Thinking About Buying A Franchise?November 8, 2011
Alongside the great Aussie dream of owning your own home, there is another dream that is fast materialising for many Australian families – that is – to own your own business. It doesn’t matter whether it is baking bread, selling hamburgers, mowing lawns or cleaning windows; there is something about owning your own business. For many people though it is a dream that, if not very carefully considered prior to realising the dream, could cost them their home.
The answer to this dilemma is simple. Anyone contemplating the acquisition of any franchise must do lots and lots of homework. Buying any business is a complex affair, made even more complex when you add a 70 or more page franchise agreement to the exercise. Thankfully today the task of sourcing the necessary information on most franchise businesses is made easier through the web, the Franchising Code of Conduct and the requirement of Franchisor to produce a Disclosure Document which is a formal presentation of the facts pertaining to the business.
So, if you think that you might like to buy a franchise business, make sure that you can say yes to the following:-
- Am I prepared to work 50 or more hours each week, perhaps even more to start with?
- Am I prepared to forego some social activity to focus on the business?
- Am I prepared to follow all of the franchise rules – not just the ones I like?
- Am I a team player – prepared to share my good and bad experiences with other group members?
- Am I prepared to commit the first two or three years to building my business, even though it may mean a number of personal, family and perhaps financial sacrifices?
- Am I prepared to earn less than I would like whilst building the business up?
If you can answer YES to all, then the chances are you will be successful so – happy hunting.
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