Franchises are proving increasingly popular with expats in Australia and helps them to integrate into their new environment, research suggests.
And it is Chinese nationals in particular who are increasingly opting for this way of running a business with 35% of all enquiries from overseas residents coming from Chinese, according to a survey from researchers 10 Thousand Feet.
Asian expats and those from South Africa are also keen on franchising. The research shows one reason is that it allows them to apply for a business visa as well as getting valuable support for their new venture.
‘The attractive lifestyle of Australia and the proven success of franchise models have lead to many Chinese residents applying to buy Australian franchises. The franchising format is proving increasingly popular for overseas residents entering Australia, particularly those from non-English speaking backgrounds,’ said 10 Thousand Feet head of intelligence Ian Krawitz.
‘Rather than starting a business from scratch in a new business environment, franchising provides a great opportunity for overseas residents to fast track their learning curve on the service culture, marketing practices and regulatory requirements of operating a business in Australia,’ he added.
To gain business visa overseas nationals can buy an existing business, buy into a franchise or start their own business. Starting a new business from scratch demands a major business plans and can mean a longer review process from the Australian Immigration Department, whereas franchise businesses have a proven business model.
Meanwhile, new figures show that job opportunities are growing. The Australian economy continued to surge in September adding 49,500 new jobs, more than double the 20,000 jobs predicted by analysts.
The figures were described as remarkable by economists. Australia’s unemployment rate is significantly lower than the US, Europe and Canada, where the unemployment rate is close to 10%.