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Barry Money is the Group CEO of DC Strategy. He is a graduate of the Australian Institute of Company Directors and a C-Suite professional, with a MBA in entrepreneurship. For the first ten years of Barry’s career, he consulted in Toyota’s franchise standards to the global Toyota network, including leading innovation and transformation projects. Barry has senior corporate executive experience across multiple disciplines including sales, marketing, export, customer service, engineering, systems development and supply chain with full accountability for P&L. Originally, Barry trained as a linguist and interpreter. After many years living and working all around the world, he is fluent in Japanese, French, German and conversant with several other languages.
It is hard to drown out the current deluge of negative media stories on my news feed related to interest rate hikes, Wall Street slides, inflationary pressures and cost of living challenges and focus on the positives of moving business forward.
As with any national trauma, the collective psyche shifts. Trust, once placed in institutions, is redirected.
As we exit the instability caused by COVID-19, and we look to the future of our industry, there are a few key factors to reinforce the desirability of business expansion – and franchising as the vehicle for both a capital funding and HR strategy.
The global pandemic (COVID19) brought mental health crises born of isolation and insecurity. Yet conversely, the worldwide fear of contamination also awoke in many a deep resilience and self-reliance as never before.
As an entrepreneur, the vast benefits of franchising your business are well known and undoubtedly influenced your decision to pivot to such a business model. So, you've franchised your business, and you have some franchisees on board. What is your next step? Over the past 50 years, franchising in Australia has experienced exponential growth, becoming one of the most significant economic sectors. Maybe it’s time to learn some lessons from some success stories.
According to the Australian Bureau of Statistics, 48% of start-up businesses fail within the first four years of operation. And apparently, only 77% make it to the end of their first year. It seems that the survival rate of the non-employing businesses is even worse.