Making the decision to invest what is sometimes your life savings, into a business, is a major step and one full of perils. As such, this process should never be taken lightly.
Steve Seddon, Snr Business Development Manager, Westpac
What you should prepare before you ask for a loan.
Going to a bank and making a loan application for finance to purchase or set up a business can be very daunting. Some say this is one of the most stressful things you will do in your life. This doesn’t need to be the case as this stress can be reduced by some premeeting preparation and research.
By Troy Wilson and Matthew Kidd, Grant Thornton Australia Limited
This article appeared in Issue 3#4 (May/June 2009) of Business Franchise Australia & New Zealand
The global financial crisis that started in the 2008 calendar year is emerging into a broader international economic slowdown in 2009.
In Australia, the slowdown has recently resulted in a marginal softening of the employment market as employers tend to either reduce their take up of new employees, or release employees from employment to manage costs.
By Rod Nuttall, National Executive Manager of Franchising, Commonwealth Bank
This article appeared in Issue 3#5 (July/August 2009) of Business Franchise Australia & New Zealand
It’s a common misconception among new franchisees that business plans are purely a means of securing funding. However, a clear, concise and realistic plan will not only help franchisees win confidence and funds from their banker, it will also act as a roadmap for ongoing business success.
By Rod Nuttall, National Executive Manager of Franchising, CBA
Australia might be a long way off the US situation where groups of franchisees band together to form publicly listed companies. But there are new trends emerging in the franchise industry including multi-store and, more recently, multi-brand franchises that demonstrate a maturing sector which can now provide more scope and opportunity than just the traditional single site operation we’ve come to consider as standard for the sector.
For at least the last decade, a discretionary trust has been considered the best structure to operate a small to medium enterprise (SME) in Australia. Recent changes mean this may no longer be the case.
This article appeared in Issue 3#2 (January/February 2009) of Business Franchise Australia & New Zealand
FRANCHISE AGREEMENT FINANCIAL OBLIGATIONS
Franchising can be an excellent way for someone to own their own small business. Owning a franchised business can offer many advantages over owning a non-franchised business, such as the comfort of operating a proven system, support from the franchisor and the network, assistance in establishing the business and training staff, and a greater likelihood of survival than other small businesses.
This article appeared in Issue 3#3 (March/April 2009) of Business Franchise Australia & New Zealand
Over the last few years, the major banks have joined a group of financial companies in creating a series of finance franchises, which are on offer to the public. These finance franchises come in different forms, and rely upon the operator writing or broking a loan between the customer and the money source.
By Rod Nuttall, National Executive Manager, Franchising, Commonwealth Bank
This article appeared in Issue 3#3 (March/April 2009) of Business Franchise Australia & New Zealand
The global economic downturn is clearly a major hurdle for all businesses and franchising is no exception. However research indicates the industry will continue to grow this year. According to an IBISWorld Industry report (Sept 08) the sector will generate revenue in 2008-09 of $170 billion, which will be an increase of 5.2% compared to 2007-08.
By Anthony Windress, Executive Manager Key Accounts, The Commonwealth Bank
If you’re a first time franchisee and you’re looking for finance to acquire a retail franchise, the key message is do your homework to show the bank you understand the business, be upfront about your own financial position and make sure you have a really solid business plan to show your bank.
When it comes to initially securing finance for a retail franchise, there are two approaches you can take.
First, you can talk to the franchisor about which banks have accredited the franchise.
By Darryn McAuliffe, National Manager, NAB Franchise Banking
The most successful businesses regularly review where they are heading and what they need to do to reach their goals.
From my experience working with franchise businesses, I’ve drafted the following tips to consider when planning to help your business go from strength to strength this year and beyond.
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