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 Writer
Adam Bannister writes for all titles in the Dynamis stable including BusinessesForSale.com, FranchiseSales.com and PropertySales.com as well as other industry publications.