Have you been tossing up the idea of investing a franchise for some time? Here are 4 ways to make it happen this year.

You’ve considered buying a franchise many times. Maybe you’ve worked in your job for what feels like a very long time and are ready for a new adventure. Or perhaps you have some experience running a business and are ready to partner with a franchised brand.

Whichever path you’re coming from, here are 4 ways to make your franchise investment happen this year:

1. Get educated

Investing in a business is a considerable personal and financial commitment, which is why it is important to understand the sector as a whole, and any industries you’re interested in.

The best way to get started is to become comfortable with how franchising works in Australia, learning about what a franchise agreement is as well as an operations manual, to make sense of a franchise term.

Why not sign up for a free course from Griffith University’s Asia-Pacific Centre for Franchising Excellence? It’s designed to help you assess franchise opportunities before investing.

It’s also a good idea to keep abreast of franchising news and advice, which you can find right here in Inside Franchise Business.

2. Head to the expos

Once you’ve got your head around the basics of franchising, you might like to attend annual franchising expos which are held in Sydney, Perth, Brisbane and Melbourne every year. The Sydney show will kick it off in March.

Attending the expos can be a great way of meeting a range of franchisors that are exhibiting, listen to educational seminars, and talk to people who have already bought a franchise.

3. Ask yourself the right questions

Before you dive into every franchise opportunity under the sun, you will need to consider the financial obligations that come with buying a business. Not just the initial costs but also working capital and ongoing fees.

Ask yourself:

• Can you finance the franchise system you’re interested in?

• Are you personally ready to take on a business?

• Do you have the support of your loved ones?

• Are you looking to go into business with a partner? Perhaps a friend, family member, or your spouse?

• Have you thought about what your business structure might be?

4. Get your homework done

You wouldn’t buy a new home without checking out your options and making sure you’ve got the go ahead from the bank, right? It’s in your best interests to use this way of thinking when buying a franchise. It is integral that potential buyers do their research or due diligence before signing the dotted line.

This includes obtaining legal advice from a franchise lawyer who can help you make sense of documents like the franchise agreement and disclosure document, as well as the Franchising Code of Conduct (The Code).

An accountant that specialises in franchising is your go to for all the financials required to purchase and working capital needed during the franchise term.

It’s also a good idea to speak to existing franchisees about whether they feel the opportunity met their expectations, as well as getting in touch with former franchisees to ask them about their experience. The franchisor should  provide you contact details of some existing and former franchisees.