Buying a Business? Here Are Some Tips To Consider

Chairman of the Franchise Council Australia, Michael Paul understands the reason why people go into business for themselves. He explains that people embark upon a Franchise business because of the opportunity to be your own boss, the challenge of building something, and work/life balance. 

Here are some of Michael Paul's tips that will have you well and truly prepared for the new and exciting business venture: 

1. Is Buying a Franchise for you?  

 "If the idea of being your own boss with the added benefit of a support network, training and a recognisable brand sounds appealing, then franchising might be for you."

2. How do you go about it and what resources are available to you?

"Franchising in Australia is worth an estimated $131 billion in annual revenue to the Australian economy, which is a sizeable portion of GDP, and something the Government takes seriously."

3.What should you know before signing up?

"Reading the Franchising Code of Conduct, while heavy source material, is essential reading before committing to a franchise business."

4. How do I understand the mechanics of Franchising? 

"It is essential you understand the mechanics of a franchise agreement and exactly what you’re signing up for.

5. What should you ask for from a potential franchisor?

"Apart from the obvious, like investment amount and inclusions, length of term and training, you will also need to know renewal arrangements, end of term obligations, territory restrictions and marketing plans".

Start your research today!