By guest bloggers Peter Knight, FCPA and Kate Groom
With over 1,200 franchise opportunities available in Australia, it’s difficult to find the right one for you. They range from home services to hotels, from bakeries to banks and everything in between. No wonder it seems so daunting!
There are some simple steps that will help you on your way to making the right decision. You see, it’s not about picking ‘the best’ franchise, it’s about picking the best franchise ‘for you!’
What is a good franchise to buy?
We work with a lot of franchises and are often asked, “What is a good franchise to buy?”. Is it better to buy a franchise that promises riches, or be in a business that you are passionate about? Should you go with an exciting new concept, or a well-established brand?
The best franchise to buy is the one that helps you meet your goals and gives you the lifestyle you’ve dreamt of. It ticks all your boxes! But the problem is, we all have different goals and dreams. A dream franchise for one person could be a nightmare for someone else.
The decision to go into business is one of the biggest you’ll make in your life, so it’s important to think about it carefully. You should research the franchise thoroughly. It’s also important to answer this question…”What are you looking to achieve?” A good way to work this out is to think about what success means to you.
What does success mean to you?
Success means different things to different people. We’ve asked many business owners what success means to them. Almost everybody mentions financial returns. No surprise there! We all need money to pay the bills. But some owners also said that money isn’t everything!
Many said there are other things that are also important. For instance, the freedom to make choices or to achieve financial independence. For others it’s about proving yourself, or knowing you can achieve a target. Some are excited by the opportunity to lead a team, or contribute to the community.
So, if you want find a business that will help you succeed, it’s helps to think about what that means for you.
You can start by thinking about these key areas.
- What are the main reasons you want to be in business for yourself? This will help you be clear on what you want to achieve.
- What are you good at and what do you enjoy doing? This will help you find a business that makes the most of what you are good at and enjoy at the same time.
- How much money do you need to make? You need to make sure you can pay the bills and earn a decent living!
- How much does the business cost and can you afford it? This is the reality check. You will also see if you need to save more, or if can afford to go into business now.
Once you’ve worked out the answers to these questions, use them to help assess whether the franchise you’re considering will help you be happy and successful.
When it comes to choosing a franchise, the best place to start is understanding what you’re good at, what you like doing and what you don’t like doing. If you can find a business that lets you make the most of your skills then you are on your way to not only making money but also doing something you love!
“The only way to do great work is to love what you do” (Steve Jobs)
Download our article “7 Questions to ask yourself before you Buy a Franchise“.
This is a guest post by Peter Knight, FCPA and Kate Groom. Through their business, Smart Franchise, they help franchise owners understand the financial side of business.
Peter is an accountant with over 25 years in professional practice advising business owners. Kate has worked with franchises for almost 20 years, focusing on business improvement. She was formerly Business Performance Manager with Kwik Kopy Australia.
Find out more about us at www.smartfranchise.com.au