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How to be Your Own Boss

Written on the 20 December 2008 by Australian Financial Review

How to be your own boss

Summaries - Australian Financial Review, Page: 39
Saturday, 20 December 2008

Making the decision to run your own business should involve research. A lot of people don't realise they have to roll their sleeves up,' said Sue Prestney of the Institute of Chartered Accountants. Ian Krawitz of franchise research specialist 10 Thousand Feet said people seeking to take up a franchise need out aware of their personality type, lifestyle and what they value. The Franchise Council of Australia says in all business format or franchise programs, franchisees pay franchisors fees that can range from set-up fee of $5000 to $1 million, not to mention ongoing fees. A number of businesses such as Crust Gourmet Pizza Bar and Souvlakihut have adapted by offering greater value for customers' money in their food promotions. Bill Radcliffe of On Track Business Diagnostics said buying a franchise is a lower risk option than starting out on your own and identifies production, marketing and finance as the key factors in running a business. Very few people, if any, can do all three well,' he said.

Author: Australian Financial Review

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