Choose franchising over starting from scratch, says ex-dragon
Over 80% of those people thinking about starting a new business should consider buying a franchise instead of starting a company from scratch, says former Dragons' Den panellist Rachel Elnaugh.
In analysis of the responses by wannabe small business owners to a questionnaire on her website, Elnaugh claimed that most new entrepreneurs would be suited to running a company with an already established brand.
She said although business reality televisions shows have encouraged more people to consider going it along, the entrepreneur, previously a panellist on BBC TV's Dragons' Den, said two thirds of start ups are statistically headed for failure within two years so franchising offers a better option.
Elnaugh added that data from her website also revealed the motivations behind people's desire to go into business.
"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," she added.
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