Business Franchises

 

What is a Franchise? A franchise is an authorisation or licence to sell a company's goods or services in a particular place.  The term is also used to refer to a business that is established or operated under such an agreement.

Taking out a franchise entitles you to trade under the trade mark or trade name of an existing business.

Some companies chose to grow by selling their products, services and ideas through franchises. There are franchise businesses, of various levels or complexity and cost, operating in almost every area of business.

What to expect from a franchise:

  • You are looking for a good idea that has been tried and tested - look for real evidence that the idea and product works and sells.

  • A franchise will be assigned for a particular trading area.  Make sure you have suitable customers for your patch and that you are not competing with other franchise holders.

  • A good franchiser will provide training and assistance with securing funding and providing marketing.  Large franchisers may have major advertising campaigns.  Some franchisers may provide you with initial customers.

  • Look for help with after sales support.

  • Ensure that products and services you receive from the franchiser are at a good competitive wholesale price - you need to have a good profit margin and still be competitive.

Before making any commitments, investigate a few franchise opportunities online.  You will find a number of specific franchise opportunities as well as directories of available franchises.  Each franchise will be very different, by comparing a few that appear of interest to you you will begin to understand some of the different packages available, how they will work and what questions you will need to ask.  Don't expect to find out trade secrets before signing a contract, but you should expect to be given some information about the financial aspects of the business before any commitment is required.

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