If you're thinking of investing in a franchise in Australia, you're certainly not on your own. As of 2022, there are currently more than 65,000 franchisees in operation. Offering the ability to gain almost complete freedom in your life, it's not hard to see what makes the route so popular for a career change.
What's It Like Being A Franchisee?
That's a great question! Well, you had better be prepared for how busy you're going to be and that you'll need to engage with the best online courses to learn what's necessary and gain a competitive advantage. You are largely in control of things as a franchisee, but you will have to put the work in.
What Things Should You Consider When Acquiring A Franchise?
That's the crux of the matter, as there are many factors that need to be taken into account in order to ensure you're happy with what you're getting into. By reading on, you'll learn about some of the major considerations that need to be made so that your due diligence is carried out.
Element #1 - How Does The Franchise In Question Operate?
While you are essentially acquiring your own business when becoming a franchisee, you aren't going to have the same freedoms you would as a sole operator. Your franchise agreement could contain a lot of restrictions with regard to how you advertise, the administration courses that are relevant, and more, so you should take the time to understand what these set parameters mean in practice fully.
Element #2 - What Areas Does Your Franchise Territory Cover
When a franchisor sets up a network, each franchisee will typically have their own territory. This denotes the areas in which you're able to serve customers and those that are off-limits. That's not a real issue if you're in a business where people come to you, but if you're mobile, you have to ensure that you don't encroach on the territory of others. Before committing, be sure that you're fully aware and happy with the area you can market to.
Element #3 - Are You Happy With The Franchise Code Of Conduct?
As a franchisee, you operate with a certain level of autonomy, but you must adhere to the company's code of conduct. The franchisor sets the terms for how you conduct your business, so it's essential to be comfortable with the provisions outlined in the code of conduct. While it will likely cover standard aspects such as customer care and uniform requirements, it's important to review it thoroughly and consider seeking legal advice if needed.
Element #4 - Know Your Financial Risks
No matter what kind of business you're running, there will always be an element of financial risk, particularly when it comes to the factors that you can’t control. As well as the initial outlay, you’ll also need to know about any further costs that you may encounter further down the line, like replacing uniforms and refreshing signage.
That’s before we even start talking about local demand for what you offer, so getting some expert business advice before taking the plunge is often a good idea.
Element #5 - Make Sure You're Given A Disclosure Statement
The franchise market in Australia is a regulated one, with everything being governed in line with the Franchising Code of Conduct. The franchisor also needs to follow the guidelines set down by these regulations and has an obligation to provide you with a disclosure document.
This will likely contain a list of current franchisees in the business who you can contact for some honest advice. The insight it provides will tell you a lot about the company you're joining, so be sure to read it carefully and be guided by what you find.
Better Prepare Yourself For Franchise Success With OCA Short Courses
The sky is the limit when it comes to what you can achieve as a franchisee, but be under no illusion - success will have to be worked for! However, you can tip the balance in your favour with online education courses from OCA that are CPD Endorsed, modular and video-based, meaning you get to learn new professional skills at a pace that suits you.
Our learning experience is far more immersive than traditional text-based training, offering mental stimulation and enjoyment - as can be seen in our student study demo. You get 1-to-1 mentoring, too, as well as 24/7 tutorial support, so you'll never be unable to get help when you get stuck.
Our franchise courses are just a small part of our entire course library that covers more than 20 different industries - something you can see for yourself by visiting us at www.onlinecoursesaustralia.edu.au. There you'll also find flexible payment options that make our learning even more affordable.
Alternatively, if you'd like some advice on the best online courses for your needs, just call us on 1300 611 404 or email us at [email protected], and we'll reply without delay.
