Franchising has become one of the most progressive and dynamic business sectors in Australia. With estimated revenue of $128 billion in 2010, franchising has become a significant part of the Australian business scene and a valuable contributor to our economy. If you are thinking about going into business for yourself, but aren’t sure whether you should attempt it on your own or buy a franchise business; then you need to weigh up all the important factors before you make any decisions.
What are the benefits of franchising?
Franchising is a successful and proven method to create business partnerships and expand organisations. Properly structured, it provides benefits and satisfaction for both parties. Among other things, some of the benefits for the franchisee include:
- Risk minimisation – you are taking on a business that has already had proven success.
- Reputation and brand recognition – you operate under the name and reputation of the franchisor.
- Support from the franchisor
What are the key secrets to building a successful franchise?
Franchises are unique in that you are taking a product or service that the franchisor has formulated and starting a “new” business. As an entrepreneur it is fundamental that you have:
- Passion – a genuine passion for the industry in which you operate is one of the key components to franchising success. It is important that before you start looking at franchise opportunities, think about yourself and the things you enjoy doing.
- Strong financial position – This is the key to any business opportunity, and will save you for putting you and your business at risk. There are numerous options for financing a franchise, so make sure you research extensively.
- Expert advice – Expert advice is imperative when venturing into any franchise opportunity. It will allow you to overcome the vast complex financial and legal issues that you will be confronted with during the purchase process and operation of your franchise.
Here at The Quinn Group our experiences team of lawyers and accountants can assist you with starting up your own business or franchises. If you need advice, or have any questions please call us on 1300 QUINNS (784 667) or make an enquiry online.