In 1959, at a "Start Your Own Business" show, it occurred to Bill that he and others in the fledging industry called franchising needed to have an association. To meet that need, he and a group of exhibitors founded the International Franchise Association (IFA). The IFA sets standards for the franchise industry as an "industry". Franchising in the U.S. represents about 42% of retail sales or close to 1 trillion dollars. It employs about 8 million people and a new franchise outlet opens about every 6 minutes.