Sandra Green says she has loved every minute of being a franchisee. “Of course I could have bought my own store, but the benefits of franchising far outweigh the downsides,” she says. “It’s a no brainer.”

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When considering buying a franchised business, a partnership might be the legal vessel through which you decide to do so. There are both positive and negative factors you must evaluate when deciding whether a partnership is a more appropriate business structure than, for example, a company, a family or unit trust or a sole trader.

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So, you’re buying a franchise and have just received the franchise agreement from the franchisor. You may be overwhelmed by the volume of the agreement alone (not to mention all the other documents).

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After 27 years in the mobile tool retail franchise Snap-on, Chris Edwards hasn’t looked back. “I was buying the product as an employee. I was in the trade and was excited by it. I’d always been interested in sales and was really attracted to selling a quality product. It was something I believed. It was just logical – I’d be working for myself and working in sales.”

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Managing your payroll can be a mine field and daunting for new business owners. If you speak to any seasoned payroll officer, they’ll tell you that they receive no complaints when things are going well, but it can be a very different story when mistakes are made.

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