Did you know the franchising industry generates sales turnovers of approximately $128 billion per year, employing around 660,000 people nationally? After the next Franchising and Business Opportunities Expo exhibits in Perth over May 26-27, those figures are expected to rise even higher as Australians look to purchase their own business.
The thought of being your own boss isn't the only perk. It comes down to money and employment security as well. According to findings from a PwC study of 200 leading franchise systems over the past two financial years, both franchisors and franchisees achieved double-digit revenue growth and similar growth in profitability. Individual small businesses generally struggled over the same period.
Gaye Murray, Franchising & Business Opportunities Expo Exhibition Director, says: “Franchising is an exceptionally strong industry and has continued to exceed GDP growth in the wider small business market for the past 15 years, and research indicates the industry may outstrip manufacturing as a contributor to overall GDP by 2022.”
Overall, franchising is ideal for people who are considering working for themselves but may have limited or no experience operating a business. This is due to the fact that the franchise business model offers recognised branding and marketing expertise that would otherwise be unavailable to independent small business owners.
It's also a lot easier for potential franchisees to secure the banking finance necessary to purchase a franchise, as opposed to starting up their own small business. This is because major franchise brands are recognised to be a more stable investment due to their proven success rate. In fact, the average term of a franchise contract is five years, and the average tenure of a franchisee in one franchise network is seven years.
If you're thinking about opening a new business, the franchising model should be your first port of call to consider. You'll have peace of mind knowing the odds of success are great, you can be your own boss while securing future employment and have access to expert resources and support to help you along the way.
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