If your ambition in 2015 is to start a business but the thought of starting from scratch is too daunting then owning a franchise might be the perfect answer.
Buying into a franchise can help reduce some of the risks of starting and owning your own business; it lets you leverage an established brand, tap into high-volume purchasing power and gives you the processes, systems, training and support that have been tested and proven by other franchise owners.
It’s important to be aware of what franchising is and how it works so you can ensure that it will fit with your lifestyle and how you like to conduct business. For example, franchises are usually granted for a defined period of time so if you get the opportunity to renew your franchise agreement you might have to pay another fee. You also need to be happy to commit to running the business within the operational blueprint set by the franchisor.
James Phillips, ASB's head of franchise, and his team have developed a handbook to help you with buying a franchise. James explains that as a prospective franchisee you need to:
- Learn what franchising is and understand its advantages and disadvantages.
- Look at your lifestyle and the way you like to run a business to determine whether you’re right for franchising.
- Be aware of the important factors which help identify a good franchise.
- Ensure a franchising proposal contains the important information a bank will want to know.
The handbook will prepare you with the necessary knowledge, tips and exercises you need for this. It will also give you a list of useful industry links and resources.
You can request the franchise handbook online, or get in touch with one of the team to discuss your business ambition today on 0800 272 476 or firstname.lastname@example.org
At ASB we also have experience with franchisors so if you’re looking to franchise your business or expand your current franchise you can also get in touch using the contact information above.
There are over 400 businesses offering franchise operations in New Zealand, and new ones are emerging all the time. These include large global corporations as well as smaller locally grown businesses.
For more insight into reaching your business ambition, join us on LinkedIn.