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2014 Prospective Franchisee Survey Results: Part 1

2014 Prospective Franchisee Survey Results

We admittedly have a vested interest in understanding who prospective franchisees are and what their motivations are for the purchase of a franchise. To that effect, we periodically conduct surveys to gauge demographic information and motivation factors behind franchise investment.

Our latest survey, developed using Survey Monkey, was sent out via the Franchise Direct subscription newsletter in April 2014 and concluded at the end of May 2014.  Simple and anonymous, the survey provides a profile of the users that visit Franchise Direct.

The survey was comprised of 21 questions covering the respondents’ demographic information, timeframe for purchase, amount of research done, franchise areas interested in, and more. The survey tallied 450 respondents. Their feedback is represented in the statistics and graphs that follow.

 

Who are these prospective franchisees?

The respondents to our survey comprise a diverse mix in terms of gender, age and ethnicity.

What is your gender?

Male
Female

 


Which age group
are you a part of?

18-29
30-39
40-49
50-59
60+

 


What is your ethnicity?

Caucasian/White
African-     American/Black
Hispanic-     American
Asian-American
Indian-American

 

Almost 90% of our prospective franchisees have attained some kind of higher education.

 

What is the highest level of education
you have attained to this point?

High School diploma
Some College
Associate's (two-year)      degree
Bachelor's (four-year)      degree
Master's degree
PhD

 

Why Franchising?

The adage of being in business “for yourself but not by yourself” is reflected in the prospective franchisees’ motivations. Most are gainfully employed, but are considering investing a franchise because they want to be their own boss and not start from square one.

What is your current employment status?

Not employed
Self employed
Employed by another      business/organization

 

Why are you considering
investing in a franchise?

It's a way to expand my      business venture(s)
To make supplemental       income
Want to be my own boss,      but not start completely      from scratch
Couldn't get financing for      an independent small      business
Other

 

But most have management experience, and a significant number have operated their own business.

Do you have management experience?


Yes
No

 


Have you ever operated
your own business before?


Yes
No

 

 

Where do they look for information?

Where do you go to research information on possible franchises? Please select all that apply.


Newspapers
15.1%
Magazines
 
23.6%
Online franchise directories
84.7%
The websites of franchisors
67.1%
Tradeshows/conferences
14.2%
Friends/relatives
18.4%
A franchise consultant
10.4%
Knowledge is power to our prospective franchisees. Many will seek professional counsel, and over 60% plan on soliciting information from over 5 franchises before making a decision.

Have you sought, or do you
plan on seeking, the advice of
a franchise consultant?


Yes
No

 


Have you sought, or do you
plan on seeking, the advice
of a certified public
accountant (CPA)
and/or a lawyer?


Yes
No

 


How many franchises have, or will,
you solicit information from before deciding?

Less than 5
5 to 10
More than 10

For more findings from the survey, please click the next button below.
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