What to look for when looking to buy a franchise

Buying a franchise can provide the best of both worlds – the strength of big business with the flexibility of small business. But with so many franchises available, it pays to choose wisely.

There's something about the idea of being our own boss that appeals enormously to Australians. There are over 2 million actively trading businesses operating nationwide and a staggering 97% of these are small businesses[1]. Clearly there are plenty of opportunities for success for those who are prepared to roll up their sleeves and work hard.

But hard work alone isn't always enough to ensure the success of your small business. That's where a franchise can make a valuable difference – if you choose carefully. The core issue should not be how much it costs to buy into a franchise, but rather what the investment will buy you.

Your top priority – a trusted brand

When you're looking to buy a franchise, your top priority should be a proven brand. Without a strong brand it can be far harder, and take much longer, to build market share. Lenders also feel more comfortable with known brands and this can make it easier for you - as a franchisee - to secure upfront and ongoing funding.

Does the franchise offer diverse sources of income?

Along with a trusted brand, it pays to look for a franchise offering diverse sources of revenue. More than increasing income potential, multiple revenue opportunities helps to shelter your business against downturns in any one market and smooths out long term returns.

Mortgage Choice franchisees for instance, can leverage a vast established supplier network, with multi-streamed income potential. We may have made our name in home loans, but these days Mortgage Choice franchisees help customers source credit cards, car loans, commercial loans, asset finance, deposit bonds, and risk and general insurances.

This range of diversified products means our franchisees can expand their earnings through additional income streams. It adds up to lucrative income potential.

What sort of support will you receive?

This is important. A good franchise is very much a partnership between the franchisor and the franchisee, and the best partnerships are a two-way street. When you're looking to buy a franchise it is critical to know what level of support you will receive – not just at the outset but throughout your journey as a franchisee.

When we refer to Mortgage Choice franchise opportunities as a profitable partnership, we really mean what we say. Our franchisees receive extensive support – from a rigorous induction process followed by two years of personal mentoring. But it doesn't end there. We hold regular training and professional development sessions; our state and national conferences are a great way to share ideas and pick up some proven strategies; you'll benefit from our national marketing campaigns; and we'll be there right beside you – helping to generate leads on a daily basis to support your business. 

Look for a proven philosophy

We all want to make money from business. That's a no-brainer. But lasting success is driven by a clear business focus. That's why it is worth asking any franchisor about the philosophy that underpins what they do.

At Mortgage Choice we take a ‘Client for Life' approach, and it is the key to our 90%+ customer satisfaction ratings. This commitment to forging long term relationships sees our customers return to our franchisees as repeat business as well as recommending Mortgage Choice to friends, family and work colleagues. It gives franchisees greater opportunities to grow and enhance their market share.

Discover more about the opportunities offered by a Mortgage Choice franchise or call us on 1300 650 330 for further details.