The worst pandemic in human history triggering a global economic meltdown and a record number of business closures, along with unemployment rates at their highest ever; 2020 was nothing less than a nightmare. It jolted the entire world to its roots, including Australia. Amidst worldwide vaccination drives, mutant strains of the COVID-19 virus continue to ravage countries in 2021. However, Australia is one of the few nations that have bounced back from the pandemic slump, driving economic growth by stimulating domestic sectors. Dominated by a local business model, the sector for franchise in Australia is deemed to be at the forefront of the ongoing economic rejuvenation.
Standing in 2021, amidst the remnants of a pandemic that plunged Australia into its first recession in three decades, this article will present an overview of the franchise industry from the present perspective. Dive in if you are interested to invest in the best franchises in Australia.
Current Market Trends Dominating the Australian Franchise Industry
The origins of the Australian franchise industry dates back to the 1970s. From its very inception, the sector has been dominated by the local brands that have left an equally significant impression in the global market. The top ten franchises in Australia are all local businesses that have proved to be pillars of the community and the nation’s economy.
According to the latest data by the Franchise Council of Australia;
- The industry has a net worth of more than $146 billion. There are more than 1200 diverse franchise systems.
- The number of franchise businesses in the country is more than 800,000.
- The franchise industry offers employment to 500,000+ people.
Choosing a Profit Generating Franchise
Franchise investment is as crucial and critical as any other business venture. If you are thinking of buying a franchise for sale in Sydney, Melbourne, Canberra or any other place in the country, make sure that it comes with lucrative returns. Here are a few tips to follow:
- You should have some basic knowledge regarding the product and the service you want to be associated with. Even better, if you are passionate about the same, it fuels your interest and efforts to generate revenue.
- Researching extensively about the brand and its policies, market reputation, annual turnover, and likewise is very important.
- A complete assessment of the market competition helps you make a calculated decision regarding the choice of brand, service, and industry. The lesser the local competition, the better are your chances of making profits.
- Know your financing options before venturing into the world of the franchise. Some franchisors offer loans to the franchisee. Besides that, you can also seek a loan from banks. Arranging finances for a franchise is considered easier than stand-alone businesses.
Follow these tips when investing in a brand and you will end up with one of the best franchises in Australia.
COVID-19 has caused several stand-alone businesses to close doors due to lack of funds, and many have lost their jobs. Surprisingly the franchise industry was able to resist such staggering blows to people and establishments, and at the moment is offering profitable propositions to aspiring franchisees looking to start something. If you want to know more about owning a franchise in Australia, subscribe to https://www.businessfranchiseaustralia.com.au/ for all updated information on the latest trends and developments within the industry.