US Survey: Franchisers Earn More, Happier
By CO Staff @canadaone | November 30, -0001
More than nine out of 10 franchise owners consider themselves to be successful, says a recent survey conducted by the US-based International Franchise Association Educational Foundation (IFAEF). Furthermore, of those who had been in business 11 years or more, 96 percent indicated they were successful.
Success, according to this survey, is based not only on income, but is also based on job and life-satisfaction as well. For example a majority of franchise owners are satisfied with their livelihoods, according to the survey. Eighty-three percent responded that they were either more satisfied or had the same level of satisfaction compared to involvement in other jobs or businesses.
Results from the IFAEF survey indicate that people who buy into franchises have a greater chance of success than those of who start from scratch.
Some interesting notes from the survey:
- On average, franchise owners reported annual gross incomes of $91,630(US).
- Number of years in business and number of franchises owned increases the operators' earnings, according to the survey results.
- The majority of survey respondents owned only one franchise and were male, accounting for over 70% and 72% respectively.
- The average income for female franchisees was $68,140(US), versus an average of $100,250(US) for males.
- Nearly all -- 93 percent -- believe being associated with a franchise system gives them an advantage. The most important advantages, in order, were name recognition, support from their franchisor, knowledge, advertising, buying power, networking and training.
- Overall, nearly three-fourths (72 percent) said their expectations regarding their franchisor were right on the money.
Due to the high satisfaction ratings, it is not surprising that nearly two-thirds (65 percent) of the franchise owners said they would purchase the same franchise again if given the opportunity. Of those who wouldn't buy the same franchise again, nearly half (43 percent) said they would consider buying a different one.