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"Why should I spend money on a franchise when I could start up my own business from scratch?" This is a fair question I have often been asked and I believe it is sometimes assumed that as a franchise consultant I will automatically come down in favour of the former. Not so! I would never suggest that franchising is the remedy that provides the answer to everyone's ambitions, any more than I would recommend the ‘go it alone' direction to those who want to minimise risk.
The issue is highly subjective and it depends on individual aspirations, attitudes and inclinations; so let us consider three examples.
1. There are those who are highly entrepreneurial, essentially of
As totally independent operators they may be exposed to all kinds of obstacles to their progress that will undoubtedly cause many to fail, especially during an economic downturn. But those who achieve success could actually become part of the franchise industry - but not as a
2. At the other end of the spectrum are the extremely cautious who are not as confident in their own abilities or experienced in business.
Some years ago, following a seminar at a National Franchise Exhibition, I was approached by a visitor who was extremely miffed because no franchisor would actually guarantee his success. I explained at some length that in a franchise relationship,
3. The third and final group
In this regard, UK franchising - with its healthy track record of low failure rates - can justifiably claim to offer significant advantages over the ‘stand alone' route into business. There is certainly no mystique, it's all to do with a good business that expands by way of
To summarise, provided the necessary personal qualities are in place: namely ambition, diligence and willingness to adopt well-established procedures, money spent on a franchise can indeed produce a better return than a ‘
Peter Williams
Franchise consultant Peter Williams is an affiliated professional advisor with the British Franchise Association.