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Franchising Fact Sheet
BB Fact Sheets – Money - Franchising
The Basics
Franchises have become popular since the 1950's and are still a popular way to invest in a business. Almost any type of business is franchised these days ranging from dog grooming through to fast food.
A franchise is an independently owned version of an established business. While you are generaly required to follow the business philosophy of the original creator, it is a quick way to start up a business through a proven trademark.
Buying a stake in a franchise is a way to own your own business. Some people choose to buy a master franchise or two or more in specific locations as part of a larger scale operation.
A successful franchise relies on commitment from both parties - the franchisee and the franchisor to make them work. Having a passion for the core business helps, apart from business acumen.
Baby Boomers and Franchising
Baby Boomers are seeking out franchising as an alternative to retirement that gives them more freedom within their lives, but also provides an income to supplement their savings.
Franchises are a familar concept to Baby Boomers who have witnessed high levels of success and the development of global franchise brands over the past 50 years. The attraction to own a franchise and sit back and relax while your workforce implement the plan is high on the 'agenda' for a number of Baby Boomers.
How to Find a Franchise
Researching is important – not only do you want to make sure that you're picking the right franchise business for you, but also make it something you can manage – start off small, and grow bigger.
The first step being 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 franchise business – 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?
Franchise Council of Australia - 02 9422 2394
ACCC - Australian Competition and Consumer Association - 1300 302 502
Disclaimer: The information contained in this section should not be used for individual financial advice. Please seek independent financial advice if you have concerns or specific questions relating to your money.
This article was created by Jennifer Lawrance for babyboomers.com.au - Australia's website for Baby Boomers. Sources include ASIC and the Federal Government. Babyboomers.com.au is an online resource to help people find information and services on health, money, travel and recreation
Copyright 2009 Babyboomers Pty Ltd. All rights Reserved.
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