We all make many different decisions during our lifetime. Some are straightforward to make and do not affect other avenues of our life. Then, the bigger decisions have a bearing on other aspects of our lives and must be taken very prudently.
If you are planning on becoming a franchisee, it is a big decision, and there are many things to consider before signing on the dotted line. Let’s look at some of the smaller steps you need to go through before taking this major decision:
This is one of the first things to ask yourself because you need to know whether you are cut out to manage a business. If you have these traits, then franchising could be the right option for you:
Once you find that you are a good fit for this type of business, move onto the next step.
You need to determine which franchising opportunities would work well for you. There is a simple way to do this. You know what you want in a business, so establish the criteria a franchise must do or have to align with your requirement. Some things to consider at this point include:
In addition, think of all the other things you will want in a franchise to work for you. It’s crucial to be specific about these points and add them to the list. Once you feel your list is complete, move onto the next step.
If you are keen on a food franchise, look online using the keywords “food franchise in Australia”. If you are more interested in a home-based business that is what you should look for.
Once you have found a business you feel you might want to be a part of, conduct research. Understand what they do, visit their website, read reviews about the company/brand and gather as much information as possible. If you know someone who is part of that franchise, contact them and get firsthand information about the company you are looking at. The more research you do, the more confident you will become about the decision you make.
This is something you should be doing alongside conducting research. Finding the right financing option takes time, so it’s a good idea to get that in place simultaneously. You would still have to wait until you make your final decision and then approach the bank or financial institution with your business plan.
Once you have found a franchise you are interested in, contact the franchisor, have discussions with them, ask questions and get your doubts cleared. Collect all the relevant documents from them and have a franchise attorney look through them. Once you have everything in place, the next step is to decide about moving forth with buying the franchise.
As you can see, there are several steps involved in the process of becoming a franchise owner. Do not go about these hurriedly. Spend sufficient time researching the business, its standing in the market and the terms and conditions mentioned in the contract. Get your finances in place, discuss your decision with your family and then take the final step.
If you want any more information on how to plan entry into the franchising space, contact our Franchising Consultants at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact form, and one of our experts will contact you as soon as possible.
Thanks for reading,
The Franchise Institute Team
1300 855 435