The Australian dream of owning your own business is a thought many of us have had at one stage or another. The ability to choose your own work/life balance, avoid the Monday morning commute, be the final decision maker and more, is a freedom and discourse many would love to pursue.
Unfortunately, it tends to be just a passing thought. Despite a plethora of motivations, reasons, desires and tipping points that you may have, starting your own business, or rather a successful one, tends to come to an abrupt halt or result in failure.
In fact, 9 out of 10 new startups tend to dissolve and 2 out of 10 new businesses also tend to fail in the first year of operation.
There’s various reasons for this occurring but the main reasons seem to be; poor growth, difficulty establishing a customer base, lack of support and financial instability.
An alternative to starting your own business, while still retaining business ownership, freedom of choice, work/life balance and so on, is becoming a franchisee.
Listed below are our top picks as to why franchising might be the best decision of your career.
1. Ready From Day One
If inexperience with running a business is something that is holding you back, then you’d be relieved to find that franchisee’s receive copious amounts of training from their franchisors.
You will often get one-on-one training with a manager in all major areas of the business, including day-to-day management, manual operations, legalities, budgeting and more!
The company leaders are easily accessible and provide a detailed overview of the franchise system and business model. They will also brief you with any business updates so you are in the loop of any new changes.
Being a franchisee allows you to be your own boss while also not having to start from scratch, giving you independence and a stress reduced career.
2. Freedom of Choice
As mentioned above, becoming a franchisee still means you can be your own boss. It allows you to dictate your work/life balance, decide where you want to conduct your administrative duties, either from the office or from home, allowing you to focus on other personal commitments and spending more quality time with loved ones.
You’ll also have full control over the entire hiring process. You decide how many staff members you need, what duties, roles and responsibilities each staff member will have, and even who you want to work with – you can even hire your own business partners or family members.
3. Your Customers Already Exist
When starting a new business, it is up to you to create brand awareness, build a reputation and grow a customer base through continuous efforts. It can take years for an independent business to build and grow, and be recognised on state, national or even suburban level.
Most franchises are already well established and come with a positive reputation, brand awareness, significant market share and more, giving you a better chance at success and turning a serious profit.
Consumers are more likely to frequent a business that they recognise and trust compared to a business they are unfamiliar with. The 2020 Edelman Trust Barometer special report found that company trust and familiarity is the most important factor during the buying decision for 53% of consumers.
4. Financial Security
While no business is completely free from defeat, the financial risk that comes with a franchise is significantly lower to starting a business.
When purchasing a franchise, you are investing in a proven formula. You won’t have to experience the same hiccups as a first time business owner, as the franchisor has already experienced them, learnt from them, safeguarded against them and adapted accordingly.
This gives you as a franchisee the exact instructions needed for success, and how to avoid mistakes, pitfalls and other problems the franchisor has experienced in the past – gearing you up for financial success.
Franchises also have reports for each location, meaning you can monitor exact financial figures, seasons of growth and drops, and utilise accurate projection systems to see how your business is likely to perform in the years or months ahead.
This provides you with evidential backing to prepare for and predict how the following years will look like for you.
5. Support all around
Starting a business can be daunting and an isolating experience. There are numerous practices and structures that you are legally bound to while also having to live up to customer expectations.
Being part of a franchise means belonging to a robust network of corporate leaders, founders and other franchisees within the company just like yourself.
They will provide you with advice, tools, strategies, supplies and guidance needed to navigate difficulties well before they become a problem.
They are just a phone call away and will give you all the ingredients needed for success – it’s just up to you to put them into practice!
There are also many external support resources at your fingertips such as online franchise forums and communities, on platforms such as facebook, reddit and quora.
The communities facilitate Q&A sessions, advice threads, link helpful sites, support services and guidance from veteran franchisors to others in the same industry as you.
You are able to build your own entrepreneurial network while also growing your business knowledge.
However, despite proving to be a valuable resource, they are community run (much like Wikipedia) and rely heavily upon user-generated content.
To save you time and ensure information is 100% reliable, The Franchise Council of Australia (FCA), the peak business organisation representing the franchise sector, hosts a platform for franchisors, franchisees, business advisors and small to medium businesses to communicate, understand and participate more in the franchise sector.
By signing up for a membership, you also have the opportunity to engage in policy debates and government regulations with other decision makers, industry leaders and political figures.
It’s time to get started
If you’re ready to discover the perfect franchise business for you, you’ve come to the right place. At Eden Exchange, our cohesive ecosystem is continually growing with thousands of franchise opportunities currently listed right across Australia.
Each opportunity is provided the training, support, systems, marketing, business collateral and all that you’d need for success, by the franchise.
Whether you’ve got your eye on a particular business opportunity or you’d like some assistance to weigh out your options, book a free business consultation with one of our seasoned experts today – and start chasing that Australian dream tomorrow.