If you’re considering starting a personal training business, you might want to think about the option of buying into a franchise. Investing in a franchise will enable you to benefit from using the name, processes, trade marks, etc of an established and successful company. You will have the right to run your own business and sell your personal training services, under the banner of their business name, for a certain period of time. This is an investment that, like any other investment, needs to be well thought out and well understood. Here are a few things that you’ll need to consider:
- Seek professional guidance. To ensure that you are making an informed decision, enlist the help of a business advisor, accountant and/or attorney with franchising experience. Seek their advice about all aspects that pertain to investing in a franchise.
- In Australia, all franchising is governed by the Franchising Code of Conduct. This sets out all the requirements and obligations that must be met in any franchising agreement. For information about complying with this code, consult the Australian Competition and Consumer Commission (ACCC).
- Download a copy of the Franchising Code of Conduct and make sure that you are familiar with it and understand it. For more information, you can contact your state or territory’s consumer affairs agency.
- Make use of the free ACCC resources. These resources are specifically designed to assist all potential business owners who are interested in entering into a franchise agreement. These resources include a franchisee manual, franchisee start up checklist, and a DVD guide to the Franchising Code of Conduct. They also offer a free franchise education program that helps all participants to accurately assess all business franchise opportunities.
- Be aware of all Intellectual Property (IP) issues. Consult your attorney in order to fully understand which IP you will have a right to use in terms of your franchise agreement.