Franchising expo

RNIS was invited to the event by the Franchise Council of Australia

The Franchising expo was on last month and we went to this as there is a lot of scope for a Postgrad student to own their own business. Postgraduate students can work full time whilst studying.

Bing Boy, United, Chattime and other franchises were there. We got to sample Bing Boy's offerings, taking away one free bing voucher. Bing Boy would be great for a student as they are on the lookout for more franchises and the lifestyle is great

A franchise is a rapid way of selling goods and services. There are a few aspects to owning a franchise that students need to know.

Perks of owning your own franchise
There are a few things such as support, training and guidance, brand recognition, control and the freedom to start again. You don't need a lot of experience to own a franchise, you just need the ideas and the motivation to get going.

Personality
 "What can I do?" is something that you need to think about. "What can I bring to the franchise?"
You need to be a positive person that is open to change at any moment. You need motivation and you need to be able to manage a team. Communication is a must

You must be open to any negative feedback. 90% of the time this is genuine. You must be honest. Everyone makes mistakes.But it is what you do to rectify these

Organization is a must. You must have good work/lifestyle balance. You must be able to put in 14-16 hours a day, 7 days a week

You have to work hard, your franchise does not make money for you. You are responsible for your own money.

Legal stuff
There are some things which has to be done before you officially open.
You have to have meetings with the franchisor. The franchisor has to give you a contract.
The franchisor needs to give you a disclosure statement saying what the costs are in renting, supplies etc.

Once you start the job you must pay all workers properly as well as giving them rest breaks and other allowances as deemed by Fair work.

Do your research
Make sure that you talk to current franchise owners of the same franchise that you are going into. Do go and look at ASIC's site to make sure that the franchisor is of good character.

Costs
Make sure that you consider the day to day costs of running a franchise-hiring staff, advertising, rent etc. Can you afford it? Your accountant will help you work all this out. The accountant will help you to set up the business and with the fees. Your accountant needs to be qualified with the CPA and needs to be one that specialises in franchising.

There are risks involved in owning a franchise.  A business fail has many consequences so its a great idea to do your homework before you start. And establish yourself properly.

Thanks to the Franchise council for inviting us.