INSIDE INSIGHTS

Home alone or hunkered down with the kids … find some

time to focus on the future.

THere are some suggestions for ways to find a more secure, satisfying future for yourself and your family.

NETWORKING

Keep in touch with colleagues and friends to stay connected, but also use this time to engage with people in fields that interest you.

Join or start conversations on social networking platforms like LinkedIn, add new people to your contact list, find ways to use your skills to help others in their business.

UPSKILLING

Now could be a great time to develop new talents or boost the skills you already have, whether in vocational or technical fields.

Our reliance on digital communication has never been stronger; many organisations are now adding or improving digital services and learning platforms.

Government website www.myskills. gov.au/ is a good starting point.

For vocational training such as Certificate IV in business check out www.tafecourses. com.au/courses/

Visit www.upskilled.edu.au/courses/ administration-and-business to see more about vocational training online.

If you’re serious about franchising, this is the perfect time to get online and undertake the free course on franchising, supported by the Australian Competition and Consumer Commission: www. franchise-ed.org.au/online-courses/ pre-entry-franchise-education/

GET A MENTOR OR COACH

This is a good time to focus on big goals and values, to reassess what’s important in your life, and work out what’s next.

A life coach or a business mentor could offer valuable insights and guidance on how to deal with the immediate weeks ahead and how to reshape the future to best suit you. A skilled mentor will help you find your own solutions.

FOLLOW YOUR PASSION

Every franchisor will ask their franchisees to demonstrate a passion for the business they are buying – whether that’s passion for the product, the service, running a business or nurturing a team.

Passion is crucial to success, so it makes perfect sense to put your energies into achieving your ambitions in a field you are passionate about.

However, passion won’t be quite enough to see you through. Work out what you need to turn the dream into reality.

Are there elements of the business you could learn before you invest, to give yourself a head start? Perhaps you already have the skills required, or perhaps you need to retrain or upskill?

PLAN YOUR FINANCES

Uncertainty about the future is challenging, particularly if there is doubt about income and expenses that will have a drastic impact on your life.

However, a good honest look at household finances as they stand, and where they could be, will be invaluable if you are to take the next steps and be ready to bounce back when the economy turns.

Checking up on the financials means you’ll have a realistic expectation of what can be achieved, be able to decide how much you can change to get where you want to be, and will set you up for good conversations with franchisors and lending institutions.

SELF-REFLECTION

It’s vital to really think long and hard about whether buying a franchise is going to be the best move for you. Whatever the particular business, every franchise demands a willingness to follow rules and regulations, a team spirit (even if you are working by yourself – brand standards are important) and adaptability.

A franchise might put restrictions on you that you will find bothersome. It’s best to work that out now before you progress too far down the line to buying a franchise.

So not too much time in the mirror please, but do take the opportunity to draw up a list of your strengths and weaknesses.

Defining what you can bring to a business, and the areas you will need support with, is important to ensure you match yourself to the right franchise.

MARKET RESEARCH

Due diligence, or research, is crucial before you buy a franchise. If you know which sector you want to work in, get stuck in to finding out the economic predictions, what the challenges will be, which brands are handling change well, and how you will make money in the business.

For would-be franchisees still open to persuasion, now is the time to take a helicopter view of the industries you would consider, and find out what their future looks like. How are they affected by the coronavirus crisis for instance?

What sectors thrive in a downturn? Which sectors rely on a traditional way of doing business that may not continue at the same pace?

Set yourself up to better understand the opportunities available.

STAY FIT AND HEALTHY

Looking after your mental and physical health is crucial right now. Take that walk with your partner, exercise the dog, dig out the yoga mat, spend time in the garden, kick a ball around with the kids … there’s nothing like some downtime to remind us of what’s valuable.

And as a bonus, when you start up in your new business energised and fit, you’ll be well placed to manage the challenges of business ownership.

GUARDIAN ANGELS

Some of the most vulnerable in our society can choose to stay home and get excellent help through franchised services.

Changed regulations have made it easier for families and individuals to access the carers they want for loved ones, who don’t have to move into residential aged care.

As the Australian population ages, this is a booming industry which has more firms flocking to franchise their business model than ever before.

While franchisees need to embrace and embody the caring philosophy and principles of the brands, in many cases their role is one of management rather than hands-on care. It’s a great option for community-minded individuals who want to make a difference. Check out these brands:

Just Better Care

Home Instead Senior Care

Medimart

Pearl Home Care

Home Caring

Nurse Next Door Home Care

THE DELIVERERS

Moving goods from one place to another has always been important to our economy, and our personal lives. The onset of a booming online retail scene has only added to the demand in the logistics and delivery industry. And then a pandemic erupts that keeps us all at home and we truly appreciate the value of being able to get goods delivered from across Australia and around the world.

The advantage of franchised operations in this field is the national and international networks that allow individual operators to compete with major global brands.

Some of the brands operating in this space are:

Aramex (previously Fastway Couriers)

CouriersPlease

InXpress

PACK & SEND