More than two years of research from FranchiseInsights.com indicates that American entrepreneurs are bullish on their opportunities.That optimism prevailed even in the face of inflation, rising interest rates, stock market volatility, supply chain problems, Russia’s invasion of Ukraine and the ongoing pandemic.
In a climate of uncertainty, you would think Americans would be more risk-averse, but it turns out that the opposite is true. Americans are going big and moving into entrepreneurship and away from the 9-5 grind. We have seen a mass exodus from corporate America with the Great Resignation. Since the pandemic started, people have been leaving their jobs in droves to find greater flexibility and control over their own destinies. Americans are no longer settling for mediocrity in fear of losing security. According to the Washington Post, 4.3 million people quit their jobs in January 2022.
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As it turns out, business ownership has become a great alternative to working in corporate America. Data from the Census Bureau revealed a 24 percent increase in business applications in 2020, the highest jump since it started tracking the data in 2004. Franchising makes the path to business ownership easier and attracts people who don’t want to go through the trial and error of starting everything themselves. Through franchising, aspiring entrepreneurs can step right into a proven business model with training and support.
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If you have been considering business ownership, you are not alone. FranchiseInsights.com conducts monthly surveys of people looking into franchises and other business opportunities. Survey results reveal a resilient optimism among U.S. entrepreneurs. For a deep dive into America’s attitudes toward business ownership, we have compiled highlights from FranchiseInsights.com’s findings since early 2020.
Entrepreneurs aren’t waiting to see what will happen; they are going for it. They are heading into business ownership with a can-do attitude and a positive outlook. And franchise ownership is particularly compelling. The industry is growing, and so is the interest in it. At IFPG, we are seeing this trend firsthand. Our territory checks (an inquiry to see if a particular area is available to open a franchise) have increased year-over-year. In 2022, we have already had 58, 677 territory checks. In all of 2021, the number was 30, 770; in 2020, we had 17, 994; in 2019, we had 10, 403; 2018 saw just 7, 133. Imagine what 2023 will bring! Here are some more amazing numbers to consider from FranchiseInsights.com:
Despite the lingering threat of Covid-19, entrepreneurs have rising enthusiasm for investing in franchises. Here are some more compelling stats from FranchiseInsights.com’s findings.
The Best Time To Start Was Yesterday. The Next Best Time Is Now. Inspiring Creative Motivation Quote Template Stock Vector
There’s never been a better time than now to open a franchise! While the pandemic, the U.S. political climate, Russian aggression and the economy have caused some ups and downs in the attitudes of wannabe entrepreneurs, optimism has prevailed. FranchiseInsights.com gives detailed findings here.
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Red Boswell is President of the International Franchise Professionals Group (IFPG), a membership-based franchise consulting network with more than 1, 200 franchisors, franchise consultants and vendor members. Together, IFPG members guide aspiring business owners through identifying and investing in franchise businesses.. It’s also fair to assume that you’ve delayed – for months, if not years –because it just doesn’t feel like it’s the right time.
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But here’s the thing: there is never a right time to start a business. There will never be an ideal moment. There will always be reasons to put off your entrepreneurial goals. And so it comes down to this: you have to
The “right time.” Because only you can make this happen – and if you’re waiting for the perfect moment, you just might be waiting forever.
But how do you create this set of conditions that make it possible to make your dreams a reality? You start with these three steps.
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Think back to the last time you accomplished a major goal. Maybe you wanted to complete an IronMan, backpack across Europe or nail that big presentation. Remember how amazing you felt when you were done?
That’s because achieving goals gives you a healthy dose of pride. And the good kind of pride — the kind that increases your sense of self worth – has the power to motivate you in ways you never thought possible.
So try this vision exercise. Write down what your dream life would look like in five years’ time, without any limitations or thought as to how you’ll get there just yet.
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What business are you running? What does your team look like? How do you spend your free time? What do people say about your company and about you? How do you feel on a day-to-day basis?
Now look at what you’ve written, and imagine it’s all reality. Feel the pride that comes from having built something that’s yours. This is your Painted Picture, and it’s your roadmap to success. Now that you have a destination, you’re in a much better position to start making moves towards it.
An estimated 62% of Americans want to be their own boss, but that doesn’t mean they’re actually out there building the businesses of their dreams. People think the biggest barrier to entrepreneurship is time or money, but often, the real reason people don’t start businesses is because they’re afraid to fail.
The Best Time To Start Was Yesterday. The Next Best Time Is Now.
How you view and handle failure is a big predictor of lifelong success. The fear of failure can be debilitating at first, but it doesn’t mean you’re weak, incapable or worthless. If you can switch your mindset, you’ll see that failure is actually a powerful tool for growth.
Instead of fearing the unknown, be WTF?! (that means “willing to fail!”) and trust the process. There’s not a single successful entrepreneur out there who didn’t have a path paved with failure. There’s a lot to learn from your mistakes — so take them as an opportunity to get better.
Realistically, it’s not about timing — it’s about you. Only you have the power to create your own success story and that takes a certain type of person. It takes grit, it takes guts, but most of all it takes vision.
American Entrepreneurs Say Now Is The Best Time To Start A Business
See the big picture. Starting and growing a business is always going to take hard work, rolling up your sleeves and putting in the hours. What’s important is knowing that you are in control of your own life, working towards the Painted Picture you created.
So when is the best time to start a business? Now. Sure, it’ll be scary and there will be a huge learning curve, but the time is going to go by anyway... so where would you rather be a year from now? Still daydreaming about being your own boss, or 12 months in to building the life of your dreams?We human beings are creatures who live and die by the calendar. The problem? Reality doesn’t always match our idea of perfect timing. We try to time the stock market — then the market goes down. We try to time our home purchase — then home values tank.
This can be summed up in a single word: technology. Or, more accurately, software. A number of business solutions that once required hiring a full-time employee can now be had for relative peanuts:
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Put it all together and you’ll find that there’s really a software solution for just about any problem you can think of. If you’re starting a business, chances are pretty good that other entrepreneurs have run into the same problem — and some of those entrepreneurs went about creating a solution.
In 2013, Charles Schwab published a study in which they tested out five different ways of timing the stock market. These market timers ranged from “Peter Perfect” — a hypothetical investor who uncannily managed to always time the market just right — to “Rosie Rotten, ” who always invested with the poorest timing possible.
As you might imagine, Peter Perfect’s investments proved to provide the best returns. But a close second? The simple process of investing consistently as soon as you have the money.
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Starting your own business is different than investing in the stock market, true. But the lesson is clear: unless you have a crystal ball, the second best option is to take consistent action toward achieving your goals. And that means starting that business you’ve been putting off and working on it continuously until it can start feeding itself and you.
According to Small Business Administration lending statistics, money is flowing back into businesses in 2017. The total lending has been going up steadily since 2012 — with just one year registering a decrease. The days of trepidation after the 2008 financial crisis have long since subsided, even though evidence of that drop is still in the market in the form of lower interest rates.
Might be a good time to get a business loan. You never know when the markets could seize up again, cutting off the flow of this credit as banks and lenders grow wary of their prospective partners.
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Author Chris Guillebeau highlighted this in his book, The $100 Startup. And when you weigh
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