Running a franchise requires a willingness to take in new ideas and work within the rules and operating procedures and systems of the franchisor. These systems are particularly important because they are based on what has been successful to date, and so form the very foundation of the franchise. In most cases, you pay an initial franchise fee and then some ongoing royalties and fees to make this ready-made business your own.
Buying a franchise usually gives you the right to:
- use a name and pre-defined business format
- sell a product or service within a set regional area
- enter a business at a level of investment you feel comfortable with
A franchise can include:
- a ready-to-go business based on a business model that has already succeeded
- a recognised and proven brand
- registered trademarks and other intellectual property
- training and development opportunities
- access to the experience and expertise of the franchisor
- an exclusive territory within which to do business
- group buying power
- greater marketplace presence via coordinated advertising and marketing
Here’s a look at some of the advantages and benefits that may be offered with franchises:
- proven business model
- known financial input including initial costs and working capital
- brand power—a well-known name with a good reputation
- documented system to help you run your business franchise
- training, support or advice from an experienced person within your franchise
- recommended specialists for particular advice (such as banking, legal or accounting)
- group buying power and nationwide brand advertising
The information on this page is presented subject to our legal page and any other terms and conditions that Westpac may impose from time to time. It is subject to change without notification.
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