WNA Blog

Tue 1 Mar 2016

New Year- New You – Franchising Opportunities

Business Planning & Strategies

Following the start of the New Year many people have come back from holidays having spent time looking at where they are at and envisioning where they want to be, which sometimes leads people towards making decisions to move on from their current employee role or business into taking up a franchising opportunity.

This is arguably the result of what seems to be the continuing popularity of franchising, with many Australians viewing franchising as a way to assist them move into having their own business but with the additional support and back up of a franchise network.

However, not all franchises are created equal, and some franchise systems may not be sufficiently a secure an investment for a particular party, and/or some people may just not be suited to becoming franchisees.

Consequently, before you make any decisions we suggest you consider doing due diligence in three stages: Personal Due Diligence, Franchise System Due Diligence and Franchise Purchase Due Diligence.

There are a number of factors that need to be considered when going through each of these stages, which we believe it is important to do before you sign any document or pay any monies. Saying this, in some instances you may need to sign documents or pay certain monies and/or a deposit over before having progressed through all 3 stages. In this type of situation, we strongly recommend before doing this you first speak with a lawyer and accountant experienced in franchising.

You should ask them directly what experience do they have to ensure they are more likely to be in the position to give you the most effective and efficient advice. You should also then have a list of potential issues and questions to help them getting a better understanding of your situation and focus on any main areas of concern.

Franchising can be a great opportunity to start moving towards achieving your 2016 New Year resolutions, but if not done with proper consideration, could instead result in some painful lessons and very different New Year resolutions for 2017.

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