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Ways To Choose Franchise For Your Business

If you own a franchise business, selecting the right person to purchase a franchise from you is crucial to the success of your business. After all, this person will represent your brand to customers.The franchisee will own and operate their own business with a contract or license to use the franchise. This contract will define your relationship and how the business must be operated.


Your resources

One of the biggest considerations is both the financial and non-financial resources you are able and willing to invest into the franchise. Your resources will be the major deciding factor in what kind of franchise you invest in – a business-to-business franchise or a business-to-consumer franchise.

Time and lifestyle

How much time do you have to commit to becoming a franchisee? There is a huge range of franchises in Australia and each one demands a different amount of time from you. If you are attached to a certain lifestyle and unwilling to compromise, this could mean that you are narrowing your options when it comes to choosing a franchise.

Money

A similar sentiment goes for your money; assessing your financial resources to ensure that you are in a position to support a franchise is extremely important. Without adequate finances, your franchise simply won’t get off the ground.

Location and employees

How far are you willing to travel? It is ideal to choose a franchise that has a location near your residence. It means you are able to be a bigger part of the community – this is important, you need the local community to survive! How many employees are you willing have? Franchises can be a solo affair or can have 20+ employees and anything inbetween. Knowing your stance on location and employees will help to hone in on a franchise that will work for you.

Laws and regulations

If you already have a franchise in mind, the next step is to find out as much as you can about the Franchise Code of Conduct. It is a mandatory industry code and the Australian Competition and Consumer Commissions (ACCC) regulate it. The Franchise Code of Conduct sets out your rights, obligations and other crucial information you will need before you buy a franchise, as well as during your time as a franchisee.It is also worth noting that the rules and regulations regarding franchises differ from state to state, so it’s worth your time to become acquainted with the regulations for your state. The Australian Government has created a helpful resource to assist you with this.

Risks and rewards

Just like buying any business, it’s important to know what you’re getting yourself into with your potential franchise. Every franchise will have it’s risks and it’s opportunities – ensure that you are as informed as you can be before entering into a contract. Making a mistake due to ignorance will put you on the back foot before you’ve even begun. The Queensland Government provides a great checklist so that you can consider whether your potential franchise has risks and opportunities that are aligned to your business ambitions.

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