look out for our
next special feature:Out WItH tHE Old,
IN WItH tHE NEWfEATURE:
F ixed v
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oBile Fr
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chi
SeS
Support ANd trAiNiNg
As with any franchise, it is important
to ensure that your franchisor provides
adequate support and the ongoing training
required to operate your business. This is one
of the major benefits of being involved in a
franchise system; you are becoming a part of
a successful formula that is replicated again
and again, and it is the franchisor’s job to
ensure that their franchisees are adequately
supported to be able to operate their business
e ffec t ively.
Ensure that you discuss with your franchisor
what will be provided in order to begin
operating your franchise, and what ongoing
training will be provided.
due diligeNce
Regardless of the type of franchise you
choose to purchase, by conducting thorough
due diligence you will increase your chances
of making a good decision and of future
success.
Due diligence is the process of evaluating
the prospective business purchase by getting
information about the financial, legal,
operational and other important aspects of
the business.
Some of the questions that need to be
answered include:
• Do you enjoy the work involved in this
franchise?
• How much will you need to invest to buy
and operate your business?
• What initial and ongoing training will
you receive?
• What level of support will you receive
with managing your business?
• What kinds of marketing activities are
conducted by the franchisor?
• How will you receive leads? Will they be
provided by the franchisor or will you
be responsible for generating them for
yourself?
• Does the franchise have the ability to
remain competitive and maintain its
brand value?
Evaluating a prospective franchise business
is not an easy process and professionals in
franchising can help you carry out your due
diligence. An accountant, lawyer and your
bank are important sources of advice and
knowledge.
Talking to those already involved with
the franchise system is a great starting
point; franchisees can share firsthand their
experiences with operating within the
franchise system. The franchisor shouldbe forthcoming with the contact details of
current franchisees.
It’s also recommended you read the
Franchising Code of Conduct to understand
your rights as a franchise and those of
the franchisor. The Franchise Council of
Australia has an abundance of information
relating to the code as well as recent changes
and reviews of these changes on their website
http://www.franchise.org.au.eNjoy the ride
So whether it’s a mobile franchise or a fixed
site franchise that suits you best, we hope
this brief guide has given you some insight
into the benefits of each, and wish you luck
on your franchising journey.“A home BASed FrANchiSe could Be the right
wAy For you to SKip the dAily commute,
le Ave the oFF ice griNd BehiNd, ANd eStABli Sh
A BuSiNeSS From home.”
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