The great thing about a franchise is that it allows small businesses to stand up and compete with the big boys and it creates a pathway for a great business idea to be enjoyed by many. By taking a format and scaling it up, you can attract numerous franchisees and generate much greater revenues than you could ever do by yourself.
You’ll see many a franchise for sale in Australia, across a wide range of industries, with the job of getting started being the hardest thing to deal with. It’s a big step and it can be quite daunting, however, many have made a success of it before and so could you.
So, in answer to the question in the title of the piece, yes, you can start a franchise from scratch, but you will need to go about it the right way as their structure can be quite complex. Come with us now as we look at some of the key elements that you need to consider when trying to start yours.
Research, Research, Research
Perhaps the most important thing that you can do before you get started is research. You need to find out firstly whether your franchise model is both feasible and sustainable in the area you’re targeting and how much competition there already is in your chosen field. This data will help to guide you and prevent you from attempting to make an unwise and potentially costly choice.
Creating a Training Program for Franchisees
Something else you’ll need to create for your franchisees is a detailed instruction manual on how to replicate your success for themselves. Those investing in your program may never have worked in your industry before, so you’re going to need to lay everything out in a user-friendly way so that they know how to represent your brand in a way that reflects well on you.
Putting Support Structures into Place
One thing that’s going to be needed by your new franchisees is lots of support. While your franchise manual will help a great deal, what's also required is ongoing assistance for day to day matters. So, you need to put an adequate support structure into place so that you’re not spending every waking moment on the phone!
Preparing Legal Franchise Documents
What can’t be forgotten, of course, are the many documents and contracts that will need to be created as part of your franchise opportunity. You’ll likely need to enlist the help of a legal expert for this, which might require quite an investment, however, the protection these documents provide will prove invaluable when any kind of issues arises with your franchisees.
Learn How to Build a Franchise Opportunity Online
Created by industry experts who really know what they’re talking about, our courses offer a great way to get the knowledge you need at a pace that suits you and at a price that suits your budget.
So, if you’re interested in knowing more about this or any of the flexible training we offer at OCA, you can learn more by visiting us online at www.onlinecoursesaustralia.edu.au. If you prefer talking to us, you can call us on 1300 611 404 and we’ll be more than happy to discuss your requirements.
