Franchise Startup Intent ‘Within Three Months’ Time Frame Hits Record High
NORFOLK, VIRGINIA — August 3, 2022 — Aspiring franchise owners have adjusted to financial and geopolitical headwinds, and never-ending epidemiological headlines, with 81.6% seeing conditions for business startups “the same or better in three months” and only 18.4% expecting conditions to worsen. In July, a record 61.7% of entrepreneurs planned their startups within the next three months. Currently, 68.1% of would-be entrepreneurs agree or strongly agree that “now is a good time to start a business”, down from the recent high of 73.5% in February. 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 June 23-30, 2022.
- Future business conditions: Most respondents see conditions “about the same” for startups (55.3%), 26.2% better, and only 18.4% worse in three months compared to now.
- Access to funding: The percentage of entrepreneurs concerned about finding adequate funding eased to 66.2%, with those seeing funding “harder or much harder” to obtain in the next three months dipping to 41.1%.
- Demographics: 52.5% of respondents were currently employed full-time, and 18% were current business owners seeking an additional business. Gen-X (56.8%) and Gen-Y “Millennials” (28.1%) were the largest age cohorts, and “Baby Boomers” slumped to 12.2% of respondents. Gen-Z trailed at 2.2%.
Download a copy of the July 2022 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 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, August 3rd, 2022.