With so many small businesses failing within their first few years, according to official statistics, it's important not to rely simply on enthusiasm and one set of skills to see you through. Steve Wright, CEO of the Franchise Council of Australia, says inadequate preparation lets a lot of people down, when they find themselves confronted with things like managing cash flow, managing staff and planning for future growth while running flat out to keep the business going. Training and education, in whatever time can be made available, can help provide the basics that may prevent another small business going under. The Franchise Council has established a Diploma of Franchising, aimed not just at potential franchisees and franchisors, but anyone who's in small business or thinking of setting one up. It provides a strong grounding in business basics as well as an understanding of how franchising works and why it's one of the most successfuls business models for Australian entrepreneurs.
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