Franchising is a popular method of establishing yourself in business but it is not for everyone.
It is a fast growing area in Australia and worth researching but investigating is the word.
To establish yourself in business you do need to be passionate about it whether it is your own idea or in the case of most franchises someone else's idea.
Can you really imagine yourself taking on a fast food place, a coffee shop a lawn mowing business or whatever else is in the market? Nothing is easy. It just sounds that way. Businesses of any kind are usually 24/7 affairs. If you are not actually there at the place of business, you are ordering, doing paperwork or worrying. Make sure it is what you want to do for several years at least and for the rest of your life.
You need to find out a lot about the proposed franchise. Has it been in operation for a long time, or is it relatively new? How much competition is there and what would your territory be? A franchise is a big investment. How does it compare in return with other investments available in the market?
The world of the franchise seems to be rather like quicksand. Before you sign any agreement have it checked out by a solicitor. Not the one that arranged your house transfer or advised you on your will but someone who is an expert on franchise law. The Law Society or a consultancy firm should be able to give you advice on this matter.
You will need the same kind of franchise knowing solicitor to advise you if it is your own business that you dream of franchising. Just having a very successful business that you hope to expand is not enough. It will take a reasonable amount of money and energy even to go into the research and development aspect of trying to spread your business.
Market research is the first step. Is your business really unique or are there a number of similar concepts? How are these businesses going as well? Are you the most successful? Is your idea likely to be as popular in another suburb or is there something about your particular situation that has caused you to hope it could take off?
To market a franchise concept will need to re-packaging the whole deal in a legal, promotional and advertising way. You can not sell an idea without you can present it like a package to the buyer. A whole concept may need equipment and furnishings, copyright recipes and slogans. Put some feelers out to the selling franchise market and see just what others are offering. This will give you an idea about what you will need to do. There is no doubt that franchising in Australia is about to make a great leap forward as it is now one of the fastest growing sectors in our business world. But if you want to take part in it tread carefully.