Over 80% of those wanting to start their own business should consider taking up a franchise rather than starting a completely new business from scratch.
That’s according to the Profiler Test on my website www.rachelelnaugh.com that helps to understand peoples’ motivations and drivers for starting-up, which often conflict.
I’m a great believer that all types of people can and indeed do go into business and be a ‘success’ but individual motivation and definitions of success are extremely varied.
For example most people want to make money, but when you dig deeper, the reason they want lots of money is that they don’t actually want to work.
To be hugely successful in business usually requires absolute commitment almost to the point of obsession which is why even highly successful entrepreneurs can’t stop even when they have achieved their success.
While it is brilliant that, following the success of business shows like The Apprentice and Dragons’ Den 17 million people in the UK are reportedly currently thinking of starting their own business, the sad fact is that two thirds of these are statistically headed for failure within two years.
Franchising offers a much lower risk way of cutting your teeth in business for those just starting out.
For many people, a ready-made business with proven processes, training and support is just what they need to put their toe in the water of self-employment.
And as for those The Profiler thought shouldn’t start a business or a franchise? Well at least we’ll have averted a few failures, and possibly reassured others that they are in the right career after all!
Rachel Elnaugh, the founder of Red Letter Days and former star of Dragons’ Den is currently writing her first book to be published by Crimson Publishing and expecting her fifth child in October. She spoke at this year’s
Startups Live
event in Bristol and will be presenting an award at next week's
Startups Awards
. Rachel will also be speaking at the Business Start-up Show at Olympia from 2 - 3 November 2007.
