Recent statistical data published by Statista's research department shows that franchising continues to play an increasingly significant role in the business landscape. And as this model continues to gain momentum, microfranchising is likely to remain a trend throughout 2024.
So, what is microfranchising? The concept, originally developed in developing countries, applies the principles, structure, and benefits of the traditional franchising model to small businesses. Microfranchising has all the characteristics of a standard franchise – the franchisee receives a proven product or service, a business model, branding, know-how, as well as training and support. But the key lies in the word "micro" - it's a small-scale enterprise. Examples could include a mobile coffee cart, a pet care franchise, a pool cleaning or lawn mowing business, small street food concepts, food trucks, and so on.
For franchisees, microfranchising presents an excellent opportunity to become a business owner without significant capital investment and, therefore, without high financial risk. With the right approach, launching takes little time, which means franchisees can quickly start earning income from their new business. And in today's economic conditions, where much of the population is seeking additional income, it's no wonder that the popularity of microfranchising continues to grow.
