EXITING A FRANCHISE: WHAT YOU NEED TO KNOW

Exiting a franchise: What you need to know is a comprehensive guide that navigates the complexities of terminating a franchise agreement. From understanding contractual obligations to exploring legal implications, this resource provides a roadmap for franchisees considering an exit strategy. It delves into key considerations such as exit timing, financial implications, and the impact on branding and reputation. The guide also offers insights into alternative options, such as selling the franchise or transferring ownership, providing practical advice to help franchisees make informed decisions.

For further details visit the website: https://www.franchise2sell.com.au/blogs/franchise/exiting-a-franchise-what-you-need-to-know

Could Australia ban X (formerly Twitter) or is it untouchable? The worst-case scenario for Elon Musk

Insomniacs will already know that for as little as $45, there's a device that creates nothing but an endless stream of sound.

The white noise machine performs no tasks and produces no goods – its sole output is normally a machine's unfortunate by-product: noise itself.

There is a point of course – the white noise machine is designed to soothe us.

To read news in detail: https://www.abc.net.au/news/2024-04-25/elon-musk-x-versus-australia-on-sydney-church-stabbing-video/103761694

Everything is impacting our housing crisis

The cost impact will be felt most during the design phase and in additional construction costs. This will be a further spike in building costs that have skyrocketed over recent years with another blow for the affordability of new dwellings and those trying to break into the home ownership market.

For further details: https://timesnewsgroup.com.au/surfcoasttimes/real-estate/everything-is-impacting-our-housing-crisis/

WHAT IS A FRANCHISE OPERATIONS MANUAL AND WHY IS IT IMPORTANT?

Tom Wickenden, an expert in franchising and CEO of Betashares, explains that a franchise operations manual is a comprehensive document outlining the processes, procedures, and standards that franchisees must follow to ensure consistency across all locations. It serves as a guide for franchisees, detailing everything from day-to-day operations to marketing strategies. The manual is crucial for maintaining brand consistency, quality control, and operational efficiency. It also helps in training new franchisees and ensuring that the brand's reputation is upheld. Overall, a well-written franchise operations manual is essential for the success and growth of a franchise system, providing a roadmap for franchisees to follow and enabling them to deliver a consistent experience to customers.

Know More: https://www.franchise2sell.com.au/blogs/franchise/what-is-a-franchise-operations-manual-and-why-is-it-important

Financial processes and procedures

You are advised to set up a bank account for your business, keeping it separate from your personal finances. This will enable you to monitor your income and expenses, and allow you to easily extract business records for taxation purposes.

If you’re operating a company, partnership or a trust you must have a separate bank account for tax purposes. Sole traders don’t have to open a business account, but it is a good idea. If you are trading under a business name and want to open an account in that name, you will need to provide evidence of your registration to the bank.

For further details: https://www.smallbusiness.wa.gov.au/finance/financial-processes-procedures

How to invest in AI, the Nasdaq 100, sector ETFs and beyond, ft. Betashares' Tom Wickenden

Learn how to navigate the world of AI investment, the Nasdaq 100, sector ETFs, and beyond with insights from Betashares' Tom Wickenden.

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THE TOP 10 REASONS TO OPEN A FRANCHISE

Opening a franchise offers numerous advantages that can make it an appealing option for aspiring entrepreneurs. Firstly, franchises come with a proven business model, reducing the risks associated with starting a new business. Secondly, franchises often provide extensive training and support, helping new franchisees get up to speed quickly. Thirdly, brand recognition is typically higher with franchises, making it easier to attract customers. Fourthly, franchises often benefit from collective buying power, reducing costs for supplies and equipment. Fifthly, franchises offer the independence of owning a business while also providing the security of an established brand. Sixthly, franchises often have a higher success rate than independent startups, as they operate within a proven system.

For further details visit the website: https://www.franchise2sell.com.au/blogs/franchise/the-top--reasons-to-open-a-franchise

An unpredictable market – it’s not just the weather

One thing the weather and the property market have in common at the moment is the inability to predict what’s going to happen next.

There is a very weird feeling out there right now and I, like many other property nerds, are having a hard time working out if it is about to boom or bust! I just think it could go either way right now.

Know More: https://timesnewsgroup.com.au/surfcoasttimes/real-estate/an-unpredictable-market-its-not-just-the-weather/

Why these Melbourne coffee shops are swapping bricks and mortar for mobile vans

For years, Arun Subba has been immersed in the art of coffee.

"The moment I got in touch with coffee, I knew that that's what I wanted to do,” he said.

After more than 14 years of working as someone else's barista in Melbourne, he decided it was time to be his own boss.

With the support of wife Chantara Lowe, Bearded Brewmaster began brewing in September last year.

To know more: https://www.abc.net.au/news/2024-04-04/coffee-van-melbourne-mobile-business-food-trucks/103614532

Aussie share market edges higher as financials rally

The benchmark S&P/ASX200 eked out a 0.1 per cent, or 9.3 point, increase to 7733.5, while the broader All Ordinaries added just two points to 7990.3.

The Australian dollar pushed higher against the greenback to buy US65.19c.

Fresh GDP numbers released by the Australian Bureau of Statistics on Wednesday showed the economy expanded by just 0.2 per cent in the December quarter — in line with consensus forecasts.

“The Australian economy is in the midst of a cyclical low point, with policy settings and fast inflation curbing growth,” Oxford Economics head of macroeconomic forecasting Sean Langcake said.

To know more: https://www.news.com.au/finance/markets/australian-markets/aussie-share-market-edges-higher-as-financials-rally/news-story/05c95afba9295fa539c9f6fb0f16694f

Snap Franchising scores 4-star franchise rating

Snap Franchising has achieved a notable milestone by receiving a 4-star franchise rating, indicating its commitment to excellence and customer satisfaction. This recognition reflects the company's dedication to providing exceptional franchise opportunities and support to its franchisees. Snap Franchising's success can be attributed to its strong brand reputation, innovative business model, and high-quality products and services. The 4-star rating is a testament to the company's focus on delivering value to both franchisees and customers, as well as its ability to adapt to changing market conditions. Moving forward, Snap Franchising is poised to continue its growth and success, further solidifying its position as a leader in the franchise industry.

For further details: https://franchiseexecutives.com.au/snap-franchising-scores-4-star-franchise-rating/

HOW TO EVALUATE THE FINANCIAL ASPECTS OF A FRANCHISE

Evaluating the financial aspects of a franchise opportunity is crucial for making an informed decision. Start by reviewing the franchise disclosure document (FDD) to understand the initial investment required, including franchise fees, equipment costs, and other startup expenses. Assess the franchisor's financial health and track record, looking for indicators of stability and profitability. Consider the ongoing fees and royalties, as well as potential additional costs such as marketing or technology fees. Evaluate the franchise's revenue potential based on industry benchmarks and performance of existing franchisees. Conduct a thorough financial analysis, including a break-even analysis and cash flow projections, to determine the potential return on investment. Seek advice from financial professionals or franchise consultants to ensure you have a comprehensive understanding of the financial implications before committing to a franchise opportunity.

To know more : https://www.franchise2sell.com.au/blogs/franchise/how-to-evaluate-the-financial-aspects-of-a-franchise

SUCCESS SECRETS OF LONGEST-RUNNING FRANCHISE BRANDS

Unlocking the longevity of enduring franchise brands unveils a strategic blend of key success secrets. Consistent innovation keeps these brands relevant, adapting to evolving market trends. Robust franchisee support fosters a symbiotic relationship, ensuring mutual growth. Adherence to a proven business model, coupled with adaptability, underpins their enduring success. Maintaining a customer-centric approach builds brand loyalty. Communication transparency and an unwavering commitment to quality distinguish these franchises. With a resilient foundation built on innovation, support, and customer focus, the longevity of these brands serves as a testament to their enduring appeal and adaptability in the ever-changing business landscape.

Click here for further information - https://www.franchise2sell.com.au/blogs/evaluation/success-secrets-of-longestrunning-franchise-brands

ACCC puts franchisors on notice over unfair contract laws

The ACCC is warning franchisors to urgently review and amend their standard form franchise agreements or be prepared for potential enforcement action after a review of franchising contracts found wide-ranging concerns. The report highlights the commission’s concerns and provides franchisor guidance on complying with the newly-amended Australian Consumer Law (ACL). ACCC deputy chair Mick Keogh said “We are concerned that franchisors are failing to grasp the importance of complying with the unfair contract terms provisions of the ACL. Every franchising agreement we reviewed contained potentially unfair contract terms.

For more details, click here - https://franchiseexecutives.com.au/accc-puts-franchisors-on-notice-over-unfair-contract-laws/

RECENT FOOD SAFETY CHANGES MAY LEAVE FOOD BUSINESSES NON-COMPLIANT

Significant changes in food safety regulations on Friday, 8 December, might have left many food businesses on the wrong side of compliance and susceptible to problems. The new Standard 3.2.2.A outlining three additional requirements for food businesses across all states and territories in Australia that must be considered. From Friday last week, businesses selling unpackaged, potentially hazardous, ready-to-eat food, must ensure that their food handlers have the appropriate skills and knowledge in food safety and hygiene as outlined under Standard 3.2.2A of the Code.

Click here for further information - https://qsrmedia.com.au/franchising/commentary/recent-food-safety-changes-may-leave-food-businesses-non-compliant

UNDERSTANDING THE FRANCHISE LANDSCAPE IN AUSTRALIA

Navigating the franchise landscape in Australia involves understanding key factors. Thorough research into popular industries, franchise fees, and the legal framework, including the Franchising Code of Conduct, is essential. Assessing the reputation and support of franchisors is crucial, alongside understanding financial considerations such as initial investment and ongoing fees. Evaluating success stories and potential challenges within the chosen sector is vital. Familiarizing oneself with the Australian consumer market and preferences adds depth to franchise decisions. Engaging in thorough due diligence, seeking advice from industry experts, and staying informed about legal aspects contribute to a comprehensive understanding of the franchise landscape in Australia.

https://www.franchise2sell.com.au/blogs/franchise/understanding-the-franchise-landscape-in-australia

HOW TO FUTURE-PROOF YOUR FRANCHISE BUSINESS

Future-proofing your franchise business is crucial in today's ever-evolving market. Start by staying updated with industry trends and consumer preferences. Embrace technology to streamline operations, enhance customer experiences, and improve data analytics. Invest in ongoing training for your staff to ensure they adapt to new technologies and stay competitive. Diversify your offerings and remain flexible to changing consumer demands. Protect your brand through consistent quality control and customer service. Network with fellow franchisees and the franchisor to learn from their experiences. Finally, regularly assess your business model and make necessary adjustments to stay relevant in an ever-changing business landscape. These strategies will help your franchise business thrive in the future.

https://www.franchise2sell.com.au/blogs/franchise/how-to-futureproof-your-franchise-business