Why You Should Consider Owning A Franchise

The Franchise Magazine:

Individual entrepreneurs might emerge from the Dragons’ Den burned by their experiences, but one of the great things to come out of the show and others like it, is that they have awakened a new spirit of enterprise in Britain.

According to recent research by NatWest bank, 17 million people in the UK are now thinking of starting their own business, with 30% planning to act on their idea in the next 3 months. That’s over 5 million new businesses coming to a high street near you! The sad fact is, statistically two thirds of them will falter within their first 2 years. Of those that do survive, only around 250,000 will achieve anything like material success with the rest struggling just to keep their heads above water, earning the equivalent of less than the minimum wage.

These days I spend most of my time working within the small business sector and as a result, receive lots of emails from entrepreneurs who have taken the plunge and are now a year or two in, and frankly struggling to make their new business work.

The most common problems being firstly underestimating the costs involved in setting up a business from scratch, and secondly underestimating how difficult it is to market a new product or service in a hugely competitive and crowded market.

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