Young Aussies favour franchise model over risky solo business: survey

franchise model survey
CouriersPlease’ survey shows young Aussies prefer a franchise model as a business option. (Source: Bigstock)

New research reveals 66 per cent of Australians aged 18-30 favour opening a franchise over an independent business this year.

In comparison, 59 per cent of 31-50s and 37 per cent of over-50s would consider buying a franchise.

CouriersPlease commissioned the research, conducted through an independent panel of 1005 Australian adults.

The survey asked whether the current economic climate is too risky to open a business independently. It asked respondents whether opening a franchise business would be preferable.

Four fifths of respondents (79 per cent) believe starting their own business in the current economic climate is too risky. However 51 per cent of all respondents said they would open a franchise instead of going it alone.

CouriersPlease found West Australians are most risk averse, with 82 per cent saying an independent business is too risky amid a potential recession.

Close behind, 81 per cent of Victorians, 79 per cent of NSW respondents, 76 per cent of Queenslanders and 73 per cent of South Australians view independent business as too risky.

South Australians were most likely to buy a franchise (56 per cent), with 55 per cent of West Australians agreeing.

However the responses were close across all the states. Fifty two per cent in NSW, 51 per cent in Victoria and 48 per cent in Queensland favoured franchising.

CouriersPlease CEO Richard Thame said the survey results were positive.

“Judging by the shared view across the States, there‚Äôs a lot of appetite out there to open a franchise business.”

Read: Franchise buyers are back in force at Sydney expo and FCA delegation presents State of Franchise 2023 report