You’ve done your research, considered the pros and cons and decided that franchising is for you. But how do you choose the best franchise to buy? With so many options available, it’s important to consider some key questions when making your decision.
There are franchise businesses to suit everyone – no matter your interests, skill levels and budget. But these elements can play a critical role when choosing your franchise.
With a franchise, you get the benefit of a proven product or service while still being your own boss. Even after the turmoil of the past year and the impact of Covid19, franchise business networks are feeling confident and optimistic about the coming year.
According to the latest Australian Franchise Pulse Check, released in March 2021, more than 33% of respondents reported a 10% increase in December quarterly revenues. Quick service restaurants, maintenance, health, courier and freight industries were most likely to show positive trade. Sit down restaurants and cafes, fitness clubs and accommodation businesses were hit harder, impacted by lockdowns and border closures.
Although the post-Covid recovery is underway, with 75% of respondents feeling optimistic about business conditions over the next six months, it shows the importance of making the right choice when it comes to buying a franchise. The Covid19 pandemics has created some shifts in how Australians work, socialise and do business, which potential franchisees should consider in their research.
Covid19 drove a significant shift in people’s eating habits, with many turning to delivery services as an alternative to dining out during lockdown restrictions. They also offer increased flexibility around social distancing requirements – it’s particularly worth considering food trucks or trailers to take advantage of outdoor spaces.
With the growth in remote working, the appeal of home-based franchises is increasing too. Many franchisees are looking for opportunities that offer the comfort of working from their own home and choosing hours that best suit their needs and lifestyle. Examples of home-based franchises include pool-cleaning, tutoring and bond cleaning. These types of services are always in demand, and can often be acquired at a reasonable price, requiring minimal training.
If you’re a people person with a dream of running a big branded store, a retail franchise might be right for you. One advantage of choosing a franchise in retail, whether it’s technology, stationary or fashion, is that finance for these established ventures can be easier to access.
Health and Fitness:
There is a huge focus on health and wellbeing among Australians so health and fitness franchises could prove a valuable investment for the savvy entrepreneur. Customers were clamouring to get back into their gyms and fitness classes during the Covid10 restrictions, proving the popularity of these businesses. Gyms and fitness studios have a market share of around $2 billion and there’s a range of options including yoga, Zumba, pilates, meditation, kickboxing and martial arts, for example.
These franchise businesses can be a great option for those wanting maximum flexibility in the volume and timing of their work, and for those who want to work outdoors. Most come with branded vehicles, large territories and an established reputation and contracts. Training and support provided is often excellent as well. If you’re the outdoors type and love to choose your own hours and workload, this type of franchise could be an excellent choice.
These are just a few of the major options available when choosing the best franchise to buy in Australia. It’s a major decision, so take the time to research the options that best suit your budget, skills and lifestyle.