Franchising in Australia was initially influenced by US fast food systems, evident by the KFCs, Pizza Huts and McDonalds we see everywhere. Since those borrowed beginnings however, our franchising sector has revolutionised.
Franchises are now a major contributor to the Australian economy, with individual franchise systems continuing to grow exponentially throughout the worldwide economic downturn. Franchises can now be found in most industries, from manufacturing to service and retailing. As franchised businesses go from strength to strength, it is not surprising that franchising is consistently seen as a reputable and successful way of doing business in Australia.
While it is possible to grow your inkling of an idea into a booming franchise, as has been proven time and again, there are certain requirements that must be met for your endeavour to succeed. The business needs to be thoroughly market tested and proven in practice to be successful before it is thrown into the franchising arena. The business must be distinctive, from the name, branding and images to its system and method of operation. Without this point of difference it will be difficult to attract franchisees and stand out from similar businesses. Another crucial aspect is replicability; the business methods (existing and new) need to be easily and efficiently transferable to others.
Throughout Franchising 101 you will find many helpful tools, important information and handy tips designed to assist you in every way possible when it comes franchising and making your business a success.