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Franchising
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Buying a new franchise
Buying a franchise gives you the right to run a business and sell a prescribed product or service. Before you buy a franchise, you should consider the same issues as when purchasing any other business in addition to the specific issues of franchising.
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Consider whether this is the right opportunity for you and if you have the right skills and knowledge to run this type of business. Remember this is a significant financial investment, so as a franchisee, you should carefully consider your options.
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It's important to understand that when you buy a franchise and sign the agreement, you are agreeing to run the business according to the requirements established in the contract. You are also bound by the Franchising Code of Conduct. Consider consulting a business adviser, accountant or solicitor for advice.
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Franchising your own business
Once you establish a successful business, you could consider expanding your operations by franchising. Franchising is a way of selling the right to run a style of business and sell a product or service for a period of time.
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Before you decide to franchise your business, you should ensure you have a successful and proven franchise model. Operating your own franchise model prior to selling a franchise can help prove your concept, establish demand and create sound processes and systems that can be repeated in each new franchise.
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There is no specific franchise registration or approval process, but setting up is a legal process and can take some time. It is important that you plan thoroughly and seek professional advice from an accountant, solicitor or franchise consultant.
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