How Do I Know If Business Ownership Is Right For Me?

This is possibly a burning question as you consider different options, especially if what you are currently doing is not rewarding and want to do something else. What are your options? Do you find a new job, stay in your current position, or move into business ownership? As you look for answers to this question I suggest there may be many suggestions from those around you. Ultimately, the final answer will come from you and you alone. Deciding if business ownership is right for you includes many emotions and motivations. These may include:

• No more layoffs
• Having control of your work and personal life
• Having balance with work, family, and friends
• Financial security
• Personal fulfilment
• Success
• Creating and building something
• Contributing to the community
• involvement
• company politics
• Less frustration and job stress
• Getting away from the corporate life

Perhaps I forgot the most important motivation - money. I think a major reason most people enter business ownership is because they believe they can make more money than what they currently earn and perhaps what they will earn in the foreseeable future. What's interesting is that according to the book, the Millionaire Next Door, five out of six millionaires earn their fortunes through business ownership.

How else do I decide?

Part of the purpose of this guide is to take you through the decision-making process so you can decide if buying a franchise makes sense to you We'll explain shortly how I use a consultative process to go through franchise ownership options to help you understand the buying process, determine what's important to you, and work through your options so you arrive at the decision that makes sense for you. Notice I said "arriving at the decision that makes sense for you." That's the purpose of this guide or workbook and that is, allowing you to arrive at the decision that makes sense to you. Not your spouse. Not your parents, family, best friend, neighbour, accountant mentor, coach, consultant, or advisor... but YOU. ....

Read more at: http://www.businesses2sell.com.au/blogs/2014/02/how-do-i-know-if-business-ownership-is-right-.php

THE 'PERSONAL PROPERTY SECURITIES ACT'-IMPLICATIONS FOR 2014

Hi Guys

The 'Personal Property Securities Act'-the PPSA- introduced in 2012- is arguably the largest change to the definition of ‘ownership’ in 200 years, essentially replacing 'Title' with 'Interest'.

A core outcome of the PPSA is the consolidation of all 40 odd assets registers into one-the ‘Personal Property Securities Register’-the PPSR. The PPSR is now the ONLY register for business assets such as shares, loans, securities, equipment, machinery, intellectual property and so on. Think of it as the old REVS register for motor vehicles having been expanded to now include every other type of business asset.

Essentially, among other things, certain types of businesses now have to register their assets on the PPSR (even though they already ‘own’ them) or face serious, possibly business ending, consequences.

Any business that supplies on credit terms, leaves property at other parties premises, consigns stock, owns IP, or pays other businesses for products are all affected by the new legislation and are at risk if they take no action.

The Act was introduced with a 'transition' period of two years that provided interim protection from the PPSA for some businesses- that protection expires on 30th January 2014……..

Many unaware/unprotected businesses not covered by the interim 'transition' protections have already lost their businesses to the new legislation-suppliers to WOW, Hasties, Super Butcher, Kentor Minerals, QES and so on-losing collectively tens of millions.

Among the issues faced by unprotected businesses from the PPSA are:

• A business now has to register its assets on the ‘Personal Property Securities Register’-or they could become the property of another business.
• Another party can use unregistered assets as security for their own borrowings.
• A business can be subject to a ‘preferential payment’ demand for all monies received from a business you have dealt with over the past six months-with no return of goods.
• From 30th January 2014 all business assets/securities not registered on the PPSR will be not be protected or enforceable-inter-Company loans, intellectual property, leases etc.
• Pre-PPSA Terms of Trade agreements with ‘retention of title’ clauses are now worthless-they need to be redrawn in line with the Act.

Scary isn’t it? What compounds the issue is that probably 95% of Australian businesses potentially affected haven’t yet heard about it or taken steps to protect themselves…….

We have created www.ppsaprotection.com.au as an information portal with some simple video collateral that explains how the legislation affects different types of business. We have also posted them on You Tube under ‘PPSA Protection’.

So, if you own a business or are thinking of purchasing one, then you need to make sure that it is PPSA compliant. Failure to do so could result in the extinction of it.

Feel free to contact us with any questions you might have regarding the PPSA/PPSR-we’re always happy to chat!

Kind regards

Rick

Director

PPSA Protection

Source of this article: http://www.businesses2sell.com.au/blogs/2014/01/the-personal-property-securities-actimplicati.php

Seven Steps of launching your franchise in Australia

Australia is a very large country area wise but has less population and perhaps it is the most franchised nation in the world. Fortunately, it has a very good number of entrepreneurs, businesspersons, Accountants, Consultants and legal professionals. Accordingly, there is a fairly good chance of establishing, promoting and successfully running franchise business. Moreover, it is the First World and recession-free economy. Growth potential is in abundance. Luxury watch brand Rolex has opened its first Standalone Australian Store in Sydney, as the luxury fashion market continues to boom. Separately, the US box retail giant COSTCO is also all set to open its fourth Melbourne store. Subway, Jims and many other equally successful and efficient outlets are already doing well in Australia.

WHAT IS A FRANCHISE BUSINESS?

Franchise business also known as business format franchising is a technique under which Entrepreneurs systemize business document and brand business in such a way that they can sell the rights to establish and run an exact replica of the branded business outlet to another business owner.

SEVEN STEPS OF LAUNCHING FRANCHISE

In order that the Franchise Format Business run successfully, effectively and profitably, it is necessary to follow the following 7 steps -

ACQUIRE COMPLETE KNOWLEDGE

As in any other business activity, both the Franchisor and the Franchisee must acquire complete information and knowledge of the Franchisee business. Under the Australian legislation and as per the Guidelines of the Franchise Council of Australia the Franchisor must provide detailed and complete information to the Franchisee. On his part the Franchisee should also get more and more information about the business from the local population, customers, and employees, banks, Accountant and also the persons in Legal profession. The Franchise has to have adequate business skill, competence and patience. Further books, magazines and Exhibitions can also provide lot of information. Detailed and authentic information can also be had from the FCA Office or their website.

FEASIBILITY

Franchising is not for everybody and also not suited to all business. Therefore, a mock and/or real demonstration before launching is essential. This will help both to know whether the local people and prospective customers will like and make use of the franchise outlet. Successful running of the franchise depends mainly on customer satisfaction and so is profitability. An in-depth feasibility/ assessment is needed to convert the business to the acceptable level of Franchise model.

PREPARATION OF DOCUMENTS

Franchise format business requires a set of documents. All Franchisors have to prepare two sets of documents –

The franchisee documents include:

• The initial design of the franchisee business
• The Operations and Procedures Manual that controls the details of the way the franchisee business is managed
• • The Legal Agreement between the franchisor and franchisee
• The Disclosure Document from the franchisor to the franchisee
• Have a discussion with bank managers.
• Read the franchise trade magazines, newspapers, and websites.
• Attend franchising exhibitions.
• Seek advice and opinions of friends.
• Do some local market survey to gauge demand for the products and services.
• Test the reputation of the franchising companies.

The franchisor documents include:

• The initial design of the franchisor business
• The franchisor business plan
• The franchisor Operations and Procedures Manual
• Marketing plans for selling

All these documents are to be prepared by Experts – Accountants, legal professional Consultants and Solicitors, etc for a fee and this is the business formation expense.

Some of these documents are mandatory under the Australian Competition Consumer Commission and Franchise Code of Conduct Compliance Manual of FCA, while there are some more other documents are simply to clarify the Business practices and also for continued cordial and cooperative relationships between the Franchisor and Franchisees.

MAKE IMPORTANT DECISIONS ABOUT FRANCHISE MODEL

After legal paperwork, you'll need to make many decisions about how you'll operate as a franchisor. Key points include:

• The term of your franchise agreement
• The size territory you will award each franchisee
• What geographic area you are willing to offer franchises within
• The type and length of training program you will offer
• Whether franchisees must buy products or equipment from your company
• The business experience and net worth franchisees need

RECRUIT AND HIRE EMPLOYEES

In order that a Franchise Business is made launch able, the entrepreneur (prospective Franchisor) will need to recruit essential employees for running the business smoothly at both ends. ...

Read full article at: http://www.businesses2sell.com.au/blogs/2014/01/seven-steps-of-launching-your-franchise-in-au.php