Australia is known worldwide for being a popular tourist destination with iconic landmarks like the Sydney Opera House, Bondi Beach, and Great Barrier Reef. However, aside from this, the country is also known for having a favourable business climate. Innovation is particularly of interest in Australia as people are receptive to fresh and creative new ideas. To add to this, its high quality of living makes it an ideal place to achieve a stable work-life balance.
There are many ways to enter the business landscape, so if you are not confident about launching your own business, you can turn to franchising. Franchising opportunities in Australia allow you to utilise a tried-and-tested business idea and model, so you can essentially skip the ideation stage. However, like any other business structure, franchising may not be suitable for everyone. Thus, think long and hard about your decision before choosing to pursue this path.
To help you decide, try asking yourself these three questions to determine what type of business person you are and what environment you thrive in.
Will I be comfortable following an established system and not being able to modify it?
The biggest distinction between a franchise and a business is that with the former, you use an existing and proven business model. You can skip most of the starting phases of setting up a business as you are adopting an idea that already works in the market. If you are the type who enjoys structure and following a system, this may work to your advantage. You no longer have to modify anything, and most of your concern will be on running daily operations.
However, if you are more of a creative person who enjoys coming up with new ideas, a franchise may appear to be too rigid to you. Since you are essentially borrowing another business owner’s concept, you will not be able to tweak it or make changes. Thus, if you are more of an innovator or inventor, you may thrive better with your own business.
Do I work better independently or with a team?
Taking on the franchisee role will mean continuous cooperation, communication, and collaboration with your franchisor, other franchisees, and the people you work with. Establishing a solid relationship will be important to ensure smooth operations, so think about whether you work well with a team. Working with a supportive network of franchisees can have positive redounding effects on all your businesses, so collaboration will be a key part of the job.
Am I well-versed in different business tasks?
Franchising opportunities in Australia may sound appealing because you get to skip the early stages of establishing your business. However, once you get to work, you will have to be flexible and take on various roles. You will not just be in charge of delegating tasks but ensuring that all operations run smoothly. Thus, this could mean working on a marketing strategy one day, then looking at your numbers the next. Being experienced in different aspects of a business will be important as franchises come with that expectation.
Franchising certainly comes with its merits and benefits, but no matter how exciting the prospect may sound, it is not suitable for everyone. Taking the time to learn about how the business model works and determine whether it will be suitable for you will be key.