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Buying a Franchise Business in Australia
The franchise sector is the fastest growing sector of the small business realm. To be classified as a franchise, your business must fulfil certain distinctive characteristics:
- There must be both a franchisor, and a franchisee, who is granted the rights to run the business under a marketing plan that is already set up.
- The franchise has to have an identifiable trade mark/symbol that it can be linked to.
- The person who buys the franchise (franchisee) has to pay fees to the franchisor such as training, inventory, royalties etc. before they start the business.
The franchisee and franchisor are reliant upon one another, and without each other, the franchise would fail. Though they are separate business owners, they are interrelated via the type of business that they operate. They both have essentially the same goals, and it is up to the franchisor to assist the franchisee with continuing help; they get money via fees/purchases out of it.
There are two key documents that relate to a franchise agreement.
- The Franchise Agreement that is like a contract, and contains the rights and responsibilities of both franchisor/ee, and
- The operation manual, which assists you in the day to day running of the business, as stipulated by the franchisor.
Considering all of the above you should note your personal strengths and weaknesses – do you have what it takes to run a franchise?
Need Help? | Contact us Today
If you have any queries regarding franchising or accounting in general, or if you require the services of certified accountants, contact us now by submitting an online enquiry form, or call +61 2 9223 9166.
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The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.