SBT 2023: Franchise Owners
Each year, Guidant reaches out to the resilient, hardworking small business owners of America. We learn who they are, what their lives as small business owners are like,what their plans for the future are, and how their business has weathered current aﬀairs. Together, this information makes up the Small Business Trends report.

Franchise Owners in 2023
Age Range

GenderPolitical Party

Male

Millennials
12.1%

Franchises of 2023

71%

FemaleRepublican

42%

Democrat

29%

Libertarian

RaceTop Plans for 2023

Cost to Go Into Business

22%$50K$175K

<$50K
0.6%

Increase Your Staff 31%

32.7%

Invest in Digital Marketing 21%

>$1MM
7.5%

7%

Unafﬁliated$500K$1MM$175K$250K

13.7%

Motivation

61%

Expand or Remodel Your Business 15%

29%

15.4%

Invest in Traditional Marketing 13%
Invest in Accounting Services Technology 8%

Ready to Be Your Own Boss 29%

Boomers

Gen X

White or
Caucasian81. 1%

37.9%

50.0%

Black orAfricanAmerican
6. 5%

Happiness Level

Asian orAsianAmerican
5. 2%

Hispanic,
Latino, or
SpanishOrigin5. 5%

MiddleEastern orNorthAfrican
0. 7%$250K$500K

Dissatisfaction with Corporate America 24%

Invest in Information Services Technology 5%

30.1%

Laid Off / Job Outsourced 13%

Top Industries

Not Ready to Retire 12%

37%
27%

Business Type

Wanted to Pursue Your Passion 12%

15%

16%

New Franchise

Opportunity Presented Itself 7%

5%

Very Unhappy

Somewhat Unhappy

NeutralSomewhat Happy

Very Happy

Retail (Storefront,eCommerce, etc)
17%

Other 3%

The Great Resignation Continues

BusinessServices
11%

Food andRestaurant
11%

Do You Feel the Economy is Going
Into a Long Term Recession?

24%

Very Difﬁcult

Health, Beauty,and Fitness
Services
16%

Residential andCommercial Services
9%77%

Bought Existing Franchise

23%

Economic Impact on Franchises

How Difficult Was Hiring This Past Year?
24%of Businesses are
Currently Proﬁtable

Do You Expect Your Business To
Survive Today’s Economy?

22%

Somewhat
Difﬁcult

The Same5%5%Somewhat
Easy

Very Easy

Yes

45%

No

20%

2. Improving Retention

5. Hiring Bonuses

3. Expanding Recruitment Efforts

6. Expanding Training Programs

UnsureLow Number of Applicants or Lack of Interest in Your Organization 27%

What Positions Are Most Difficult to Fill?

8%

No

21%

How Has the Economy Impacted Your Business?

Cause of Difficulty Filling Positions
4. Increasing Beneﬁts

71%

UnsureWhat Changes Are You Implementing?
1. Increased Compensation

Yes35%

1. Increased Prices

3. Increasing Wages

5. Reduced Budget

2. Loss of Revenue

4. Cut Own Wages

6. Loss of Inventory

Competition from Other Employers 18%
Candidates Do Not Have the Needed Work Experience 17%

How Confident Are You in Small Business in Today’s Economy?

Candidates Don't Have the Right Workplace Soft Skills 12%
12%

36%

18%

28%

5%

Very
Unconﬁdent

Somewhat
Unconﬁdent

NeutralSomewhat
Conﬁdent

VeryConﬁdentCandidates Don't Have the Right Technical Skill 11%
Sales

30%

Construction,
Maintenance

17%

Management

15%

Healthcare,Childcare

12%

Food Service

10%

Guidant Financial is dedicated to supporting small businesses with data trends and insights. To achieve this goal, an email survey is sent out to more than 4,500 current and aspiring small business owners nationwide. The survey is conducted for two weeks of at the turn of the year.