If you are a budding entrepreneur with little hands-on experience and you want to make your mark on the business arena, you should consider taking on a franchise rather than setting up a new business from scratch.
Ride the wave of success
The biggest attraction to a franchise business is that you are riding the wave of success that was created by the franchiser. No one would ever bother trying to franchise an unsuccessful operation, as it simply would not be attractive to a franchisee. A parent company would have at least 10 years of hands-on experience in the chosen business sector and using their business model is the pathway to success. There are, for example, some great Asian restaurant franchise opportunities available in Australia and you can reap the rewards of a known brand.
Suitability
Taking on a franchise is not a one-size-fits-all approach; indeed, the franchiser screens all applicants to ensure they are completely suitable. When you approach a franchiser, they have you fill in a questionnaire and interview you, to be sure that the franchise is right for you and that you have a clear understanding of what to expect. In the event the franchiser thinks another type of business would be more suitable, they would tell the franchisee. In the event both franchiser and franchisee are happy, contracts are signed and the project is underway.
Hands-on training
The level of support that you receive from the parent company is nothing less than comprehensive; from marketing right down to customer service, you have to follow a strict regime that is laid out by the franchiser. They have perfected a business model that works and if you stick to that, you should enjoy a level of success. Click here for information on taking an online BS in Business Administration.
One-time fee
It is normal for a franchisee to make a one-off payment to become part of the organisation, while there might also be a smaller annual fee to cover a range of costs that include marketing and general management of the business. The parent company would assign a franchise manager who would be the only person you deal with; he or she would be your guideline and it is their role to support you in any way necessary.
Stick to the plan
Their business model obviously works and if you stick to the plan, your business has every chance of success; every aspect of the operation is pre-planned and franchisees are encouraged to stay within the guidelines.
If you are keen to learn, you should have no problems learning the ropes and with an experienced franchiser in your corner, the only way is up. Start by searching with Google for leading Australian franchise opportunities and view the wide range of businesses that are available for franchise.
It is vital that you have a high level of interest in your chosen industry and if the franchiser accepts you, that is virtually a guarantee of success.
