Kate Groom, Starfish Consulting
A franchise business can be a great way to achieve financial security; but more than this it enables you to develop and improve your capability as a manager and a leader. This is essential because while money is important we all want personal satisfaction and fulfilment too.

Profit and cash flow are key measures of success and Australian franchisors tend to be very oriented towards success of individual franchisees. Our relatively small, urbanised population – plus the requirements of the Franchise Code – encourage focus on franchisee performance, not just unit growth, as the way to ensure success of a network.

Looking ahead, our increasingly connected and inter-related world will demand and enable more transparency in franchising which will continue to enhance the focus on results and collaboration.

In terms of personal development, the best franchisors not only provide training and support to help you lead yourself and your team, but also invite franchisees to participate in leadership of the network; for example through advisory committees, mentoring and conferences.

This gives you a way to contribute as a leader in a broader sense. Also, as multi-unit franchising becomes more common, people with proven management and financial skills can stretch themselves to master leadership in a more complex environment. And of course, this can often be more financially rewarding too.