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Aboud, (2009), maintains that franchising has yielded unprecedented results globally. For instance in the United States, which leads the field in franchising success, about 50% of all retail business is conducted by franchised networks. The U.S franchise industry has over $1.5 trillion in sales annually, while 80% of private businesses will eventually fail, less than 5% of the nations franchises fail yearly. He stressed further, that with more than 760,000 franchised businesses, a new franchise opens somewhere in the U.S in every 8 minutes, employing around 9.7 million people.

Aboud(2009), also takes a critical look at other economy outside the U.S that is really doing well with franchising sector, he indicated that, Canada is another economy that is doing great with the effect of franchising businesses, with 45% of its retail business in franchise sector, Australia has 26%, far east countries( Taiwan, Japan) with 12-13% figure. As franchising now becoming saturated in the developed world, the emerging markets including Far East, South America, Eastern Europe, Caribbean, and Africa is now becoming fertile grounds for franchising to take root. South Africa is currently accounting for an estimated 7% of franchised businesses in its economy, although it lags behind most countries, the economy proves that the potential for growth is unlimited in Africa, (Aboud, 2009).

Over the years, the developed nations have proven that franchising plays an essential role in the economic growth and development of most countries, this therefore, needs to be extended to the new emerging markets and new territories globally in order to sustain growth and increased turnover. Emerging markets therefore play a critical role in the global expansion of franchising, although facing some cultural problems, despite this contributing to the economic development.

The franchise business activities have added vibrancy to the local business scene of most global economies and their strong identity and high business efficiency have spurred many local entrepreneurs to adopt franchising as a strategic business option, thereby contributing to the business and economic growth. He therefore concludes that with franchising, entrepreneurs gain access to a proven business model and still enjoy the flexibility and freedom of being their own boss. And that 'successful franchisors and franchisees have it all worked out'. (Aboud, 2009). Aboud(2009), cited Trinidad and Tobago, and most developing economies are now recording high impact of franchised business, with KFC, Papa john's, Subway, Burger King, Beni Hanna, Ruby Tuesdays, Dominos, Church's Chicken and so on now dotting the business landscape of Trinidad and Tobago.

Franchising plays an important role in providing employment to individuals without a higher education or specialized skills. It also provides first-time job seekers with an entry into the business world and provides the elderly with an opportunity to supplement their retirement benefits, and jobless individuals with an opportunity to supplement their purse. (Shook & Shook, 1993, p258).

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