Approximately 85% of startups survive their first year in business and of those, less than 70% survive their second year in business. By the 5th year, that survival rate is down around the 50% mark. But there are several things you can do to arm yourself for success.
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Ever wondered what it would be like to be your own boss, but you don’t want to be in business by yourself? Franchising may be perfect for you. Instead of testing the business world with one eye open, franchising may provide a security blanket of a tried and tested franchise system, support of the franchisor and other franchisees in the system, and allow you to focus on your business some aspects like advertising are taken care of by the franchisor.
There are specific laws that apply to franchising in Australia to protect franchisees. The Franchising Code of Conduct is mandatory and requires, among other things, that the Franchisor must provide you with Disclosure so that you can learn all about the franchise and read the franchise agreement before you move ahead and purchase the franchise. We can help you understand the franchise agreement and disclosure material and negotiate terms with the Franchisor so don’t stress when you receive an 800 page Disclosure document – just give us a call!