Most of the businesses that are household names all across the world are franchises. McDonald’s, Subway, Coffee Club, and Battery World are all examples of massively profitable franchises. There is a huge opportunity for growth in the franchise business model, so if you’re thinking of growing franchise business in Australia, here are a few things to consider first.
Is your business model rock solid?
Most entrepreneurs don’t start their business with the intention of creating a franchise. It is more often the natural next step of a business that is performing well. It’s also not as easy to sell your business to potential franchisees if you don’t have proof that your business model works.
Before putting all of your time and energy into growing your business, put the time and energy into ensuring your business model is solid, profitable, and scalable. That way when it comes time to bring on franchisees, you’ll have a lot to wow them with.
Research the business environment
The industry that you are operating in, and the demand that exists in that industry, will have a massive impact on how quickly you will be able to scale and franchise. The interesting thing about franchises is that you’ll often have to do that research over and over again as you move into new geographic locations.
Make sure you have a good understanding of competing businesses, similar franchise businesses, laws that are likely to impact your business, and the market demand for your product or service.
Make a plan to recruit well
If you aren’t extremely selective about the kinds of people you take on as franchisees, you may find that your brand is irreversibly damaged. Think about who your ideal franchisee is and how you can go about finding them.
Ideal franchisees are people who see and share your vision for the business, and who are committed to maintaining the same high standards that you do. You may choose to look to your network, or your existing employees to find those people who are a great fit.
Chat to people in the know
Growing a franchise business is complex, and there are many people whose expertise could help make the process a lot quicker, more efficient, and less costly. Speak to legal, accounting, and business professions to get expert advice on the best framework to run your business.
You will need a great team around you to ensure you have the best legal and accounting advice throughout your entire business journey, so make sure you’re investing in great people from day one.
If you are looking for the best accountants Brisbane to help you with franchising, look no further than MSI Taylor. We work alongside business owners to ensure their Franchise Strategy is robust. We provide a framework with which to find the information and resources required to drive success. We are also business advisors Brisbane and can provide the advice and expertise you need to grow your franchise business.