Desire for Work Flexibility and Self-Determination Is Driving Surging Interest in Franchises
October 20, 2021 — In September, we shared that the uncertainty and disruptions of the global pandemic did not significantly change the mix of drivers toward business ownership as seen in our large monthly sample set. Desire to “be your own boss” is consistently the top motivator. But what is it about being your own boss that makes that most attractive? Is it getting out from under an unsavory boss, making your own decisions, or the freedom that goes along with ownership — that make it so attractive and worth the risk?
Pandemic-driven remote work gave us a taste of freedom that more than half of working adults are now unwilling to give up. Instead of going back to the office, millions are choosing business ownership or freelance work that allows them to choose where and when they work. In our September 2021 Small Business Sentiment survey, 44.6% of respondents were already either business owners or engaged in freelance or consulting work.
A recent LinkedIn survey showed that job flexibility is the fastest growing priority in work choice, and specifically that “50% of respondents say that flexibility of hours or location has become more important to them” during the pandemic.
Our own Startup Sentiment Index™ gathers data monthly on how the pandemic has had an impact on aspiring business owners, with respondents saying that it “boosts my interest in controlling my own destiny” ranging from the mid-twenties percent in March-April 2020, to 31.5-46.8% in the months since the pandemic emerged.
Despite the havoc wreaked on franchises subject to mandatory closings and restrictions during the pandemic, the behavioral demographic changes above feel more like a megatrend than a transitory blip. Along with the historic changes in franchise prospect demographics, and the wave in population approaching peak business startup age, the future is very bright for strong and emerging franchise brands.
FranchiseVentures is the leading franchise lead-generation platform for potential franchisees to thousands of growing franchise systems in the United States and Canada. Its franchise lead generation brands include Franchise.com, Franchise Solutions, Franchise Gator, Franchise Opportunities, Franchise For Sale, SmallBusinessStartup.com and BusinessBroker.net, and together they provide the largest aggregation of prospective franchise buyers in the U.S.
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Published on Wednesday, October 20th, 2021.