A financial planning firm with offices in four capital cities is planning to launch a franchise model as it seeks to expand into regional areas.
Spring Financial Group has named the Central Coast, north of Sydney, as the planned location for its first franchise outlet, with other regional locations to follow.
The company's managing director, Keith Cullen, said that Spring Financial Group planned to open its first outlet by July this year and was looking at having 10 more shopfronts up and running in the next 12 months.
“We'll start with key regional locations like the Central Coast, Newcastle, Wollongong, Geelong, Bendigo, Ballarat, the Sunshine Coast and the Gold Coast,” Mr Cullen said.
“We hope to open 10 in the first 12 months and then run it at 10 to 15 a year. We should have the first one open in July and we're hoping for the Central Coast.”
Mr Cullen said that Spring Financial Group has engaged an external professional who had helped set up 140 stores for Fantastic Furniture to scout for the shopfront location.
“We're we open the first one will depend on where we find the best properties.”
Spring Financial Group first announced plans for franchise-based expansion at its annual general meeting in November last year.
“From mid-2016, we will embark on our most ambitious expansion plan to date, as we commence a rollout of franchised outlets that will see the Spring brand expand across Australia,” Mr Cullen said at the meeting.
The model is based on its graduate academy and encompasses Mr Cullen's vision of a centralised back office that allows planners to put more focus on clients.
“Our franchisees have to go through our recruitment program and the have the opportunity to have a franchise and have your own business,” he said.
“We think model is fantastic because we have centralised all the expertise. If you're sitting up on the Central Coast with your clients you'll be their accountant, their tax adviser, help administer their SMF or their insurance adviser.
“But you're not pretending that you now about all of that, really were doing it out of Sydney. So what you're left to do is recruit clients, manage the relationship networking and build the brand.”