
It was ranked the fourth fastest growing franchise by Entrepreneur Magazine and in 2005, it moved up a record 70 places to number 53 in the magazine's annual Franchise 500 - the franchise industry's equivalent of the Fortune 500 public index. It is in the top 50 this year.
Copyright Adfero Ltd 2006
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