Franchise Direct has just published the results of an in-depth survey on the attitudes of prospective franchisees that it conducted earlier this year. This franchise industry survey was a rigorous inquiry into the attitudes and expectations of entrepreneurs. Franchise Direct has crunched the numbers and highlighted the findings in colorful, illuminating graphs that create a fascinating portrait of the average American prospective franchisee.
Franchise Direct conducted this survey over three months, between August 1st and October 31st, 2011, in conjunction with the website Survey Monkey. Franchise Direct promoted the survey over social media platforms like Facebook and Twitter and publicized it in its regular newsletters. Respondents were asked a range of questions in order to discover their opinions on various aspects on franchising. As a whole, 335 people participated in the survey.
- Taken as a whole, the findings of this survey provide genuine insight into the thinking of prospective franchisees. Here are some facts to being with: A majority of people considering a franchise are already in employment. In fact, an overwhelming number of respondents – 72% - had management experience.
- As for why respondents were considering opening a franchise, a majority said they were looking to run their own business, but did not want to start from scratch. A broad majority of prospective franchises also said they will seek the assistance of a CPA, a lawyer, and interestingly a franchise consultant, in process of selecting a franchise.
Prospective franchisees were also asked to provide their opinions on the kind of franchise they hoped to open. Here are the top three:
- Food franchises
- Business services franchises
- Vending opportunities
As for why people bought a franchise, potential earning power was the most important factor for prospective franchisees, though training and support programs, as well as the cost of the franchisee fee itself, were of almost equal importance.
In terms of data, this is just the tip of the iceberg. Taken together, the findings of this survey prove truly informative for franchisors and small business experts who are trying to get inside the minds of entrepreneurs and prospective franchisees. This survey is one of the most thorough examinations of franchisee's attitudes conducted in recent years and should be read by all people in the franchising industry.