“Do you want to Franchise your business? Do you have a Business idea that is worthy of franchising?” – If you are really cogitating about franchising a business, you may have to face such questions from the experts. It is a fact that running a business is not similar to run a franchise. Therefore, you need the help of experts prior to think about launching a business franchise.
How to franchise a business
If you want to franchise a business, especially in Australia, you need to abide by the laws of franchising. Rather than making the content contentious by detailing all those legal matters, we should better look at the fact how you can franchise your business.
At first, you need to learn that there are different types of franchising relationships that matter while you choose to franchise a business. If you ask, “how to franchise my business” to an expert, he or she will let you know about four such franchise-relationship –
- Retailer-manufacturer
- Manufacturer-wholesaler
- Wholesaler-retailer
- Retailer to retailer
The first two segments are known as product and tradename franchise while the latter two have been identified in the Australian marketplace as business format franchise.
How does a Franchiser franchise a business in Australia?
If you want to know “how do I franchise my business”, you need to take the help of the business format franchising, as they are the fastest growing and most accepted franchising techniques among the franchisers. A business format franchising creates a different bond between the franchiser and the franchisees. In fact, many experts even coin the relationship between the franchiser and the franchisees as commercial marriage.
However, we should better concentrate on the point how a business franchise can be established in Australia. In order to start a business franchise, a business needs to fulfil several conditions like –
- Proving its worth in the market or checking out whether the business can survive the ups and downs in the market
- The franchiser needs to choose the franchisees very carefully
- A legal expert should be there to help both the parties – the franchiser and the franchisees understand the legal issues of the business franchising
- The franchiser needs to do proper market research to understand the demand for the manufactured product in the market
- The franchiser should find a mentor, who will guide regarding making the strategies and plans
- Moreover, the franchiser need to ensure that the business is worthy of replicating and can generate proper amount of revenues
So, this is how you can franchise your business in Australia. However, if you are still not convinced, you can get in touch with The Franchise Institute – one of the leading franchising institutes associated with many franchise experts as well as the legal experts, who can help the aspiring franchisers and franchisees learn about the tricks of franchising businesses in Australia.
This post first appeared on What Franchise Advice To Look For At The Face Of Investment?, please read the originial post: here
