Signing your Franchise Agreement can be equal parts exciting and anxiety inducing. But, rest assured, you are not alone, and there are resources you should be aware of and utilise to promote the success of your franchise business.  

 

The Franchisor – it is in the Franchisor’s commercial interests to materially assist you where possible. Your success is their success.  Ways they can support you, which are commonly set out in the Franchise Agreement and/ or Operations Manuals, include ongoing training, regular ‘check-in’ meetings, facilitating meetings for the network generally, and providing a mechanism to adopt change. If you are concerned about the level of ongoing support your franchisor will provide you during the term of your franchise relationship, you should check that provision is made for such measures before you sign anything. 

 

Your Fellow Franchisees – chances are, the operational issues you are experiencing are not unique to your franchise business. Having in place a mechanism for communication between franchisees is a great tool to promote problem solving measures, promotional ideas and success stories among the franchise network generally. A lot of franchises have a formal franchise committee (whereby selected franchisees represent the network to communicate with the franchisor and share new ideas), and if this is the case with your franchise, this should be embraced and used. 

 

Professional Advisors – those certificates of advice are not just there to bulk up your franchise agreement. Let’s face it’s bulky enough already. They are there because obtaining professional advice is an invaluable tool whereby franchisees gain knowledge of their legal and accounting obligations, and can plan and structure their business and its future operations. 

 

The ACCC – as the regulator of the Franchise industry in Australia, the ACCC and its website is something every franchisee or prospective franchisee should be familiar with. Not only does the ACCC publish a whole stack of useful information, it also offers a ‘Buying a Franchise’ Pre-Entry Education program. 

 

As you move forward and take steps to get your Franchise of the ground, you can take comfort in the support structures that exist to help grow your business. If you do run into any problems or have any questions, you can reach out to your Franchisor, your fellow franchisees as well as several independent bodies – all of who want to see you and your franchise succeed! 

 

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