Across the Australian economy franchising has taken its place as a forthright industry of choice for 10’s of 1000’s of Australians wanting to get into a business, become successful, build a future for themselves and their family and contribute in so many ways.
When I say franchising is for everyone and everywhere, the facts speak for themselves. There are around 90,000 small businesses directly operating in a franchise model in Australia. Compared to America, which has about 900,000 small business across franchising, Australia is standing out as a country which loves franchising and has embraced it. Per capita we are easily in the top 5 franchising countries. Even though arguably, Australia carries one of the most regulated franchising industries in the world, this has not, as yet, stopped the growth of franchising in Australia.
It is fare to say that when a person considers getting into a franchise the scope and scale of choice can be overwhelming. It is a matter of; where do you start, not should I start. But don’t be put off by that, if it feels right and attracts you, it is best to lean in, ask questions, learn and build your knowledge of what kind of franchise might work best for you.
Three critical and important things to consider before you jump in.
1. Is the franchise you are considering a good fit for you as a person. That is, can you see yourself getting up every morning and going to work in the franchise you are considering buying. It is a simple but critical question. For example, if you are not a morning person, perhaps not a franchise that needs you to be on deck and bake at 4am, or if you don’t like cooking, perhaps not a food franchise, or if you don’t like the outdoors, not something that has you outdoors all day. These are simple considerations but important ones.
2. Have you got the financial backing to get you started, support you operationally in the franchise with a backing behind you should the start not go as planned. Financial security and foresight are critical in making your decision.
3. Is the franchisor you are choosing fully transparent, providing you with all the access and answers you want and need up front including full disclosures as is required by the franchising code of conduct. There are no silly questions, you should ask everything and anything that is on your mind before you get into the purchase phase. Well researched, self-informed, well-informed, due diligence can never be underestimated or under done.
There is plenty more to consider being entering into a franchise and your process and journey to purchase will be full of documents and information, but the good thing is, once that is done, you are set and ready to get started your pathway in franchising and it could go anywhere. Remember there are also lots of information and available tools online, all over social media and plenty of reference points to get your head around the path to franchising you may choose or considering.
A fun fact, the largest franchisee in the world is the Flynn Group (formerly Flynn Restaurant Group), which operates over 3,000 restaurants and generates more than $5 billion in annual revenue. It was started and is still owned by Greg Flynn who kicked off his franchising journey with eight Applebee’s restaurants in America. Today the Flynn Group operates in America, Australia and New Zealand and who knows that they might do next. Remember, the Flynn Group is a franchisee, not a franchisor and has amassed an empire of success by being in franchising, being exceptional as a franchisee and supports thousands of people with job and opportunities. It is a remarkable and aspirational story of success built on being a franchisee.
Not everyone that enters franchising is meant to be that big. Just one franchise well run and loved can be as successful for you. There are 1000’s of franchisees in Australia who have one outlet, are happy, financially secure and may well have been a franchisee for decades. Whatever your journey in franchising there is a path for you. Australia, and the world awaits the next super charged franchisee, could that be you?
