Is a franchise business right for you?

association nz franchise memberIf you want to run your own business or feel like a new challenge, owning and operating a franchise can be an exciting and rewarding change of lifestyle and career. But, before you decide to buy a franchise, you should see if it’s the right business solution for you. And when you are ready to take the next step, our franchise specialists will be ready to give you their support and expertise to help you get your franchise up and running and give it the competitive edge.

What franchising can offer you

If your dream is to own a business, deciding whether you want to create your own business or get one with a predefined business format will be among your biggest decisions.

If you like the sound of operating a business that is connected to an established and recognised brand and has the ability to grow and expand then franchising could be what you’re looking for.

Our customers have told us some of the reasons why buying a franchise was appealing to them, including:

  • A positive cash flow from the day you open.
  • A reduced risk of the business failing.
  • The ability to start a business with a low capital base.
  • Comfort in knowing that the business can be re-sold.
  • A business model that allows you to grow and own multiple locations.

Deciding what franchise could be the best for you

Whether you have a particular franchise in mind or are exploring your options, it is important to understand that franchising is a way of doing business — it isn’t a single industry or business. All franchises are different; therefore, it is important that you find one that suits you.

Overall, the relationship between you and the franchise and franchisor should be positive and mutually beneficial.

You should also look at whether you:

  • have a passion for the franchise brand, product, and concept
  • share the same vision, values, and work ethic as the franchisor
  • will be motivated to work in the business for the next 5–10 years
  • see profitable growth in the franchise
  • will comply with the franchise system and won’t want to make your own changes.

If this sounds like your way of doing business, then you’re on the right track. Next, you should have a more in-depth look into each particular franchise system before you make a decision on which one to buy.

You should think about:

  • how much you will need to invest to buy and operate
  • what initial and ongoing training and support you will receive
  • whether the franchise has the ability to maintain its competitiveness and brand in the future.

Let us help you to get your franchise business

At BNZ, we have been working with franchised businesses for many years. Whether you want to buy your first franchise or are already running a successful franchise, our specialist franchise team can help you.

We also have a wide range of banking products and support services to help your franchise business. You’ll get the specialised support and award-winning banking services, which include:

  • Franchise specialists available to support you — available 7 days a week, 7am–7pm Mon–Fri, and 8am–2pm Sat–Sun.
  • Specialised business banking products — including the award-winning small business transaction account with no cash handing or transaction fees^, TotalMoney, and other fast and efficient payment solutions and merchant facilities.
  • Business lending — access to funding against proven business models, without needing other security.
  • Mobile business banking apps — manage your finances on the move with specially designed business banking apps for iPhone and Android.
  • PayClip – take payments on the go with PayClip, wherever you want to do business.
  • Ability to earn Flybuys on selected banking products^.

We are also active members of the franchise community supporting national and regional events and you’ll get the opportunity to meet with other franchisees in your community at our free networking events.

Talk to us today