Home topics news Credit: Vaishnav Chogale News News Aspiring young business owners favour franchises over independence Yajush Gupta August 24, 2023 Fresh research has illuminated a significant trend in the Australian business landscape, revealing that starting a franchise is increasingly perceived as a secure and supportive avenue for aspiring entrepreneurs in 2023. The study, commissioned by CouriersPlease, a prominent parcel delivery service boasting a network of over 1200 Franchise Partners and contractors across Australia, highlights the shifting preferences of different age groups in terms of business establishment. The study found that 66% of respondents in the age bracket of 18-30 are inclined to opt for a franchise as their preferred business model this year, as opposed to venturing independently. This stands in contrast to 59% of those aged 31-50 and 37% of individuals above 50, indicating a pronounced proclivity among the younger generation for franchise ownership. CouriersPlease’s research is especially relevant in the current economic climate, where uncertainties loom large. The survey, conducted among an independent panel of 1005 Australian adults, probes the viability of independent business endeavors during these challenging times. Specifically, it gauges opinions on whether the current economic scenario necessitates a more risk-averse approach and whether a franchise structure, with the support of a franchisor, is a preferable option to mitigate potential risks associated with starting a business. A substantial 79% of all respondents believe that the current economic conditions make starting an independent business too risky. Intriguingly, 51% of the surveyed individuals express a readiness to