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Is franchising right for you?

Oct 24 2003

The statistics speak for themselves. Franchises are less likely to fail than other kinds of start-up businesses; they often become profitable sooner and usually provide you, the franchisee, with a readymade brand name and business plan.

This does not make franchising an easy option, however. As Nigel Lander, a specialist finance adviser at Business Link puts it: "you need to understand that you've got to get out of bed in the morning." The following questions should provide you with a guide as to whether franchising is really right for you.

1. Are you prepared to work long hours?

2. Do you feel you have the confidence/skills needed to run your own business?

3. Do you consider franchising an easy option?

4. Would you consider launching your own, unfranchised, business?

5. Are you in good health and are you able to cope with pressure?

6. How much of your own money are you prepared to invest?

7. Do you have the support of your partner/family?

8. Are you prepared to suppress your own ideas in favour of those of the franchisor?

9. Are you comfortable with the financial aspects of running a business?

10. Would you be happy handing a percentage of your profits over to your franchisor each year?

24/10/03

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