Spire Expains Market Opportunities in Australia for Malaysian Franchisors
The speakers shared insights on market opportunities in Australia for Malaysian franchisors.
Australians are increasingly dining out. As much as two thirds of the population (over 14 years of age) dine out at least once a month. To put this into perspective, the average personal consumption stands at around USD11 for fast food, USD7-10 for casual dining and USD 5-10 for snacks or desserts.
1,089 business franchisors ply their trade in Australia, of which 10% are foreign brands and 90% local brands.
Industries with the potential for franchise development in Australia include retail, restaurants, catering as well as support and administrative services, to name a few.
For Malaysian companies looking to enter Australia's market, it is advisable to invest in searching for the right franchisees and to establish a strong business in Malaysia first.
Nonetheless, challenges remain. The Australian government has enacted strict regulations pertaining to franchise rights. Hence, consulting local legal advisors is a must.
In 2015, the MFA and the Ministry of Domestic Trade and Consumer Affairs jointly launched the Enhanced Franchise Development Plan (EFDP) to assist Malaysian franchise brands to enter the Australian market.