Franchise Insights is a market leader in providing research data and intelligence to better understand the franchising industry. Which is why we thought it would be worthwhile to take a look back at some of the actionable findings they published in the year that was 2021.
In order to provide you with the best results, we’ve reviewed a year’s worth of their reports, breaking down a key finding for each quarter of this year. Here’s what we wanted to share:
The first quarter of 2021 found Franchise Insights still analyzing the year that was 2020—remembered primarily for the onset of the global pandemic. Still, a report about Q4 inquiries showed that overall interest in franchising rose in almost every single franchise category. The big winners should come as no surprise—computer/IT services, up 32.8%, and home-services franchises, with an uptick of 27.9%.
We’ve spoken many times about the three primary routes of business ownership. You can buy an existing business, start from scratch, or franchise your way into becoming your own boss. And a Q2 survey conducted by Franchise Insights found that more than two-thirds (65.7%) of all budding entrepreneurs preferred franchising as their top choice.
Right on cue, the summer months churned out some of the hottest news and updates from Franchise Insights. One study found that the likeliest demographic to seek franchise ownership, Generation Z, is about to reach the prime age for exploring business ownership. And, of individuals seeking franchise ownership as a whole, Millennials passed the Boomer Generation in interest, as did women over men!
The final quarter of the year provided a few insights into how the pandemic affected the motivations to seek an entrepreneurial future. The answer? “Be my own boss.” As the report so eloquently stated:
“The fundamental drivers for business ownership have not changed despite the most significant societal and economic disruption since the Great Depression. The benefits of business ownership, including the control of one’s destiny and the perceived returns from the hard work of building a business are worth the risks, and for many, the pandemic became the impetus for taking the first steps.”
As you consider a future more entrepreneurial for yourself, it’s a good idea to keep the information from Franchise Insights close at hand. Their studies, data, and trend analysis can provide you with the confidence in knowing that the industry has a bright future. You can sign up for their newsletter by following this link.
When you’re ready to take your first step, reach out to FranNet for assistance in navigating your journey and keep in mind that our services will cost you nothing. Getting started is easier than you think, and you can begin today by making an appointment with one of our qualified FranNet consultants. We can assess the results of your Entrepreneurial Readiness Profile and determine a few franchise concepts that match up well with your strengths and financial tolerance.
Tell us if you’re ready to make 2022 the year to begin a whole new you!