Binkham's Business Decisions and Franchising

Binkham, feeling unfulfilled in his banking job, considers starting a pizza takeaway with his wife, Lulu. They explore two options: creating their own business or buying a franchise. Franchising offers benefits like brand recognition and support, but involves sharing profits. Lulu sees the advantages of franchising, while Binkham is hesitant about profit-sharing. The video explores the pros and cons of each option, helping Binkham and Lulu make an informed decision.

Why does Binkham want to change his job?

• He wants to work in a different bank.

• He wants to travel the world.

• He wants to retire early.

• He is not getting any younger and wants to do something different.

What business idea do Binkham and Lulu come up with?

• Starting a bakery

• Opening a coffee shop

• Starting a pizza takeaway

• Opening a bookstore

How much does Binkham estimate it would cost to set up their own pizza business from scratch?

• £200,000

• £100,000

• £50,000

• £300,000

What is the estimated cost of buying a pizza franchise?

• £300,000

• £200,000

• £50,000

• £100,000

Which of the following is NOT provided by franchisors like Domino's?

• Ingredients

• Training

• Free delivery service

• Marketing support

What is one of the main benefits of a franchise according to the video?

• Proven business idea and experience

• No need to recruit staff

• Guaranteed profits

• Lower initial investment

What does Lulu think about the idea of running a takeaway?

• It's not worth the effort.

• It's just about making pizzas.

• It's a simple business.

• It involves more than just making pizzas.

What are some of the tasks involved in running a takeaway mentioned by Lulu?

• Only recruiting staff

• Just promoting the business

• Only making pizzas

• Recruiting staff, keeping accounts, dealing with suppliers, promoting the business

Why is Binkham hesitant about franchising?

• He thinks it's too expensive.

• He doesn't want to recruit staff.

• He doesn't like the brand name.

• He prefers to take risks and doesn't want to share profits.

What is the final action Binkham takes in the video?

• He talks to more people.

• He puts the kettle on.

• He decides to buy a franchise.

• He decides to set up his own business.