At a glance, it seems that our community is working harder and longer than ever. As the national economy is slowing and unemployment is predicted to rise accordingly, it seems only natural that workers put their noses to the grindstone in an attempt to move up the ladder, or even just to make ends meet.
Whilst this is certainly the case for a majority of the population, for the remaining group there can be noticed a significant shift in their intention and chosen direction when it comes to making decisions about their working life. More and more people, females in particular, are choosing flexibility and family commitments over climbing the corporate ladder and earning the big bucks.
Currently, one of the most common options that people are turning to as a way to have more control over when, where and how much they work, is franchising. Once only associated with large multi-national businesses such as McDonalds and Starbucks, the franchising sector in Australia continues to grow steadily and can be anything from a cleaning business, to mortgage brokers and supermarkets. This growth is attributed to two major factors, one being that a greater number of successful business owners are looking to expand their empire and do so by creating and selling franchises. The second reason compliments the first, as people chose to prioritise what is important to them and what best suits their desired lifestyle, they are consequently choosing to purchase these newly created franchises.
Owning a franchise allows business owners to have control over a range of aspects that would be unlikely to be up for negotiation in a regularly employed position. By owning a franchise, business owners are able to set their own work hours, perhaps molding it around picking up the kids from school, playing tennis with friends at 11am on a Wednesday or any other commitments that may exist. They are able to work from home or a selected convenient location, as well as having the satisfaction of reaping the direct benefits of their hard work.
Franchising contributes large amounts to Australia’s economic landscape through not only creating a wealth of new business owners and providing them with a platform in which to learn and grow as business people and as human beings, but also provides job opportunities and valuable products and services to the community.
By purchasing a franchise, the franchisee is provided with a support framework from the franchisor. This can be anywhere from regular training, to marketing support and networking opportunities, all of which directly benefit the franchisee’s business as well as contributing towards the good name and future success of the company as a whole.
A recent Potential Franchisee Survey, conducted by Mortgage Choice, shows that for those considering purchasing a franchise, the most appealing factors were all related to the fact that what they are buying into is already established. In most cases, there is an established recognition of the business brand within the community. Purchasing a franchise also ensures that there is an established business model along with other necessary tools such as suppliers and access to support networks via the franchisor and other franchisees. Potential franchisees like the fact that there is a better likelihood of success when compared to starting a small business from scratch. It also opens the door for increased exposure through advertising and media as the combined resources of a franchise can access much more that a single small business owner.
Obviously, purchasing a franchise is not necessarily the right fit for everyone, however many of those that have made the choice would swear that it has made a drastic change in their lives and they will never look back. As with every important business decision it is strongly recommended that you seek professional independent advice before taking any action, as failure to do so could be damaging down the track.
At The Quinn Group the team of legal and accounting professionals are able to provide you with comprehensive advice regarding all aspects of buying and selling businesses and franchises. So, if you are looking to buy a franchise or would like to investigate if franchising is a viable option for you, call us on 1300 QUINNS or click here to submit an online enquiry, and one of our team will contact you to further discuss your specific situation.