An Australian Franchisee Case Study
Name: KIM NARAYAN
Franchise: MORTGAGE CHOICE
Why I chose franchising
Prior to purchasing my own franchise I was working as a loan consultant for another Mortgage Choice franchisee.
This gave me a clear insight into the structure and process offered by a quality franchisor. However, I was interested to see it from the other side and considered starting from scratch with no franchise support or brand recognition.
I investigated the costs and risk involved with starting my own business plus several franchise system avenues including Mortgage Choice and its competitors.
Identifying the benefits of current systems, the level of continued support, and being part of a well recognised and respected brand, I chose Mortgage Choice.
What I did before taking up a franchise
I worked as a loan consultant within a Mortgage Choice franchise for three and half years, gaining invaluable industry knowledge and experience in the franchising sector.
Prior to this, I worked in retail management for over eight years and was a property manager at a local real estate agency for 18 months.
How I raised the finance
I was very fortunate to have built up equity in my property and was able to access this to top-up my existing home loan. This was a good option for me as I was able to secure the additional funds at a low home loan interest rate and the loan top-up provided me with enough funds to finance my franchise purchase.
The training and support I receive from my franchisor
Although I have worked with Mortgage Choice as a loan consultant also, I am constantly amazed at the support Mortgage Choice continues to offer.
At the beginning I undertook an intensive two-week franchise induction course that provided me with the knowledge and guidance to hit the ground running.
Since then, I have been supported via Mortgage Choice’s ‘Rookie’ program’. The program provides an opportunity for all new franchise owners to regularly come together to share and learn from our experiences. We also have the benefit of gaining invaluable tips from guest speakers whilst being supported by mentor (a long-standing Mortgage Choice franchisee) to assist with our ongoing development.
The challenges I have faced
The biggest challenge for me has been time management. To run a business effectively you need to ensure that your systems are updated regularly which is often a challenge amongst your day to day running of the business.
I would love to dedicate as much time as possible to growing my business but the work/life balance is especially important considering I have two young children, aged 18 months and 4 years.
Has becoming a franchisee changed your life, if so how
There is an element of pride in owning your own franchise business. It is wonderful to meet new people and introduce yourself and business with the backing of such a strong brand name.
Thankfully, owning my own franchise business gives me the support I need whilst also allowing me the flexibility to work the hours I want, which, as a mum, suits me perfectly.
My advice to someone thinking of buying their first franchise
Having a strong brand and ongoing support of the franchisor and the franchise network are vital.
For example, with the financial services industry facing national licensing, I am very grateful that I have the support of my franchisor to negotiate such obstacles.
The Mortgage Choice brand has an added advantage to any other broker in that loan consultants are paid the same commission rate for the home loans they write, regardless of the loan or lender a new customer chooses. This provides a unique selling point that encourages transparency of our franchisees and peace of mind for our customers.
My plans for the future
I plan to work very hard to continue to build a very successful Mortgage Choice franchise and look forward to the endless possibilities from my hard work.
Would you do it again?
I am always recommending to friends and family to purchase a franchise and have had no regrets in the investment that I have made. I only wish I had done it sooner.
For further information on buying a Mortgage Choice franchise please visit www.mortgagechoice.com.au/franchising
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Mortgage Choice franchise