Australia is a very large country area wise but has less population and perhaps it is the most franchised nation in the world. Fortunately, it has a very good number of entrepreneurs, businesspersons, Accountants, Consultants and legal professionals. Accordingly, there is a fairly good chance of establishing, promoting and successfully running franchise business. Moreover, it is the First World and recession-free economy. Growth potential is in abundance. Luxury watch brand Rolex has opened its first Standalone Australian Store in Sydney, as the luxury fashion market continues to boom. Separately, the US box retail giant COSTCO is also all set to open its fourth Melbourne store. Subway, Jims and many other equally successful and efficient outlets are already doing well in Australia.
WHAT IS A FRANCHISE BUSINESS?
Franchise business also known as business format franchising is a technique under which Entrepreneurs systemize business document and brand business in such a way that they can sell the rights to establish and run an exact replica of the branded business outlet to another business owner.
SEVEN STEPS OF LAUNCHING FRANCHISE
In order that the Franchise Format Business run successfully, effectively and profitably, it is necessary to follow the following 7 steps -
ACQUIRE COMPLETE KNOWLEDGE
As in any other business activity, both the Franchisor and the Franchisee must acquire complete information and knowledge of the Franchisee business. Under the Australian legislation and as per the Guidelines of the Franchise Council of Australia the Franchisor must provide detailed and complete information to the Franchisee. On his part the Franchisee should also get more and more information about the business from the local population, customers, and employees, banks, Accountant and also the persons in Legal profession. The Franchise has to have adequate business skill, competence and patience. Further books, magazines and Exhibitions can also provide lot of information. Detailed and authentic information can also be had from the FCA Office or their website.
FEASIBILITY
Franchising is not for everybody and also not suited to all business. Therefore, a mock and/or real demonstration before launching is essential. This will help both to know whether the local people and prospective customers will like and make use of the franchise outlet. Successful running of the franchise depends mainly on customer satisfaction and so is profitability. An in-depth feasibility/ assessment is needed to convert the business to the acceptable level of Franchise model.
PREPARATION OF DOCUMENTS
Franchise format business requires a set of documents. All Franchisors have to prepare two sets of documents –
The franchisee documents include:
Some of these documents are mandatory under the Australian Competition Consumer Commission and Franchise Code of Conduct Compliance Manual of FCA, while there are some more other documents are simply to clarify the Business practices and also for continued cordial and cooperative relationships between the Franchisor and Franchisees.
MAKE IMPORTANT DECISIONS ABOUT FRANCHISE MODEL
After legal paperwork, you’ll need to make many decisions about how you’ll operate as a franchisor. Key points include:……….. Continue reading at : http://www.businesses2sell.com.au/blogs/2014/01/seven-steps-of-launching-your-franchise-in-au.php
WHAT IS A FRANCHISE BUSINESS?
Franchise business also known as business format franchising is a technique under which Entrepreneurs systemize business document and brand business in such a way that they can sell the rights to establish and run an exact replica of the branded business outlet to another business owner.
SEVEN STEPS OF LAUNCHING FRANCHISE
In order that the Franchise Format Business run successfully, effectively and profitably, it is necessary to follow the following 7 steps -
ACQUIRE COMPLETE KNOWLEDGE
As in any other business activity, both the Franchisor and the Franchisee must acquire complete information and knowledge of the Franchisee business. Under the Australian legislation and as per the Guidelines of the Franchise Council of Australia the Franchisor must provide detailed and complete information to the Franchisee. On his part the Franchisee should also get more and more information about the business from the local population, customers, and employees, banks, Accountant and also the persons in Legal profession. The Franchise has to have adequate business skill, competence and patience. Further books, magazines and Exhibitions can also provide lot of information. Detailed and authentic information can also be had from the FCA Office or their website.
FEASIBILITY
Franchising is not for everybody and also not suited to all business. Therefore, a mock and/or real demonstration before launching is essential. This will help both to know whether the local people and prospective customers will like and make use of the franchise outlet. Successful running of the franchise depends mainly on customer satisfaction and so is profitability. An in-depth feasibility/ assessment is needed to convert the business to the acceptable level of Franchise model.
PREPARATION OF DOCUMENTS
Franchise format business requires a set of documents. All Franchisors have to prepare two sets of documents –
The franchisee documents include:
- The initial design of the franchisee business
- The Operations and Procedures Manual that controls the details of the way the franchisee business is managed
- • The Legal Agreement between the franchisor and franchisee
- The Disclosure Document from the franchisor to the franchisee
- Have a discussion with bank managers.
- Read the franchise trade magazines, newspapers, and websites.
- Attend franchising exhibitions.
- Seek advice and opinions of friends.
- Do some local market survey to gauge demand for the products and services.
- Test the reputation of the franchising companies.
- The initial design of the franchisor business
- The franchisor business plan
- The franchisor Operations and Procedures Manual
- Marketing plans for selling
Some of these documents are mandatory under the Australian Competition Consumer Commission and Franchise Code of Conduct Compliance Manual of FCA, while there are some more other documents are simply to clarify the Business practices and also for continued cordial and cooperative relationships between the Franchisor and Franchisees.
MAKE IMPORTANT DECISIONS ABOUT FRANCHISE MODEL
After legal paperwork, you’ll need to make many decisions about how you’ll operate as a franchisor. Key points include:……….. Continue reading at : http://www.businesses2sell.com.au/blogs/2014/01/seven-steps-of-launching-your-franchise-in-au.php
Who are Kenny’s and how did they get started?
Kenny’s Cardiology hit the retail market in 1986 in South Australia, opening up its first store in John Martins Place in the city’s CBD. Since then Kenny’s Cardiology has grown into a well known and loved franchise of card and gift shops around Australia. Providing cards and gifts from the heart since 1986 the Kenny's Cardiology aims to maintain time honouring and classical looking stores and provide the best customer service.
The Kenny's name and brand is trusted by customers, when they walk into a Kenny’s Cardiology store, they soon recognise its no ordinary retailer! It is Australia’s iconic card and gift retailer.
Find more detail at: http://www.businesses2sell.com.au/franchise-details/kennys-cardiology-group-pty-ltd.php