If you’re looking to run your own business or step into a new career, investing in a franchise may be for you. The most successful small business ideas grow into lucrative worldwide profits thanks to franchising, and whether you’re investing or creating your own you, too, can benefit from this business model.
Why a Franchise?
Franchising gives the franchiser (the owner of the business) an easy way to expand their business into self-managed branches, while the franchisee (the investor and manager of an individual location) benefits from a recognizable brand name, guidance from the franchiser, and a direct stake in the success of the franchise. Think of a franchise like a tree, with the franchiser acting as the trunk and main source of support, and the franchisee as a branch. The more branches the tree has, the more green green leaves it produces.
What to Invest In?
Of the top 3 franchises in the world, 2 (Subway and McDonalds) deal exclusively with food, while the third (7-Eleven) devotes a significant portion of its business to food as well. But the most successful small business ideas aren’t even in food; they’re in coffee. Business Insider estimates the world drinks 500 billion cups of coffee per year, and the Australian coffee industry alone employs nearly 85,000 people. Cafe2U is a mobile espresso business that launched out of Sydney, Australia in 2000 and has since grown into a worldwide business with over 240 franchises in Australia, the UK, and the US, with much more to come.
How Do I Get Started?
Owners provide franchise training and support for their franchisees. Businesses like Cafe2U have new franchise partners covered. The mobile coffee van company offers a unique “Acceleration Launch Package” ideal for anyone who has dreamed of being their own boss but isn’t sure where to start. If you have an idea of your own and are more interested in being the big boss, the Australian Tax Office offers a checklist which explains many of the essentials to starting a business, such as:
- Legal structure, tax file numbers (TFNs) and Australian business numbers (ABNs)
- Keeping records
- Goods and services tax (GST)
- Fuel tax credits
- Your employees
- Paying tax
- Support for small business
Visit the Australian Tax Office website to read more about these tips.
Most successful small business ideas require hard work, but knowing the trends can make that work a lot more streamlined. Australia is the most franchised nation in the world, with 40% of its franchise systems utilizing online sales, which means flexibility for potential investors. You don’t need to be a corporate CEO to be a successful business owner, and the camaraderie of franchising means anyone can learn from anyone who can teach.