The Face of Franchise Owners
ASP offers pool franchise opportunities to individuals of all backgrounds and education levels. From those who are just starting a career to those looking for a change later in life, ASP has a firm non-discrimination policy for our franchisees. While no two franchise owners are exactly alike, all ASP franchisees do have a few common traits including being business savvy, having good communication skills, a strong work ethic, a desire to succeed, and are committed to quality service to each and every customer.
While ASP has franchisees from all walks of life, we recognize that not every franchise company does. The Wall Street Journal recently published generalized information on the franchise industry as a whole.
According to the study, men typically in the age range of 45-54 are the primary owners of franchises across the nation. Women are the owners 21% of the time, and those under the age of 34 are the primary owners 12% of the time. The study also found that 28% of franchise owners are either in or approaching their retirement years, ages 55+.
As far as education, 44% have a bachelor’s degree, 19% have at least an associate’s degree, and 12% of franchise owners are US military veterans.
Investment, Profit Potential, Hours Worked
The study found that the average initial investment for a franchise is $520,000 across 3500 brands in 200 sectors. While this number does not reflect every franchise opportunity available, it gives a good reflection as to what can be expected on average.
As far as profit potential, this study found that 11% of franchise owners are reporting incomes of more than $150K per year, while women in franchising on average report $54,408 in income, and men on average report $73,261 in annual income.
The time spent working each franchise opportunity will vary depending on the industry, but the average time requirements broke down to 28% spending 40-50 hours per week building their business. 23% of those surveyed reported spending 50-60 hours working the business, and 13% said they spend 20 or fewer hours per week at the franchise.
Not surprisingly, Texas and California are the most popular states for franchising, while Alaska and vermont are the least popular. It was found that the most popular market sectors for franchising are quick service restaurants, lodging, and business related services. Markets on the not-so popular list include security services, video and party related goods and services.
While ASP franchisees may not fit the standard profile of franchise owners across the nation, they are ranked among the most satisfied. For more information on pool franchise opportunities offered by ASP, visit www.aspfranchising.com