What are the benefits?

Becoming a franchisee can offer many benefits over starting a business on your own, but not all franchises offer all the benefits. Among those that you should be looking for are:

Strong brand. Is the brand name and logo well known to target customers?

Marketing support. Is there an existing customer base to work from? Is there a proven marketing plan to help you get and keep customers?

Proven systems. Are there detailed systems and procedures for all aspects of running the business? Have these been proven to work over a number of years? 

Equipment and Materials. Does the franchise offer exclusive access to equipment and materials that provide a competitive advantage? Does the franchise help with fit-out and signage for your new premises?

Location. Does the franchisor provide advice and guidance to help you find the ideal location for your business? Some franchisors have a portfolio of locations to be matched up with suitable franchisees.

Finance. What support does the franchise offer to help you raise finance? An established franchise should be able to introduce you to the major banks and be able to provide financial projections and other documentation to support your application for finance. Of course, your application will also depend on you and your own track record with banks.

Success. Statistics show that franchise businesses are far more likely to succeed than independent businesses. Does the franchise have successful franchisees in a similar market area to yours? Can you speak to them?

 

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