Nearly 40 per cent of consumers surveyed for the Australian Franchise Outlook have considered owning a franchise.
Unsurprisingly, the primary motivation is independence, with more than two-thirds citing the attractions of being their own boss.
More than half the consumers who had considered franchising listed better income potential and the stability of a proven model as key reasons.
It’s a similar tale for those individuals who are already interested in a franchise purchase, with 42.5 per cent of franchise buyers wanting to be their own boss, 41.1 per cent viewing a franchise as a better long-term financial opportunity, and 35.6 per cent seeking a structured business model with brand support.
The Australian Franchise Outlook, a collaboration between Franchise Executives‘ publisher Octomedia and the Franchise Council of Australia, independently surveyed 516 consumers and 70 franchise buyers about their experiences with, and expectations of, franchising.
Results confirm that Australians see franchising as a good way to start a business – but they are still considering other options.
More than half of the franchise buyers questioned revealed they were also weighing up the pros and cons of franchising against the benefits and disadvantages of starting their own business. Nearly a quarter (23.3 per cent) were exploring start-up opportunities, and 16.4 per cent were considering a business partnership.
Despite this, it’s clear that interest in buying a franchise remains high. More than a third (36 per cent) said a purchase was moderately likely within the next 12 months, with 27.8 per cent agreeing a franchise purchase was very or extremely likely. Only 22.2 per cent said they were unlikely to purchase a franchise within the year.
- Download the Australian Franchise Outlook for more survey insights from franchise buyers and consumers.
