Franchise for success

Over 80 per cent of those wanting to start their own business should consider taking up a franchise rather than starting a completely new business from scratch, says former ‘Dragon’s Den’ hopeful Rachel Elnaugh.

Her advice follows the latest analysis of her entrepreneurial profile test which anyone thinking of going it alone can complete online at www.rachelelnaugh.com. Hundreds have completed the free test since it was launched in April of this year and can testify to its accuracy.

Ms Elnaugh has used her observations of business owners during the filming of ‘Dragon’s Den’ as well as extensive research to create the profiler, an online psychometric test that determines the person’s entrepreneurial type and from there the kind of business they are most suited to.

“I’m a great believer that all types of people can, and indeed do, go on into business and be a success, but individual motivation and definitions of success are extremely varied. The profiler test helps to understand peoples’ motivations and drivers, which often conflict,” Rachel said.

“For example, most people want to make money, but when you dig deeper the reason they want lots of money is that they don’t actually want to work,” she explained.

“To be hugely successful in business usually requires absolute commitment almost to the point of obsession which is why even highly successful entrepreneurs can’t stop even when they have achieved their success.

“While it is brilliant that following the success of business shows like ‘The Apprentice’ and ‘Dragon’s Den’ 17million people in the UK are reportedly currently thinking of starting their own business, the sad fact is that two thirds of these are statistically headed for failure within two years. Franchising offers a much lower risk way of cutting your teeth in business for those just starting out.”

Rachel’s next step in developing her profiling is to match these would-be entrepreneurs to franchise or other business opportunities. “For many people, a ready-made business with proven successes, training and support is just what they need to put their toe in the water of self-employment,” she said.

“Whatever the outcome, the profiler will have averted a few failures, and possibly reassured others that they are in the right career after all.”

Ms Elnaugh is currently writing her first book and expecting her fifth child in October. She will be speaking at the Business Start-up Show at London Olympia from 2-3 November 2007. Visitors will be able to complete the profiler as well as discuss their business plan personally with Rachel who will be present throughout the show.