Buying a Franchise is a huge step, just like buying any business.
The best part about a franchise, though, is that you should expect a great track record and the answers to any and all questions you have, because the franchisor should have been there and done it all before!
This article will give you plenty of questions to ask.
NB: You may have to sign Non-Disclosure documents and actually apply for a Franchise before you can get answers to some (but certainly not all) of these questions. If you find a franchisor is reluctant to answer these questions, that should tell you something, shouldn’t it?
1. Is the Franchisor a Member of the Franchise Council of Australia?
2. Does the Franchise comply fully with FCA Code of Conduct and Member Standards in all regards?
These two requirements are compulsory for membership of the FCA, so you can be assured that if they are an FCA Member, they have already been vetted for compliance with these.
NB: Membership is optional – if Franchisors are members, it may provide a degree of credibility, however, many good Franchisors are not members of the FCA.
3. Was the Business...
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