Buying a Franchise
Lan Nguyen, Chartered Accountant
What is a franchise?
Your own business with the benefit of support and security from a larger business network.
Is a franchise right for you? To help you determine whether buying a franchise is the way to go, consider the following:
- Your wants and needs?
- Your strengths and limitations?
- Your skills and passions?
- Your ultimate goal?
Knowing these things will help you decide whether a franchise will suit your character and circumstances and enable you to reach your goals.
So what are the benefits?
- The knowledge that the products and services have been tried, tested and refined.
Everything to do with establishing systems and procedures has been done by the franchisor – you just need to learn the ropes.
- Branding and trademarks that come with the franchise business give you immediate recognition, so the effort and energy that goes into promoting an unknown name is eliminated.
Customers who see your business already know your products and services and know what they’re buying.
Basically, franchisors are here to help and provide training to get your business up and running. Pretty great stuff!
Now for the downsides.
- Substantial costs. What does it comprise of you ask?
These are costs that vary from one franchise to another depending on locations and the total initial outlay. Which is unfortunately quite steep.
On top of that there are monthly royalty payments and fixed monthly amount of a percentage of turnover
- Have a creative hat?
Well, unfortunately when it comes to creating your own ideas or experiment with new concepts, Franchise systems are typically strict about procedures and appearance.
Written by Lan Nguyen, Chartered Accountant and Wealth Advisor from Success Accounting Group.
Your Action Plan
Contact Success Accounting Group TODAY to discuss with our experts on how to turn your franchise into a profit making machine
click here for your free consultation
If you would like to connect and keep up to date with us like us on Facebook, read our blog, join us on LinkedIn and get a feel for how we team up with clients to achieve success.
We look forward to inviting you on board to turn your dream into a profit making reality and empower your franchising success.
About Lan Nguyen
Lan is the Founder and Chief Strategist at Success Accounting Group, Melbourne based CA firm. In a matter of short 8 years she has built up a reputable Chartered accounting firm with 3 offices and a team of 6 professional accountants and support team members. Her mission is to provide Innovative and Strategic Financial advice to help her customers make smarter financial decisions today for a brighter future.
Success Accounting Group is for established business owners who would like help to grow a sustained business. As a business owner you understand what drives your business success with our accounting team taking care of the rest.
Success and Wealth
Success Accounting Group Pty Ltd
Oakleigh, VIC, 3166
