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Despite the many changes that have taken place in the world over the past several years, the main drivers of franchise ownership remain consistent.
Despite COVID-19, war, and economic challenges, entrepreneurs’ desire to control their fate motivates them to start a firm in Australia. “Being one’s boss” continues to be the top motivator cited by entrepreneurs considering business ownership throughout FranchiseVentures, the top network of online franchise lead generating brands, in a very large sample over numerous years. Furthermore, as seen in the table below, of the five motives, only one was mentioned more frequently than at this point in 2022.
The most popular response to the question “Why do you want to operate your own business?” was “Be my own boss.” “, with 89.5% of the respondents in Q2 2022, a tiny 0.1% increase over the survey from the previous year.
Multiple choices were allowed on the survey, and many business owners chose “Income Potential” as a second factor; it came in at a strong No. 2 with 64.4% of the respondents. But compared to last year, this element fell by 6.3%.
47.4% of respondents ranked “Lifestyle Rewards” as their No. 3 motivation, down 8% from the previous year’s survey. The advantages of working from home, having flexible hours, or having a seasonal business are all included in this driver. People got a taste of the increased work flexibility they now long for as a result of the pandemic.
The phrase “Side Business to Supplement Income” alludes to joint or part-time ownership or a less-risky way to launch a new company while keeping your existing sources of income. 46.6% of respondents cited this as being in fourth place among drivers.
The final response, “Tired of Climbing the Corporate Ladder,” was given by 33% of the respondents, demonstrating that many aspirant franchisees and small-business owners had a wealth of prior professional experience.
The Small Business Startup Sentiment IndexTM, a monthly study of people who have gone beyond basic research and contacted franchisors to further explore ownership, consistently lists “controlling my own future” as the top incentive.
How does the appearance of Covid-19 affect your interest in business ownership? was the question posed in the study. 48.1% responded that it “boosts my desire in directing my own future through company ownership” in May 2022.
Despite the pandemic, which has caused the greatest cultural and economic disruption since the Great Depression, the underlying motivations for business ownership have not changed. Many people used the epidemic as motivation to start their businesses because they believe that the advantages of being a business owner, such as having control over one’s fate and the perceived profits from the hard work of creating a firm, are worth the dangers. That is why ActionCOACH is here to invests in its franchise partners by creating new products and services that our franchisees can leverage to grow their business.
ActionCOACH is the world’s largest business coaching franchise, with now over 28 years experience and tens of thousands of happy business owners coached, we’re continually expanding across Asia Pacific, looking for strong business builders and leaders to run their own Business Coaching Firms.
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