Franchise Interest Increasing in 2021
In a recent survey of aspiring business owners, almost two thirds (65.7%) indicated their interest to “buy a franchise” over the other paths to business ownership of purchasing an existing business or starting from scratch.
The benefits of a network of successful franchise owners and recognized brands are well-documented, with more than 773,000 franchise units in the United States. Startups of entirely new businesses are more likely to fail. Purchases of existing businesses can require much more capital up front, along with no network of training and support often available to new franchisees.
The preference for franchise ownership over the alternatives of starting a business from scratch or buying an existing business increased in the last several months. We can speculate that the uncertainty brought about by the pandemic, and entrepreneurs to consider business ownership, pushed those inclined to look at the lower-risk purchase of a franchise.
(Source: FranchisingInsights.com 2021)