Key Points To Consider Before Franchising Your Business

Franchising, when done right, can be one of the best ways to expand your business. In fact, you can even build a business empire with the franchising method. You only need to look at places like McDonald’s as a prime example of a mega-successful franchise.

That being said, not every type of business is suitable for franchising. So if you’re considering franchising your business, here are a few key points to look at first.

Can Your Business Be Cloned?

Can your particular business model easily be replicated? Some businesses are so specific, or so dependent on the owner, that they cannot easily be cloned. In other words, would someone readily be able to copy your business and run it successfully without needing you involved in day-to-day operations?

Ideally, your business should be structured in such a way that it’s simply a matter of following a proven system for the new franchise owner.

Can Your Business Be Replicated In Other Areas?

Is it likely that your business could work just as well in another location? In other words, are there any special or specific reasons why it works so well in its original location that maybe won’t be transferable to other locations?

Will Laws In Other States Have Implications On Your Franchise?

Every Australian state has different laws when it comes to governing businesses, so you’ll need to check that your business model is compliant with laws in other states, if the plan is to expand interstate.

Can You Easily Prove That Your Business Is Profitable?

No one is going to be interested in buying into a franchise for a business model that doesn’t have the runs on the board, or the paperwork is so sporadic and disorganised that its profitability is hard to prove.

Your business also needs a track record of longevity. You can’t start something up and then expect to successfully franchise the idea two months later. Wait until your business has been running profitably for at least a few years before attempting the franchise model.

Talk To An Expert Business Lawyer About Franchising

Franchising is as much about legalities as it is about business, so it’s best to discuss your options with a solicitor who is trained to understand the franchising model.

In Brisbane, Gold Coast and Sunshine Coast, talk to the experienced team at Aylward Game Solicitors about your options, and whether it’s a viable course of action for your business.

Article Source: Consider Before Franchising Your Business 

Cant afford your First Home? Flat Pack Housing FTW

 

Flat Pack Housing Saves Money

With house prices seemingly on a “never-ending price rise”, buying your first home may seem out of reach. However, buying your first home might not be as impossible as it seems. There are companies within Australia that are now supplying “flat-pack” style housing for as little as $35,000.00.

These houses are built by producing pre-fabricated panels in a factory and then installed on-site. This allows houses to be built quickly, easily and keeps the cost to a minimum. The concept behind this style of housing is that extra rooms can be added at a later date (when further funds are available).

See also: How to complete the new GST Withholding section in REIQ Contracts?

Exciting times

This is an exciting development in the housing industry and provides an option that has not previously been available. This style of housing is great for first home buyers and it is also perfect for granny flats, B&B’s or holiday homes.

If you are looking to build a home on a budget or you are looking for something that is outside the standard housing market, flat-pack housing might be worth considering.

As always, the consideration of your contract is critical. And that’s where we can help. Contact a property law and contract expert you can trust on 1800 217 217 or book a free 20-minute appointment on our website today.

Article Source: Afford your First Home