What are the top five things to look for when choosing a franchise?
Answered by Anthony Windress from Commonwealth Bank of Australia
- A proven brand. While it doesn’t have to be a household name, the brand should be well-defined and clearly differentiated from its competitors, with a reputation for superior products and service.
- Powerful systems. After the products and the name, it’s the business systems you’re paying for. They should be comprehensive, robust and thoroughly documented.
- A great location. Location is absolutely crucial. No matter how strong the franchise system, if your territory is unsuitable, your chances of success are greatly reduced.
- Training. The best franchises will support you with thorough training, both before you open and during the life of your agreement.
- Head office support. A good head office can help with everything from OH&S and worker’s comp to discounted procurement from bulk suppliers. Long after your initial training is complete, they should be there with ongoing support and group advertising.
About Anthony Windress
The financial needs of your Franchise business are unique. That’s why the Commonwealth Bank offers you the specialised services of our Franchise Banking team. Our team members are industry experts who can tailor financial solutions to help you – whether you're buying a franchise or running a multi-site corporate.
You should always check independently that an ask an expert answer published on Franchise Business applies to your particular circumstances.
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