At last count, there were over 1,100 franchises in Australia, employing over ½ million people and it’s an industry that’s worth $144 billion every year. Those businesses that are able to turn their great ideas into a successful franchise get to enjoy far greater revenues than they could ever earn on their own, so how easy is it to do?
Despite what some might tell you, setting up a franchise involves more than just advertising your franchise for sale, giving your franchisees a manual and gathering your payments. You’ll need to do much more to establish your network, support your investors and much more besides.
While this can all seem a bit daunting at first, there are flexible online courses like our Building a Franchise Model course to help you along. However, before we tell you more about it, we’ll first give you five tips to aid you on your franchising quest, so if you’re ready, we’ll begin.
Tip 1 - Create Comprehensive Business Processes
As the franchisor, you’ll know your business inside out, but investors are basically entering things blindly, so your franchise processes, your mission and everything that makes you successful needs to be clearly laid out in a manual, so that they’re able to replicate what you do.
Tip 2 - Employ the Services of a Franchising Solicitor
The legally binding agreement document between yourself and your franchisees needs to be water-tight, both for your sake and that of your investors. Inside you’ll need to cover their responsibilities, royalties, rights and everything else that matters, so using a solicitor specialising in agreements of this kind is a really wise move.
Tip 3 - Choose Your Franchisees Carefully
The secret sauce in any successful franchise is your franchisees, so picking the right people to work with is vital. Taking the time out to get to know your potential investors before committing will help you to determine whether they’re a good fit to represent your brand or not.
Tip 4 - Offer LOTS of Training
Your new franchisees will be crying out for knowledge and training when starting out and it’s your responsibility to provide it and lots of it too. Fail to do so and not only will your franchisees be less likely to work in the way you’d like them to, but their possible lack of success will result in dissatisfaction.
Tip 5 - Be Fair But Firm About Your Standards
It might feel a little awkward to reprimand your franchisees for failing to meet the high standards you’ve set for them, but it will benefit everyone in the greater scheme of things. They’re effectively breaking their contract with you, so you need to be firm, but fair to resolve matters, while also showing other franchisees that they shouldn’t stray too far from the agreed rules.
Get the Skills & Knowledge You Need Online With OCA
There are undoubtedly lots to consider when you’re trying to get a franchise off the ground, but as we mentioned earlier, there are cost-effective online courses to help you develop your skills and knowledge at your own pace. At Online Courses Australia, our franchising course teaches you everything you could possibly need to know about starting your own and how to run it once established.
You can find out more about our flexible payment options and the fact that each hour of study counts towards one Continuing Professional Development (CPD) point by visiting us online at www.onlinecoursesaustralia.edu.au.
However, if you’d like to know more about this or any of the online training we offer across a wide range of industries and sectors, you can talk to us by calling 1300 611 404 today.
