Last week FranchiseED sponsored a webinar run by the South-East Queensland Indigenous Chamber of Commerce (SEQICC) and Kerry spoke with Leesa Watego from the SEQICC and Karen Seage from Snap Underwood, about the ins and outs of franchising, as well as its potential to create employment for Indigenous Australians.
From the webinar came some interesting quotes, snippets and gems of knowledge that are interesting and important lessons for prospective franchisees. So, I encourage you to read these below and when you have some time, watch the full webinar.
8 interesting things prospect franchisees can learn from Kerry’s webinar with the South-East Queensland Indigenous Chamber of Commerce
1. When you become a franchisee, you are really buying the right to run an existing system and brand. This is why you pay for the privilege. It’s like buying the intellectual property of a business for a certain amount of time.
2. Australia is the most franchised nation in the world with over 80,000 franchises.
3. Over 90% of the franchise systems in Australia are home-grown. They were developed by Australians and have expanded and exported them to other countries.
4. Working in a franchise before becoming a franchisee is one of the most valuable pathways you can take to business ownership.
5. In the moment, paying Franchise Fees can be frustrating, but you’re paying for the support and training you have received because without it, you wouldn’t have the knowledge and skills you do today to run a successful business.
6. If you are a new small business owner, franchisor support makes the transition much easier than going into business on your own.
7. No matter what else, if you don’t give 100% service and quality you won’t have a successful business.
8. One of the most important steps in the due diligence process is to check that the support from the Franchisor is really there. You do this by talking to other existing franchisees.
Learn more about these eight things and lots of other important lessons about franchising by watching the webinar below…