The decision to be your own boss is an exciting one, but choosing between starting your own venture, buying an existing business, or investing in a franchise can be daunting. Starting your own business requires a passionate vision and deep pockets, while an existing business offers instant cash flow but also the challenge of maintaining previous standards.
If you're looking for a more structured option, franchising might be the way to go. It's a thriving industry in Australia, with over 1,200 business franchisors and more than 591,000 people employed directly in franchising. Here are our top 7 key benefits to help you decide if buying a franchise is the right choice for you:
1. You're Buying a Proven Formula:
Franchising offers a proven business model. The franchisor has fine-tuned what works and what doesn't over the years. You're getting a tried and tested, stable model.
2. Access to Training and Support:
Franchisors provide training, guidance, and support to their franchisees. You'll receive in-depth induction and on-the-job training, equipping you with the tools needed to operate the franchise successfully. Additionally, built-in support systems ensure you're never on your own.
3. Brand Power:
Joining a popular and reputable franchise with a strong corporate image gives you a head start with a recognized customer base. This helps you establish your business faster.
4. Minimized Risk:
Buying into a franchise reduces the risk compared to starting a business from scratch. The experience and proven system increase your chances of success.
5. You're Still Your Own Boss:
As a franchisee, you maintain control of the business operations while following the established formula and system for success.
6. You're Not On Your Own:
Franchisors genuinely want their franchisees to succeed and provide support through area managers, training staff, and helpful advice. Networking with other franchisees also offers a wealth of knowledge.
7. Do Your Own Research:
Contact existing franchisees to get real insights into the business. Ask questions about support, stock availability, marketing, and business support. Talk to at least 10 franchisees to get a comprehensive understanding.
In the end, being a successful franchisee requires astute management and knowing how to handle the complexities of running a business. Make an informed decision and be prepared for a rewarding journey as a franchise owner.
Updated July 26, 2023
