Buying a franchise gives you the right to run an established business and sell its products and/or services for a specified period. Before you buy a franchise, consider the same issues as when purchasing or starting any other business, along with issues specific to franchising such as what happens if the franchise or franchisor fails.
To improve your chances of success, make sure you use these two resources:
The ACCC also sponsors a free pre-entry franchise education program that may help you to assess franchise business opportunities to ensure you make the right choice.
It's important that you also understand that once you have entered into a franchise agreement you are legally committed to run the business according to the requirements set out in the franchise agreement and the franchise operating manuals. You’ll also be bound by the mandatory Franchising Code of Conduct. Consider consulting a business adviser, accountant or solicitor for advice.
The following topics cover the things you need to know when buying a franchise:
