Aspiring Franchisees See September As Prime Month to Launch the Startup Process

By: Michael Alston for Franchise Insights

September 6, 2023 — In August 2023, 38.6% of aspiring business owners said they are planning to launch their startups “in the next month” reflecting eagerness to begin their journeys. At the same time, 56.4% of entrepreneurs planned their startups within the next three months, and 84.2% within the next twelve months. 

Now over 60% of survey respondents either agree or strongly agree that “now is a good time to start a business” and 80.2% of respondents see conditions for business startups “the same or better in three months.” And 61.4% of entrepreneurs surveyed say they are “more likely to launch their startups than three months ago.”

FranchiseInsights.com compiles monthly the Small Business Startup Sentiment Index™ (SSI) of individuals who have recently inquired about businesses for sale. The most recent Startup Sentiment Index™ survey was conducted August 24-31, 2023. 

Almost 44% of respondents see funding “harder or much harder” to obtain three months out, which may be creating a sense of urgency.

Additional highlights:

• Future business conditions: Reversing a multi-year downtrend in sentiment about future business conditions, 80.2% of respondents see conditions no worse – staying the same or getting better in three months– with 55.4% seeing conditions “about the same.”
• Access to funding: The percentage of entrepreneurs concerned about finding  adequate funding stands at 73.3%, though those who see funding “harder or much harder” to obtain in the next three months grew to 43.6%.
• Demographics: 51.5% of respondents were currently employed full-time, and 13.9% were current business owners seeking an additional or replacement business. The Gen-X cohort dominated with 54.5% of respondents, while Millennials were 24.8% and Baby Boomers held third place at 17.8% of respondents. This month, Gen-Z was 3% of respondents, near the 3.29% share of all respondents seen in 2022.

Download a copy of the August 2023 FranchiseInsights.com SSI report here. See excerpts from prior SSI™ surveys and subscribe to receive the Small Business Startup Sentiment Index™ monthly report when it is released.

The Small Business Startup Sentiment Index™ is based on a monthly survey of individuals who have recently inquired about businesses or franchises for sale on the digital assets of FranchiseVentures.

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, September 6th, 2023.