CLEVELAND, June 17, 2008 (PRIME NEWSWIRE) -- SearchPath International (http://www.searchpath.com/), a Cleveland-based franchisor of talent acquisition professional services firms that opened 60 offices in its first two and a half years, is poised for continued growth as office revenue increased during the first quarter of 2008 and the economy ripens for franchising.
Despite last month's Labor Department report that unemployment increased - for the fifth straight month - to 5.5 percent in May, SPI offices are seeing explosive growth in activity. The average monthly billing activity of these active SPI franchises increased 84% between October, 2007, and March, 2008.
The recruiting industry is rarely affected by a downturn in the economy, SearchPath's CEO Thomas K. Johnston points out. "In a down economy, when budgets are tighter, it becomes more critical for companies to have the right people in place," he said. "Having top talent is essential." Results from last month's Recruiter Confidence Index released by ExecuNet support this trend. Of the 132 recruiters interviewed for the survey, 61 percent are confident or very confident the executive employment market will improve during the next six months - up sharply from 52 percent last month. During this time, four out of five expect at least a 10 percent gain in job assignments from their clients. The tightening job market is also making SPI franchise ownership a ripe option. When the job market gets tight, people look for other career options, including owning their own business, according to FRANdata. Starting a franchise is always better than stand-alone business, because it provides the franchisees with a number of protections. Franchising gives the proprietors a ready-made business model to work on.
While most franchise options in the executive search industry require franchisees to hire employees and lease office space quickly, SearchPath International offers a less expensive, more flexible model. "As a franchisor, we're here to support your goals, not ours," says Mr. Johnston. "Our lower start-up costs and flexible business models enable franchise owners to develop customized business plans based on their start-up timetable and revenue objectives."
About SearchPath International
Cleveland-based SearchPath International is the nation's fast-growing talent acquisition professional services firm, with more than 60 offices opened in its first 30 months. SPI was founded in September, 2005, by Thomas K. Johnston, a nationally-recognized search consultant who specializes in the human capital, staffing, and employer services industries. SPI redefines the way clients do business with recruiters by combining proven industry best practices with revolutionary concepts. SPI's unique ClientCentric approach includes a variety of service options that enable our organization to stand alone against our competition. In partnership with franchise owners, strategic partners, and its franchise support team, SearchPath International will become the premier, vertically-integrated provider of talent acquisition professional services. SPI can be found on the web at www.searchpath.com.
This press release contains 'forward looking' statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward looking statements as a result of risk factors discussed in SearchPath International, Inc. reports on file with the U.S. Securities and Exchange Commission.