Franchise Prospects are Much More Likely to Have the Support of a Marriage Partner
June 9, 2021 – Nearly two-thirds of prospects interested in buying a franchise are married, an above-average rate that may factor into the readiness of individuals to take the plunge.
Of entrepreneurs contacting franchises to explore ownership, 65.5% are married according to data from the FranchiseVentures network of franchise directory brands over the first four months of 2021. That is significantly higher than the national marriage rate of 55.7% for adults aged 24 and older.
Marital status can affect financial assets and stability, particularly in two-income households, and not surprisingly it changes dramatically with age. While prospects under 30 are more likely to be single (61%), the marriage rate for Millennial prospects at 53% is nonetheless higher than the national average for their age cohort at 45%. Baby Boomer prospects have the highest marriage rate advantage, with 71.5% being married, vs. 62.4% for the national average of the Baby Boomer cohort.
Along with the potential of a second income, the moral support of a committed marriage partner is clearly a benefit to aspiring business owners. Add to that the unknown number of married partners who plan to work together in the business. While we don’t know quantitatively that marriage fosters an inclination to business ownership, it is clear that they are correlated.
For this analysis, Franchise Insights combined proprietary data from the FranchiseVentures’ demand-generation platform with demographic data from Alliant, a leading provider of U.S. consumer audience targeting and data enrichment and predictive analytics.
FranchiseVentures is the leading demand– and 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, June 9th, 2021.