Money

Easy Guide to Franchising

The Pro's and Con's of Franchising

A franchise is an independently owned version of an established business. While you do have to follow the business philosophy of the original creator, it is a quick way to start up through a proven trademark. Buying a stake in a franchise is a way to own your own business. Some Baby Boomers are seeking franchising as an alternative to retirement that gives them more freedom within their lives, but also provides an income to supplement their savings.

Researching is important – not only do you want to make sure that you're picking the right business for you, but also make it something you can manage – start off small, and grow bigger. The first step should be research, the second step should be talking to a financial advisor about how to go about saving and managing your finances while you start a business up – usually there is some amount of initial capital involved. Find a franchise that has a business model that appeals to you, not just a fancy name. You're going to have to follow certain rules in order to be considered a 'franchise', so find one that you really like. Find out what assistance you can get from the government for starting up a small business. After all, if you can get a helping hand, why not use it?

Below are some useful links to help you find the answers you need or whether to go down the path of purchasing a franchise or choosing a different option which better suits your circumstances and skills.

General information on franchising can be found at: www.franchisebusiness.com.au