Want to own your own business, but are unsure whether to go out on your own or buy into a franchise? Kristy Sheppard weighs up the options.
New business owners are increasingly going down the franchise path, which is reflected in the growth of Australia’s franchising industry (on a per capita basis, the most heavily franchised country in the world).
Its sales turnover is now worth well over $1 trillion and there are more than 960 business format franchise systems, nationwide, in industries ranging from fast food to financial services.
One quarter of Australian franchise systems have entered international markets and according to the Franchise Council of Australia, the sector contributes 14 percent of the Australia’s national GDP. But let’s look at the fundamental advantages of choosing one option over the other.
Self-sufficient business
No franchise purchase fee.
All profit generated from this business is yours and you can choose what to do with it.
You can brand your business however you like.
Not restricted by a franchisor’s directions and business processes.
You can develop your own policies and procedures.
No need to meet minimum performance standards of the franchisor.
Not affected by a franchisor’s loss of reputation.
You can promote your business via any means without seeking approval.
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