Franchising A Better Bet Says Dragon Elnaugh

Former Dragon and Red Letter Day entrepreneur, Rachel Elnaugh, believes that 80%  of those wanting to start their own business would be better off becoming a franchisee.

These conclusions are based on results from her own entrepreneurial profiling tests carried out by hundreds of budding Dragons visiting her website.

Two thirds of small businesses fail within two years of setting up and franchising has long been seen as a safer route.  As Elnaugh says:

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.

Absolutely true, but franchising can be a very expensive toe in the water. A pizza franchise could set you back £250,000 in cash up front or more. If you have the money to invest and don’t mind following somebody else’s business model, then it is a safer option, just make sure you look at the projected ROI very carefully before signing on the dotted line.