Over the past five decades, Australia has been progressively transforming into a powerhouse with regard to capitalistic opportunities and profitable commercial prospects, arguably faster and more steadily than any other country.
To put the nation’s economic viability into perspective, consider the fact that the Worldometers organisation estimates that Australia has the 54th-largest population on Earth but its gross domestic product (GDP) is the 14th-most valuable, according to the International Monetary Fund. Furthermore, Australia is actually the second-richest nation on Earth in terms of average wealth per adult, ranked behind Switzerland and ahead of the United States.
Franchising Statistics Across Australia
A substantial portion of Australia’s $1.7 trillion GDP comes from franchises, which are essentially businesses that feature a mutually beneficial relationship with a parent company and the right to act as an agent of the brand in question. Shown below are the franchise-related data points that you should be aware of:
- In light of the latest FranchisED survey, there are nearly 1,200 unique franchise brands and 80,000 distinctive branches conducting business in the country.
- The aggregate output of Australian franchises is somewhere between $128 billion and $160 billion and the median number of individual units under each brand has been surging, which implies that the majority of franchise networks are very well established.
- The cumulative number of domestic citizens working for franchises has seen a momentous upturn over the past few years as there are now nearly 475,000 full-time and part-time personnel making a living in their particular franchises.
- Approximately nine in every 10 franchise networks based in Australia are actually homespun. Almost a third of these enterprise systems also conduct business on a transnational scale with New Zealand representing the lion’s share of operations outside Australia’s borders.
- There is a relatively proportional split between the types of businesses operating under the franchise-agent model but the leading sectors are retail sales and food service. These two industries comprise about 46% of all franchised entities.
There is a certain sense of security and long-term sustainability with franchises that is difficult to recreate with a stand-alone venture, which is why so many people are beginning to invest their hard-earned nest eggs into franchises for sale.
What Should I Know Before I Purchase a Franchise?
The fastest-growing subdivision within the franchising niche is the bakery and café concept, primarily due to the low barriers to entry, predictable revenue streams, and steady demand for specialty baked goods.
The best-rated franchises generally feature an easy-to-understand seven-step process for franchise applicants and they abide by the Franchise Code of Conduct and the Trade Practices Act, which means that the procedural necessities are more straightforward and streamlined than ever before.
Irrespective of whether you happen to be on the brink of retirement or still actively participating in the labour force, the opportunity to create a lucrative tertiary source of income is finally at your fingertips because you can simply synergise with a particular franchise brand as opposed to building a new business from scratch.
Be sure to look into bakery and café networks that feature high-growth revenues and then file your initial application to connect with a friendly liaison.