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
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