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The Starting Line – How to Decide Which Business is Right for You

by Olufisayo
How to Decide Which Business is Right for You

Are you tired of the day-to-day work drudgery, that overbearing boss, or toxic work environment? Do you imagine a different kind of life for yourself, perhaps owning a business? While there are definite risks involved with self-employment, many people instead opt to own a franchise in Australia. It is a way to become a business owner but with a little bit more security; making buying a known brand and a tested business model an appealing option.

There are approximately 1,160 franchise brands available for purchase in Australia. Checking resources such as the Franchise Council of Australia are a good place to start your search, where you can find a full range of franchise business options on offer.

Keep reading to learn how you can decide on which kind of franchise business to choose for your business goals.

How to Decide Which Business is Right for You

Make a Few Lists

If you are really serious about leaving a full-time job or adding to your workload with a side-business, it’s best to find a business that you truly enjoy. Make a list of things that you enjoy doing. There are franchises for not only food service, but beauty, financial, educational, automotive, fitness, cleaning, retail, and more. There really is a huge selection out there, so take some time to find something that truly sparks your interest.

Next, make a list of what services or products may be lacking in the market in your area. Is there a need in your community that you can fill with a particular business? Look for opportunities with a long-term vision for success. Take note of which franchises have been profitable, and connect with current business owners to ask questions and advice. Asking questions and seeking out first-hand information can really help prospective buyers to make the right call.

Slow and Steady Wins the Race

Take your time and slowly do your research to find the right franchise business for you. A steady, stable, and strong leadership personality is needed for the ups and downs of entrepreneurship. Depending on the type of franchise, there can be a small investment or a larger one required, so it’s best to make sure that the business you choose is the right fit.

Advice from a lawyer and accountant is highly recommended and can really help you out if anything goes wrong down the line. Be sure to take the time to fully understand the implications and requirements of your franchise purchase before you sign on the dotted line.

While you’re carrying out your research, make sure you are financially prepared for your purchase. A return on investment can take over a year or even several years, so you must have a cushion to operate running costs during the startup time period. Plan ahead and start saving now before you make your franchise purchase.

Support and Training

Franchisors are required to provide ongoing support and training to help with new franchisees starting a business. The more detailed the training, the better for you as an owner to understand the operations and to guide employees going forward. Operation manuals, employee hire and training practices and brand guidelines should be clearly laid out for new franchisees. These resources will be invaluable to the success of your new venture.

When looking into a particular business, go to other franchise locations and try to speak with current owners. Some franchises are owned by a conglomerate, such as Foodco Group or Minor DKL Food Group, so it is worth checking out each brand in the group to get a sense of the company’s culture.

Make the Right Call

Embarking on a new business venture is a daunting task and you’ll have some very important decisions to make right away. With a franchise, your first decision is, arguably, going to be the biggest one you will make for quite some time. Which franchise you choose to invest in can be make or break for your business.

Make sure to make a solid list of your interests and what opportunities are available in your area and start from here. Choose a franchise with a good track record in your area and one that provides all the support and training you need to get started. Before diving in, make sure you seek out advice from those who have been in your position and let them help you make the right call so that you can be confident knowing that your new franchise will stand every chance of success.

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