Record Percentage of Aspiring Business Owners Are Leaving Full-Time Jobs
NORFOLK, Va., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Over two-thirds (66.2%) of entrepreneurs agree or strongly agree that “now is a good time to start a business” in October 2021, down from September’s high at 73.4%. Aspiring owners who anticipate starting their businesses in the “next month” dropped to 16.2% in October 2021, in contrast to the record 36.1% seen in the prior month, according to Franchise Insights.
But one of the most remarkable findings was that 58.6% of the respondents plan to leave full-time jobs. This is the highest percentage since 59.1% in January 2020.
The most recent Startup Sentiment Index™ survey was conducted October 21-27, 2021, as U.S. financial markets recovered, concerns about Delta Covid faded, Congress stood at impasse over multi-trillion-dollar legislation, and key elections were just days away.
- Future business conditions: Now 32.5% of respondents believe that in three months, business conditions will be “better” or “much better” than now, down from 46.5% in September. About 50.6% see conditions “about the same” in three months.
- Access to funding: The percentage of entrepreneurs concerned about finding adequate funding increased, with those seeing funding “harder or much harder” to obtain at 33.8%, up from 23.8% in September.
- Demographics: In October, 58.6% of respondents were currently employed full-time, and 20% were current business owners. Gen X (49.4%) and Gen Y (28.6%) are the largest age cohorts, while “Baby Boomers” follow at 20.1% of respondents.
“The benefits of business ownership have never been more apparent,” says Hunter Stokes, president of FranchiseVentures. “Entrepreneurs want to control their own destinies, and gain the financial rewards and flexibility that business ownership offers.”
Download a copy of the October 2021 SSI report here. See excerpts from prior SSI™ surveys and subscribe to receive the Small Business Startup Sentiment Index™ monthly report when it is released.
The Small Business Startup Sentiment Index™ is based on a monthly survey of individuals who have recently inquired about businesses or franchises for sale on the digital assets of FranchiseVentures.
About Franchise Insights
A unit of FranchiseVentures, Franchise Insights provides research and intelligence to help the franchise industry and investors understand and meet the needs of budding entrepreneurs who want to own their own businesses. With a vast and growing proprietary data set of U.S. franchise inquiries, we use the tools of data science to make inferences and discover best practices to foster the growth of small businesses.
FranchiseVentures is the leading demand generation platform for aspiring business buyers and franchisees of thousands of growing franchise systems in the UnitedStates and Canada. Its franchise lead generation brands include Franchise.com, FranchiseSolutions.com, FranchiseGator.com, FranchiseOpportunities.com, FranchiseForSale.com, SmallBusinessStartup.com and BusinessBroker.net, and together they provide the largest aggregation of prospective business and franchise buyers worldwide.
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