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The NextGen in Franchising begins with a 'call to action' for young entrepreneurs to engage with the Franchise Council of Australia (FCA) by submitting an entry online via the NextGen in Franchising global website

The NextGen in Franchising website will be accepting Australian entries from Tuesday, 1st May 2018.  The deadline for entries to be submitted is Friday, 31st August 2018.

The competition run by the International Franchise Association has a clearly defined set of standards and criteria participants must meet.

  1. Founder/CEO is under 35 years old (at time of application)
  2. Applicant must be the founder of the company
  3. The business has been in existence less than 5 years (no older than April 2013)
  4. The business has the potential to be franchised, is franchised, or is about to be franchised
  5. The business has a unique, innovative product or service
  6. Applicant does not have to be a member of the FCA or IFA

The finalists/winners have the potential to show their product or services globally and raise awareness of their product/brand; last year the IFA chose 3 finalists to participate in the accelerated workshops with mentoring at their annual convention held in Phoenix Arizona in February.

The following information must be submitted with your online registration to give you the best chance of being selected as one of the three Australian representatives:

  • Biography - tell us about the entrepreneur driving the business
  • 1-2 page Executive Summary - tell us what an investor would want to know & understand before investing in your business
  • Introductory video about you and your business
  • Business Value Proposition - what need does your business meet in the marketplace?

 

Biography

Your biography is a description of who you are and what you've done in your career, education and life. This is the background you most want to present to introduce the entrepreneur driving your business. It is not a resume, but tells a more literal story about you. Who are you now? Where have you come from? Where are you planning to go in your career and with your business?


 

Executive Summary

When you write a business plan, the Executive Summary is the first page or two at the top that summarises everything inside. This tells the story of your company - the story an investor most wants to see and understand before considering an investment in you. If you win this competition a significant investment will be made in you to help you become more successful. You do not have to submit a business plan here for this application. However, this is a comprehensive overview of the business described in a page or two. It typically includes: the business name, location(s), services or products you sell, problem you are addressing, your solution, target market, competition, team, financial summary and milestones.

Your Executive Summary needs to include:

  • Your business name, location(s), and services or products you sell.
  • The problem you are addressing, and your solution.
  • Summary of your target market, competition, team, financial considerations and milestones. 

And should answer the franchise-specific questions below:

  • Why would/does your company work well in the franchise model?
  • What skills will/do your franchisees need to be successful?
  • Where do you see your business in 5 years?
  • What do you need help with most?

For more help on crafting an Executive Summary, here's a helpful link:

http://articles.bplans.com/writing-an-executive-summary/


 

Value Proposition

What specific value are you bringing to the market and to your customers with your business? This is the promise you are making as a brand. It's the main reason customers should choose you, over your competitors. Your value proposition is the reason people should be motivated to buy from you. It is your major point of difference in the market place.

Explain how your business solves problems, offers solutions or improves situations. What specific benefits does a customer receive?
 

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