May Startup Sentiment Index™ Shows Over 74% of Aspiring Business Owners Expect to Start Up Within The Next 6 Months
Year High Seen in Business Seekers Either Employed or Seeking a Second Business
NORFOLK, Va., June 2, 2021 (Newswire.com) - Entrepreneurs who agree or strongly agree that "now is a good time to start a business" reached 67% in May, up from April's reading at 65.4% of respondents, and the second-highest in 11 months. FranchiseInsights.com compiles monthly the Small Business Startup Sentiment Index™ (SSI) of individuals who have recently inquired about businesses for sale.
The most recent Startup Sentiment Index™ survey was conducted May 20-27, 2021, as U.S. adult vaccination rates approached 63% and states relaxed business and travel restrictions as the Memorial Day holiday weekend approached.
Additional highlights:
- Future business conditions: Respondents see further improvement ahead, with 51.4% of respondents believing that, in three months, business conditions will be "better" or "much better" than now.
- Access to funding: The percentage of entrepreneurs concerned over acquiring adequate funding was essentially flat, with those seeing funding "harder or much harder" to obtain at 34.7% in May compared with 34.8% in April 2021. The "stock market" and "tax law changes" ticked up in May.
- Demographics: 56.1% of respondents are currently employed full-time (highest since August of 2020), and 19.3% are current business owners. Gen-X (47.1%) and Gen-Y (31.6%) are the largest age cohorts, while "Baby Boomers" follow at 18.4%.
"Evidence continues to mount for a boomlet in startups before year end," says Hunter Stokes, president of FranchiseVentures. "And the next wave of entrepreneurs are leaving full-time jobs or adding to existing business ventures to achieve their personal goals."
Download a copy of the May 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 to thousands of growing franchise systems in the United States 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 in the U.S.
For more research from the FranchiseInsights.com proprietary data set, subscribe above or follow us on LinkedIn.
Media Contact:
Michael Alston
Phone: 757.351.8808
Email: malston@deonline.com
Source: Franchise Insights
