Franchise Business Review’s franchisee satisfaction survey of 30,000 franchisees representing 334 brands shows that income is not the most important factor when it comes to the level of satisfaction franchisees feel. When we looked at the five franchise sectors with the highest franchisee satisfaction, the average income of the sectors ranged from $52,000 (Child Services) to $132,000 (Real Estate), an $80,000 difference.
This finding is corroborated by research that was conducted by Your Money or Your Life authors, Joe Dominguez and Vicki Robin. They asked over 1,000 people from the United States and Canada to rate themselves on a happiness scale of 1 (miserable) to 5 (joyous), with 3 being “can’t complain.” and were surprised to to find there to be no correlation what-so- ever between income and happiness. In fact, people earning between $0 – $1,000 a month reported being slightly happier than those whose monthly income exceeded $4,000.
Median Initial Investment & Average Income for the Five Franchise Sectors With the Highest Franchisee Satisfaction
Sector Investment Average Pre-tax Income
Real Estate $267,000 $132,000
Sports & Rec $113,000 $82,000
Advertising & Sales $70,000 $90,000
Financial & Tax $67,000 $52,000
Child Services $51,000 $52,000
3 Influencers of Job Satisfaction Besides Income
Three factors that seem to influence job satisfaction more than income are:
- work/life balance
- giving back to society/helping others
- being passionate about your work
Franchise ownership can clearly be the perfect vehicle for achieving the job satisfaction you seek. The biggest risk is selecting a brand that does not have the infrastructure or wherewithal to support you. One of the best ways to know if a franchise delivers on what it is promising is to see what its franchisees have to say about it. Many of the brands that had high enough franchisee satisfaction ratings to make our 2017 Top Franchises list share their full satisfaction survey within the Franchise Reviews section of FranchiseBusinessReview.com.