How Long Does Ready To Feed Formula Last Once Opened How to Determine the Profitability of a Franchise Opportunity

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How to Determine the Profitability of a Franchise Opportunity

Buying a franchise is definitely a shortcut to starting a business without the headaches of a startup. There is far less fumbling and failure that often marks the early days of an independent business. As glorious as it sounds, the success of a franchise business depends on judgment. This is exactly why it is necessary to thoroughly research the franchise option when making a choice. While there is no magic formula for the best valuation of a franchise business in all sectors, there are some ways to more accurately determine the profitability of a venture. Let’s find out how.

For definitive answers, explore the 5 key areas of being a franchisor:

Unit growth

To begin, look at the unit growth chart. Is it going well lately or has the overall growth always been good? To find the exact answer to this, find out how many units the company has opened in recent years. Journals that publish such information also add other important details that enhance decision-making. So, grab a copy of Business Franchise Magazine and gather as many details as possible. Focus on the growth rate over the last 10 years and the reports will tell you if the opportunity is worth considering.

Sales per unit

You’ll want to look at the average sales figures for Australia’s top franchises before choosing them. The sales indicator per unit reflects the company’s average turnover. If the business is profitable enough, the franchisee will likely earn his own income from operating the unit. However, it may be difficult for you to know the average sales figure for each item, as companies do not disclose such details to the public. Again, Franchise Magazine can shed some light on this.

Success rates of new franchises

How are the new franchises doing? This is crucial to assess how your business is performing in the current scenario. So before buying a franchise, make sure you have rough figures on the success rate of new franchises opened in the last 3 years.

Continuous support

The level of organizational support provided by the company is a key factor in franchising. It’s a much bigger challenge to be part of a company that makes its franchisees train their own employees and survive on their own. Top companies provide great support to their franchisees in marketing, advertising, training, recruiting, acquisitions, litigation and more. So make sure you are eligible for at least some of these when you sign up as a franchisee.

Franchise reviews

At that time, stop to quickly read the reviews other franchisees have posted about that particular franchisor. You want to hear from the horse’s mouth how happy or unhappy they are with the business.

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