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Buying a franchise
Running a franchise requires a willingness to take in new ideas and work within the rules and operating procedures and systems of the franchisor.
These systems are particularly important because they are based on what has been successful to date, and so form the very foundation of the franchise.
In most cases, you pay an initial franchise fee and then some ongoing royalties and fees to make this ready-made business your own.
Buying a franchise usually gives you the right to
use a name and pre-defined business format
sell a product or service within a set regional area
enter a business at a level of investment you feel comfortable with
A franchise can include
a ready-to-go business based on a business model that has already succeeded
a recognised and proven brand
registered trademarks and other intellectual property
training and development opportunities
access to the experience and expertise of the franchisor
an exclusive territory within which to do business
group buying power
greater marketplace presence via coordinated advertising and marketing
Advantages and benefits of franchising
Here's a look at some of the advantages and benefits that may be offered with franchises:
proven business model
known financial input including initial costs and working capital
brand power—a well-known name with a good reputation
documented system to help you run your business franchise
training, support or advice from an experienced person within your franchise
recommended specialists for particular advice (such as banking, legal or accounting)
group buying power and nationwide brand advertising
Westpac's current lending criteria apply to all applications for finance.The information on this page is presented subject to our legal page and any other terms and conditions that Westpac may impose from time to time. It is subject to change without notification.
