What Franchise Should I Buy?

Buying a franchise is a big commitment. Not only is it a sizable financial commitment, buying a franchise also asks you to commit a huge amount of time, energy, and effort into making your new business grow. That’s why it’s important to really assess whether or not a particular franchise is the right fit for you before you make any big decisions. If you’re looking at buying a franchise in 2021, we’ve put together this article to help you decide which franchise you should be looking to buy. 

So, what franchise should I buy?

It might sound like a cop-out, but the truth is, the answer to this question is different for everyone. The truth is, we all bring different skills to the table. Over the past several decades, we’ve seen thousands of people sign on as a Jim’s franchisee. Some fail, while others (the vast majority) find success. Those who find success are the ones who have taken the time to research the field and have been able to align their own interests and skills within a certain division. 

If you’re a prospective franchise owner, our recommendation is to first have a think about what you actually enjoy doing and what you definitely don’t enjoy doing. For example, if you know that you’re not an outdoors lover, then a gardening or mowing franchise probably isn’t going to be the right fit for you. When deciding on which franchise you should buy, don’t let factors like earning potential and money be your main guide. Rather, think about how you can transform your interests, skills, and talents into a sustainable, rewarding business. Ultimately, you are the one who will have to work to make your business grow; so the franchise you buy has to be one that you’re passionate about. 

 

Who is the largest franchise group in Australia?

The franchise industry is one of the fastest growing industries in Australia. Money Magazine reports that there are three times more franchise outlets per capita in Australia than in the US, representing about 4% of our national economy. Our franchise industry employs more than 500,000 people Australia-wide and generates a whopping $181.8 billion in revenue each year. 

Jim’s Group is the largest and most well-known home-service franchise in Australia. With more than 4,300 franchise owners across 45 divisions, we have one of the most diverse franchising portfolios in the world. Our divisions range from the well-known divisions such as Jim’s Mowing, Jim’s Dog Wash, and Jim’s Cleaning, to the lesser known ones such as Jim’s Window Tinting, Jim’s Floors, and Jim’s Painting. The most exciting part is that we’re growing and evolving constantly, with new franchisees signing on every week and new divisions starting up every year. 

Other top franchises include Mister Minit, Ferguson Plarre Bakehouses, Snooze, and Snap Printing. We would advise anyone looking to buy a franchise to do their research and choose a well-regarded franchise system. Unfortunately, there are some dodgy dealers out there on the market, so be sure to ask lots of questions and don’t make a final decision until you feel fully confident and comfortable with the system and model. 

What are the best franchises to own?

‘Best’ is a highly subjective term. It depends on personal preferences and likings, as well as personalities and priorities. The best franchises to own are the ones that you like. That’s why we always encourage prospective franchisees to get to know their franchisor and to spend some time on the road with existing franchisees – so that they really get a sense of what the job entails. 

Some franchises are more demanding than others, from both a financial perspective and a time perspective. A fast food franchise or a retail franchise, for example, comes with long hours and expensive overheads. For someone with a young family or limited amount of reserve funds, this would likely become a source of stress. A Jim’s franchise is appealing to many people because it’s mobile. We allow our franchisees to set their own hours and to dictate what their working week looks like, which is why we have high rates of satisfaction amongst our existing franchisees. In addition to this, our franchisees don’t have to worry about paying for things such as business rent, since they’re operating out of a mobile vehicle. Our franchisees are afforded high levels of personal freedom, meaning that they’re able to control their life and their schedule. 

When determining the ‘best’ franchises to buy, it’s also good to think about payment structures and fees. Many franchise systems in Australia ask their franchisees to pay them a commission. At Jim’s Group, we differ from other franchise businesses in that we only charge our franchisees a flat monthly fee. This means that our franchisees get to keep more of their hard-earned dollars, which is – in our opinion – as it should be. 

If you’re curious to learn more about joining Jim’s Group as a franchisee, we would love to hear from you. We provide all the training and support from day one, so don’t let a lack of experience deter you from starting the business of your dreams. We’re always on the lookout for new, motivated people to join our growing business, so give us a call on 13 15 46 or enquire online to talk about next steps today.