Theo's second bite

For his second bite of the cherry on You and Yours (see previous post) Theo Paphitis talked about running a small business. As usual, full of great common sense. He reminded us that the great majority of new businesses fail within two years. (My first business lasted twenty five years, failing after an abortive dash-for-growth. My current business is now in its fourth year, with great prospects for a franchised future. (The pilot is doing just fine, thanks).
Theo didn't suggest it, but, surely, unless you have a great idea and the confidence to follow it up, buying a franchise - joining a successful business with a track record and support - has to be a good route into business for the novice. I did it the hard (slow) way, making mistakes and learning from them. Probably not the best route, but thirty years ago there was not much choice.

For a while, back in the early eighties, I gave woodwork instruction at night school. One of the class told me he had just bought a busy post office (for £60k, a vast sum at that time). "Crikey!" says I. "That's a lot of money. I'm building my business up for myself." "Maybe," came the reply, "but I'm making money NOW!". Hmmm! That shut me up.

If I were setting out today, joining a franchise would quite possibly be my preferred option..