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Research, planning the keys to survival

GIVEN the sobering statistics of small business failure in the 1990s, thorough research and planning are critical to the success of franchise operations, says Entrepreneur Business Centre owner Greg Hart.

“It is estimated that the franchise sector accounts for nearly 4 per cent of existing businesses and a massive 30 per cent of retail sales volume,” Mr Hart said.

“Between 1987 and 1994, Australian franchised sales grew from more than $14 billion to $43 billion per annum,” he said.

Mr Hart said the array of franchise opportunities made choosing the right one increasingly difficult.

“You only have to look at business opportunities sections of newspapers and magazines around Australia to see that supply is far outstripping demand,” he said.

“The livelihood of a potential franchisee depends on the ability to properly assess each opportunity.

“It always looks great on paper. Everyone tries to convince you their franchise system is right for you.”

The Entrepreneur Business Centre has updated its Buying A Franchise guide and software package to give prospective franchisees better understanding of the process of investigation and acquisition.

The guide reveals common traps to watch out for and how to protect your interests as a franchisee.

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