What are the pros and cons of being a franchisee? Do I have the right personality to make a success of it? These questions and more are answered in this podcast, the first in a brand new series that can be your personal guide to Buying a Franchise.
It’s full of insider tips and expert insights, so if you’re considering whether a franchise could be for you, you’ve absolutely come to the right place.
More episodes from "Buying a franchise"
Funding a franchise
13:57How can you fund your franchise purchase? It’s common for franchise buyers to approach a bank for a loan to help boost their savings.What happens though if you want to source money from elsewhere? Franchisees may turn to their family for a loan, or consider remortgaging their home.In this podcast we discuss some of the pros and cons of both options.This short podcast is neither intended to be an exhaustive commentary, nor can it be taken as financial advice.Every franchise buyer should seek independent financial advice before deciding on which franchise funding option best suits their circumstances.
22:54In this podcast we reference Greg Nathan’s Franchise Relationships Institute (FRI). Greg is a globally-recognised psychologist, former franchisee, and a regular contributor for Inside Franchise Business on the connections formed in franchising, boosting performance and good franchisor habits. Check out our podcasts on the Franchise Agreement and Disclosure Document, helpful conversations to help you cut through the key elements of these important documents. You can find out the relevance of the Code of Conduct in franchising too.
Don't miss an episode of “Buying a franchise” and subscribe to it in the GetPodcast app.
Code of Conduct
12:09Have you heard of the Franchising Code of Conduct? It creates a framework for the relationships between franchisor and franchisee in Australia.What’s important to know is that this is a mandatory code and it applies to both franchisees and franchisors.Our quick guide will point you in the right direction so you can make sense of why the Code is relevant to you.
Location, location, location
13:21It’s the mantra in real estate but what does getting the right location look like if you’re buying a business? When it comes to developing any service or retail business that is not purely online, location is an important part of the mix that can lead to success. Even the best operator with a popular brand can struggle to achieve their goals if the business is poorly located.
How much does a franchise cost?
12:02Buying a franchise can be an affordable purchase, or a major investment. Franchise brands operate right across the price spectrum so it’s a matter of matching your budget to what’s available.However the sale price is unlikely to be the final figure that you will spend. The key is to find out what’s included in the upfront cost of the business, and there are a number of factors that determine that. Then there will be the added extras…
The Franchise Agreement
16:00What is a franchise agreement and why is it different from a business contract? Essentially a franchise agreement is the basis of the business relationship between the franchisee and franchisor. If you’re considering a franchise as a business opportunity, you’ll need to know how it differs from a standard business contract. Not sure what your obligations will be? Unsure what the franchisor will provide in exchange for a franchise fee? You can start your research here by listening to this podcast. And as always, we encourage you to seek legal advice when reviewing business documents.
The disclosure document
13:56If you’re buying a franchise you can’t avoid the paperwork. And that means lots of documents coming your way, including the disclosure document. This is a crucial piece of the puzzle for a would-be franchisee, and it’s something the franchisor legally must provide. So what’s it all about and why do you need it? Listen to this podcast to find out why it’s a must-read before you commit to purchasing a business.
Doing the research
19:15You're ready to start researching the franchise sector, so what should you do? This podcast is an easy-listening guide to the key elements to consider.You’ll hear advice on where you should go to get the low-down on industries, brands and franchisors. Find out how to evaluate the information you receive and discover what you should do if the advice is unfavourable!Buying a franchise is a big deal, so it really pays to pay for expert advice - there’s a lot at stake.
Is franchising right for me?
17:27What are the pros and cons of being a franchisee? Do I have the right personality to make a success of it? These questions and more are answered in this podcast, the first in a brand new series that can be your personal guide to Buying a Franchise.It’s full of insider tips and expert insights, so if you’re considering whether a franchise could be for you, you’ve absolutely come to the right place.