If you are really serious about owning your own business and are looking for a business that has a tried and proven success record in the marketplace, then franchising is the perfect option for you.
One of the many benefits of owning a franchise is the greater stability of the business compared to new, start-up businesses. Franchisors, having survived their mistakes while developing the franchise and operating their prototype locations, can guide their franchisees so they do not make the same mistakes.
In essence, many of the major stumbling blocks which could lead to failure are removed by a good franchisor. These franchisors prepare their franchisees for the business and then continue to support them.
A statistic often cited about small business failure estimates that over 80 percent of independent small businesses fail in the first three to five years. A recent study conducted by Edith Cowan University in Western Australia shows that franchisees are 2.5 times less likely to fail than independent small businesses.
A franchisor can support you in other ways as well. Some franchise organisations will help with the finance of your franchise so that you can own your own franchise sooner.
Of course, there are some drawbacks associated with owning a franchise as this publication outlines as well as tips to help you avoid many of the pitfalls of owning your own franchise business.
One way to avoid making mistakes is to ensure you thoroughly research your options and your market prior to committing yourself to a franchise operation. A franchise might sound good on paper but until you actually investigate its potential, you won't know for sure whether you have invested in a 'gold mine' or a 'lemon.'
We outline what you need to look out for as well as cover the common documents and clauses which relate to a franchise operation. We also look at your legal obligations and how the newly revised Code of Conduct will affect you.
This publication will be your guide as it provides you with a thorough examination of the franchise arena from the buyer's perspective. We've spent hundreds of hours independently researching, collating and writing this publication. In it we'll show you how to evaluate yourself and the franchise, provide you with checklists and all the important questions to ask when doing your research, reveal common traps to watch out for and how to protect your interests, and guide you in compiling and writing a professional business plan to help win over the bank.
We also show you why franchising in Australia is becoming the preferred option for many when it comes to starting up in business.
The guide also comes with bonus financial software ($105 value) to help you prove the viability of your business, and covers:
- What is franchising?
- The success of franchising in Australia
- Choosing the right franchise for you
- Evaluating the franchise and franchisor
- All you need to know about a franchise agreement
- Business planning and gaining finance
- How to make your franchise a success
- How new changes to the Franchise Code of Conduct affect you.