On the Franchise Council of Australia's website, Franchising is described as the following...
Franchising is not a business itself, but a way of doing business.
It is essentially a marketing concept - an innovative method of distributing goods and services. It is also an extremely successful and rapidly growing aspect of Australia's small business sector.
Once the initial fees are paid and the training has been completed, a franchisee enters a network of 40,000 locations, 75 industries, and 10 million workers, according to the International Franchise Association. Because a franchise is a small business with a pre-established network of customers, suppliers, and investors, there is an allure for new and seasoned entrepreneurs alike.
If you are unsure if starting a franchise is right for you, consider these 8 benefits to taking the plunge:
- A franchise provides the independence and benefits of owning a small business with the security of being supported by a larger business network.
- A franchise is a great learning experience for young entrepreneurs. A franchisee often receives training from franchisors allowing them to learn how to run a business with little to no prior experience.
- Franchises have a higher success rate than start-up businesses.
- Starting a franchise is often more affordable than starting a business from scratch. This means it serves as a financially more appealing investment for new business owners.
- A franchise often comes with brand equity or the advantage of a sound reputation and customer loyalty making it a business more likely to survive its first years.
- A franchise comes with the support of national marketing campaigns, meaning you have to invest little in building the brand.
- A franchise often comes with set relationships with certain suppliers which means you do not need to reinvent the wheel to source materials and supplies.
- Although an independent business experience, a franchise comes with a network of support from other small business owners on the same track as you.
If you are interested in opening your own franchise, contact a local Transworld Business Advisors office today! Regardless of the industry, location or size, there are a number of franchise businesses to consider and pursue for your next entrepreneurial endeavor and the experienced business brokers at Transworld are available to help you find the perfect match.