Third of franchisees already business owners


Third of franchisees already business owners

More than one in three people who want to buy a franchise already own a business, a survey by FranchiseSales.com has revealed. 

Thirty-five percent of those who want to buy a franchise already own a going concern, with 7% running an existing franchise.

Yasmine Siddiqi, a director of Dynamis, the online media group behind FranchiseSales.com, says: “People in business buy businesses. We've always known that.

“And buying into a good, proven franchise with a strong brand has always represented a great way to expand your wealth."

Franchising continues to attract would-be entrepreneurs from a wide range of professional backgrounds, with 47% of respondents having previously occupied a senior role in a business.

"Over the years we've helped doctors, lawyers and directors of blue-chip companies buy a business. We even had an investment banker buy a handyman franchise a few years ago," continues Siddiqi.

Lifestyle

"You're not just buying a salary, you're buying a lifestyle too, and in these troubled times that idea is something more people are taking seriously." 

Buying into a good, proven franchise with a strong brand has always represented a great way to expand your wealth

Yasmine Siddiqi, Dynamis director

Nearly four in five (78%) of those polled have at least some experience of running businesses. Seventeen percent have built and sold a business before.

Just over one in five (22%) of would-be franchisees, meanwhile, have no experience of running businesses whatsoever.

Men are more likely to already own a business than women, 37% compared to 25%.

Results from the latest FranchiseSales.com quarterly survey coincide with the site’s relaunch.

Redesigned for the touch-screen era, the website has been rebranded and made easier to navigate on smartphones and tablet PCs.

About The Author

Adam Bannister Ex-Managing editor
Adam previously managed all editorial content on FranchiseSales.com, as well as on all other titles in the Dynamis stable, chief among them BusinessesForSale.com.
 
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