Yes, if cricket could be managed by creating such franchise based clubs then cricket would have expanded more. But to establish it requires some strong team and more players. We need more talented cricket player from around the world, the more tournament can be managed. I believe franchise based teams will be established in the next few years which will be known as the greatest achievement of cricket so far.
There are many countries that are willing to join T20I format since ODI and test is not liked by majority of the countries that are member of ICC. These franchises also help players that do not able to make it to international teams, to earn money and see the world.