The Age:

Buying a franchise has become an increasingly popular way of getting into business. It is important to treat the purchase of a franchise the same way as buying an existing business or setting up from scratch. Therefore, the information already covered in this guide can apply to a franchise.

Franchising is where an existing business has found that it can replicate its success in different regions by selling franchise rights to former staff or outside buyers.

The professional reputation and competence of the franchisor is the key. Look for a proven track record and a history of solid performance.

The last thing you want is to purchase a franchise run by a dishonest or incompetent operator. You want to ensure that you are entering a business with a viable long-term strategy – both for the franchisor and for the franchisees.

Try before you buy
Look for a franchise that has an exclusive product, service or system and try not to be the first franchisee. Only invest in a franchise that already exists. This allows you to go and visit other franchisees to get an idea of how they have performed. If you can, volunteer to work in their franchise.

The whole point of buying a franchise is that you are buying a proven system, so look for a franchise with a well-established track record. In addition, the relationship between you and the franchisor is crucial – they should be providing you with as much support as you need to succeed.

Advantages and disadvantages of buying a franchise… read on.

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