Finding the right franchise for you is a process that should marry up with what you’re passionate about and what you can afford.
Sign up for SmartCompany newsletter.
Free to your inbox every weekday
“You should look at what you like doing, what you can put your talents to and what hasn’t been done well elsewhere,” says Steve Wright, executive director of the Franchise Council of Australia. “Also, you need to know not only what you can afford, but also what you can afford to lose. If you re-mortgage your house and the franchise doesn’t work out, you have lost your house.”
Franchises are often comprised of husband and wife or partner teams. This scenario requires that both parties are enthused and realistic about what the franchise ownership will involve.
It will help if your significant other is as keen on the franchise as you are and anticipates the hard work ahead. A mismatch of expectations can seriously harm not only your franchise but your relationship too.
Fortunately, there are plenty of options available among Australia’s 1,200 franchised businesses. You could become a franchisee doing anything from selling coffee to running a gym to operating a photography studio.
Fees are fairly wide-ranging too. You will pay ongoing franchise fees, but the initial outlay to secure the franchise will be an important consideration. Fees can vary from $10,000 to $1.5 million for a McDonald’s franchise.