We give you 3 tips for buying a franchise!
Many people buy their first franchise when they are working for someone else and are looking to start their own business and become their own boss. This is a big decision to make; as there is a large variety of franchises available in Australia. Should you aim for a product/service that you already know well, or should you consider learning new skills and jumping onboard a franchise that is on the rise?
One of the great things about buying a franchise is that you don’t necessarily have to have experience in that field. Franchisors will usually have a structured training program to ensure that new franchisees gain the skills and knowledge required.
However, this does not mean the decision can be taken lightly! Before looking at franchise opportunities you need to ask yourself:
After reviewing yourself, you should have some sort of an idea as to what industry/s you would consider. Some industries present far better opportunities than others!
Are there any serious threats to the industry? Threats include current competitors, likelihood of new entrants to market, or even new technology that may make your current business model obsolete (how many Blockbuster Video stores do you see these days?). Is the demand for this product/service growing, declining or is there a constant level of demand?
IBISWorld is a great place to start your research on industry outlook.
When you buy into a franchise, you are making a long-term commitment. Therefore you need to ensure that the franchise is likely to stick around for the long term and give you a solid return on your time and money.
Things to look for:
If you have found a franchise that meets all the following criteria, you may have found an excellent opportunity! While it will be hard work, and require a level of commitment that goes above and beyond that of an average job, you will have the opportunity to reap the rewards of your hard work!
Triple O Property Maintenance has franchise opportunities throughout Melbourne. Franchisees have the opportunity to work close to home in their own large, exclusive territory, receive induction and ongoing business, practical and WH&S training, and have leads and marketing provided. Find out what our franchisees have to say, or take our quick online test and find out if you have what it takes to become a Triple O franchisee.