It’s no secret that purchasing a franchise can be an excellent way to find business success. Being part of a franchise means not only that you’re selling goods or services with instant brand recognition, but you also have access to a whole range of support services and training specifically designed to help you succeed.
Like any investment however, nothing is guaranteed. One of the best ways to ensure success is to choose the RIGHT franchise, and that means not only making sure you are a right fit for the franchise – but that they are the right fit for you too. In order to ensure that you’re starting out with the best chance possible, there are a few things you need to consider.
4 Things to Consider for a Successful Franchise Partnership
- Costs – Financial considerations are one of the most influential factors when deciding which franchise to own. You need to make sure that the price for the franchise fits your budget, and that the future financial goals of the business suit your requirements. Some of the costs that you may be liable for may include: the initial franchise fee, set-up costs, royalties and advertising fees.
- Controls – In order to have a successful franchise, the franchisor typically needs to have a certain amount of control over how the franchisee’s conduct their business. Things like: site approval and design standards, as well as restrictions on goods for sale, sales areas, marketing, or methods of operations. These controls help to ensure uniformity across the brand.
- Support Networks – One of the biggest assets when opening your own franchise is that you have access to people who have already been in your position and have lots of great information for getting you through the first year (or decade!). A great franchisor will support relationships between franchise owners so that you can get support and advice from people with the same goals and passions as you.
- Terminations & Renewals – Typically franchise agreements are long term agreements but it pays to know ahead of the game what happens if you – or they – want out. You need to make sure you know what your exit plan is for future planning.
Did you know that Kwik Kopy is one of Australia’s top rated franchises? Contact the team today for more information about our great franchise opportunities.