Be your own boss, build an asset for your retirement, correct your work/life balance… whatever the reason you have decided to look at franchise opportunities your first step must be to analyse your own suitability to owning and operating a franchised business.
Less than seven out of 10… these are the odds of survival for more than three years – never mind achieving success – for a new business start-up in the UK today, according to survival rate statistics of VAT registered businesses released by the Small Business Service. That means that almost one third of the UK’s entrepreneurs that plough their business loans and nest eggs into new businesses will lose out to poor marketing, bad organisation, wrongly identified markets, inaccurate financial forecasts, management mistakes, shifting economic conditions… or any number of other pitfalls littering the road to building a successful business. Continue reading.