Do you own a local candle store and want to expand it across the country? Instead of opening a lot of units nationwide, think of franchising it. Franchising is all about allowing other candle shops to run under your brand and offer your products across the country. Thus, franchising can further help you expand your local brand across Australia. But you must consider a few things before you wonder about how to start a franchise in Australia.
Can you not understand what might be those? Well, let’s discuss more about that in the following blog post.
6 things you need to consider before franchising your local candle store nationwide
Do you want to expand your local candle store across Australia through franchising?
Well, franchising is one of the best and most efficient ways to expand a local business across the country.
It allows other businesses to run under the brand and help reach every corner of the country.
However, franchising isn’t as easy as it seems.
Datta shows that the failure rates of franchises are as high as 50% and as low as 20%.
Thus, it’s a must to consider a few points when planning to franchise your local candle store across the country.
The following are the top 6 of them:
1. One of the most vital points you should consider before franchising your local candle store is capital. Even though your franchisees will do all the investments, you must have enough funds on your hands to train them and draft legal documents.
2. Next, you should ensure that your business is popular. Data shows that the candle market in Australia is expected to grow at a CAGR of 11.93% between 2024 and 2029. Even though the stat is lucrative enough to make potential franchisees interested in candle franchises, you must ensure that your local candle brand is popular within and outside of the local market.
3. Be sure to draft the legal documents before thinking of franchising your local candle store. Documents like FDD (Franchise Disclosure Document) and FA (Franchise Agreement) are a must to sell your candle franchises to anyone. Hence, you must draft them by a proficient franchise lawyer and ensure that they include every small detail of your candle store.
4. Now that you know that your business niche is popular and the documents are ready, you must consider the revenue of your business. Data shows that the Australian candle market reached USD 51.82 million in 2024 and is expected to reach up to USD 91.04 million by 2029. The data is enough to make potential franchisees invest in candle franchises. However, you must ensure that the revenue of your local candle store is enough to attract potential franchisees to invest in your candle franchise.
5. The success of a franchise depends on the franchisees. Hence, you should recruit the right franchisees for your candle franchise. Most business owners think of hiring someone from their family and/or friends to hire as their franchisees. Well, there is nothing wrong with that. However, you must ensure that they have the potential to run a candle franchise.
6. Last but not least, you should consult the franchising matter with a professional franchise consultant about franchising your local candle business across the world. Having years of skills, they can guide you through the franchising process and help you expand your candle store across the country through franchising.
Take away
Can you not understand what would be the best way to expand your local candle store across the country? Well, instead of following the DIY tips, contact franchise experts to learn about how to start a franchise in Australia. Franchising is more than allowing other candle stores to run under your brand. All you’ll have to do is ensure that you’re considering the right steps to expand your local candle store countrywide. We hope this blog post with the above-written facts can help you.
Author Bio: The Author is a professional franchise consultant. For years, he’s helped many business owners to expand their local brands across the country through franchising. Besides that, he’s also written plenty of articles and blog posts on various related topics like how to start a franchise in Australia, etc. for his readers.
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