Special Feature
How to Spot a Great Franchise Thinking to buy a
franchise? Like many Australians perusing the vast landscape of businesses on offer, knowing which franchise to buy can seem like an exciting yet truly overwhelming task. By Leona Devaz
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BISWorld’s franchising market research report (October 2015)1 states that the sector currently employees 570,000 people with revenue of $172 billion. That is nothing to sneeze at, and the upward trend is set to continue through to 2020. With over 13 years in franchising, across marketing, field support and senior management, editor and founder of Franchise Buyer, Glenn Walford, has connected Armed with this question, we many sellers and buyers to franchise spoke to several experts in the brands. The one question he still gets franchising industry to find out asked over and over, “What’s the best how you can spot a great franchise. franchise to buy?” Some of the answers will no doubt Family, close friends, acquaintances shine some light on the way you and people he meets almost daily in approach searching for the best the course of running the business business for you. continually implore him for the golden answer. Set-up costs, industryHere is the secret — it is never as specific lender (finance) simple as many would expect. The most In our interview with First important thing is you really need to Class Capital National Franchise enjoy what you end up doing. “My Recruitment Manager, Greg belief is that this makes ‘work’ much Glenn Walford, Franchise Buyer Prussia, he states that the level of easier if it is enjoyable.” investment is a key deciding factor Speaking frankly, Mr. Walford says, (see page 52). Prospective franchise partners want to know “Owning and running a business for many, in my view, is if it is affordable to get in and exactly what the business is. a very personal thing. Some claim that they see it purely Spectrum Analysis Managing Director, Peter as an investment — but that’s not me, so I can’t really Buckingham, reinforces this key point, “If you want to relate to that thinking and approach.” impress potential franchisees, it costs money — and that is
1 www.ibisworld.com.au/industry/default.aspx?indid=1902.
www.FranchiseBuyer.com.au • Janaury-February 2016 •
FRANCHISE BUYER
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