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every aspect of the business, the business must be capable of being replicated in other markets, and the business should have a distinctive niche and brand to differentiate it from competitors. (Norman, 2006, p.3)

Finally, Aboud (2009), concludes 'that small business that join a franchise, enjoy instant visibility in the market, better brand recognition, pooling of advertising and marketing resources and expertise to help improve the business operations and systems, therefore rather than re-inventing the wheel, they can ride on the success of the franchisor'.

The Socio-Economic Impact of Franchising On the Economy

The importance and impact of franchising in economic growth and development globally is very important and it has contributed immensely to the vibrancy of many economies globally since its inception. Some of the impacts includes the capital flow due to the franchising activities in the economy, tax paid to government through franchising activities, the transaction activities, employment generation, and so on.

Aboud, (2009), throws more light on the socio-economic impact by concluding that 'franchising is without doubt, the answer to unemployment and has proved worldwide to be the job creator of the future', and over the years, franchising has shown remarkable strengths in weathering the economic ups and downs and even in the face of the recent global slowdown, the franchise sectors has remained upbeat and a significant global force, (Aboud, 2009). The impact of franchising on the economic growth has gained much popularity by authors and this effect in most instances has always been positive. For instance, to explain the impacts of franchising on the economic development, Kotler &Keller (2006, p508), indicated that 'franchising accounts for more than $1 trillion of annual U.S sales and nearly one third of all retail transactions'. They went further to states that more than 320,000 small businesses are franchises; employing one in every 16 workers in the U.S. Franchising provides employment for more than 9 million Americans. This is the case in the U.K and most EU countries and other parts of the world where franchising is increasingly developing. According to a study conducted by PriceWaterhouseCoopers in the U.S, there were 767,483 establishments in franchise systems in the United States In 2001 which provided 9,797,117 direct jobs. (Teixeira, 2005, p19) 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 jobless individuals with an opportunity to supplement their purse. (Shook &Shook, 1993, p258).

In response to global economic downturn(economic recession), for instance in the United Kingdom, where most organizations were embarking on mass retrenchments, there has been high profile employment recorded in McDonalds restaurants and most retail sector in the economy, this according to record has assisted individuals out of job in getting back to employment.(Sky News, April,2009). In his article, Shay (2009,) reiterated that 'franchising industry can create jobs, and increase the quality of goods and services to improve the quality of life on a faster schedule'. (p.6)