Franchising contributes more than $144 billion to Australia’s economy and the sector employs almost half a million people. However, according to recent research not only do 10 percent of new businesses close at the end of their first year, but a large proportion of franchisees never seek independent financial advice before purchasing their franchise.
“Due diligence pays dividends. Read the Franchise Agreement closely and scrutinise the fine print.”
“Ask yourself how much you know about the product or service you are investing in. Be honest: are you confident you can take care of all aspects of the business?”
“The best franchisees originate from the best franchisors.”