Franchise businesses are on the rise in Australia. According to the Franchise Council of Australia, there are currently more than 79,000 units operating in business format franchises, displaying an increase of around 8.2% since 2012. And the numbers aren’t dropping anytime soon.
If you’re determined to become an accomplished franchisee yourself, these are the traits that increase your chances of success:
Unlike an independent enterprise, a franchise has an established reputation and following. Franchisors often discuss agreements with potential franchise owners regarding their own business practices, making sure they comply. Since customers have expectations about franchises, uniformity amongst all is necessary. You’ll thrive in the franchising industry if you have no qualms about playing by the rules.
When you want to own a franchise, it is important to have at least basic financial knowledge. This includes revenue, labour costs and resource acquisition. When you prove to a franchisor your aptitude, they’re much more likely to entrust their franchise to you.
Affinity for Hard Work
Your approach plays a key role in the success of your franchise. There will be days when your business demands more from your job description, such as handling multiple tasks or putting in the time. The willingness to do such things shows how determined you are about keeping the business running.
Life is about taking risks, but not all franchisees are gamblers. A smart franchise owner will calculate risks rather than go after them, making sure that the venture they choose to pursue has a proven track record of success.
Run by the International Franchise Group, Experimax has been at the forefront of innovative technology for years. Jim Muir started the business in a garage before proceeding to expand globally. Our business focuses on technology and electronics equipment, an in-demand industry in the 21st century. Get to know more about our IT franchises for sale by calling us on 1300 218 674 today.