Struggling to find the right franchise? We’re here to help
You’ve most likely spent a considerable amount of time researching the best possible franchise opportunity for you. At this stage, you might feel like a never-ending task with boundless options with as many questions as answers.
Partnering with a franchise requires time but the process should be a considered investment and not an impulse decision. Take your time, get the answers to your questions, so you can make the most informed decision when the time is right for you.
Pick the right franchise for you, in a sector of interest, at a price and time that works for you.
A franchise is a considered investment
Franchising is commonly cited as the common-sense path to business ownership, and a franchises have much higher success rates compared to independent businesses.
When investing in a franchise, you are forming a partnership with an established expert with in-depth market knowledge. The parent company will have overcome the obstacles already - they've made all the mistakes so that you don't have to.
A franchise increases your chance for success
When evaluating potential franchise opportunities, begin with businesses that you have a real interest in. Picking a product or service that you have a passion for will increase your chances of devoting your time and energy into the venture. This will be key to a successful business.
Will you be able to operate the franchise and follow the systems? Remember, franchisors are looking for the ‘best fit’ when it comes to their franchise, so having a pre-existing interest in your chosen industry is essential.
Best Fit Franchisees
Franchise investment is a long-term commitment, often a 5 or 10 year renewable term so careful consideration is required.
It is a good exercise to examine your life goals and ensure the franchise of your choosing fits in. Are you planning to stay in your current home? What is your budget? Can you expand the business? Do you have the support of your family? Once you’ve started this thought process, many more questions will come to mind.
Find out what your franchise fee includes
A franchisor will want to recoup the costs of onboarding you as a franchisee but there is more. Another cost incurred by the franchisor is the ongoing support. There are many more areas that could be included here but ask what you get for the fee you are paying. You will probably be surprised, in a good way, especially if you consider the cost to get this on your own.
Consider the total cost of a franchise
Like any business, a franchise requires working capital and cashflow to survive. Many profitable businesses go under, not because they are not profitable, but because they run out of available cash.
This can be true of a franchise too. A franchise business (like any business) will need marketing, staff development, stock, goods or services you need all come at a cost. And that’s before you consider taking your salary or profits!
Help is at hand to assist you
Starting a franchise doesn't need to be a stressful process. Of course, there are numerous different elements at play when you begin this kind of business, but the joy of franchising is you're not alone.
There is the franchisor, other franchisees and before the process even starts, we at Franchise Direct are here to provide a helping hand too.
OurUltimate Guide To Franchising in Australiawill provide you with everything you need to know to start a franchise.
We hope to see you join the world of franchising very soon!