Is a Franchise the ideal startup business?
Franchises have a high success rate of startup businesses, with systems and support structures tested and part of the cost when you purchase a franchise ..
Find out here if a Franchise is for you.
Franchises have the attraction of enabling you to be your own boss and 'master of your own destiny'. Unlike other businesses, Franchises provide access to tested business systems and support structures.
Franchises exist today in retail, white collar services, home services, pet care, landscaping, adventure industries, party systems like jumping castles and Internet businesses. In fact there is a Franchise idea to suit everyone.
In Australia, Government regulation today protects the Franchisee from opportunists with the need now for extensive reporting and disclosure, maintainance of a support structure and operational manuals.
The result of this more regulated code of conduct is a reliable business model, and unexpectedly, an improved relationship with banks for lending.
The stability of many of today's Franchises means sombanks could lend for expansion on the basis of cashflow and profits other than having to mortgage the house.
Franchise systems are quite extensive and can cover:
Staffing - hiring, taxes and forms
When considering a Franchise some areas to consider include:
Professional image – would you be proud to be associated with this Franchise?
Failure rate of other Franchisees – is the Franchisor supporting the Franchisee?
Interview a Franchisee
Interview a competitor – what is said about the “other” Franchise
Why do Franchisees sell?
Internet businesses can share many of the attributes of a Franchise, especially systems and automation.
It is also easy to franchise an Internet business as many systems can easily be automated.
An Internet business can be established:
To remove 98% of the repetitive tedium of a business, so you can concentrate on what your customers need.
An Internet business can also be just the owner, or as large as is wanted to grow, involving many staff.