It always helps to get advice from seasoned professionals, and this is exactly where you find such information with regards to franchising in Canada. In our industry experts section we bring you advice from a distinct group of franchise veterans who are happy to share their wisdom with you.
Reading this section will make things clearer and easier if you are just starting to get into franchising, or if you are already an experienced franchisee you might discover some new knowledge that you had not been aware of before.
The advice and insights found in here cover a great range of subjects from lists of the best franchises is certain industries, to success tips from veteran franchisees, to specific advice about steps in the franchise start up process. You’ll also find a great deal of advice on marketing and sales from franchise specialists in various industries.
It can be hard to find quality information from reliable sources, but you can rely on BeTheBoss.ca to deliver the goods every time. Our resources have everything you might need to be prepared to dive head first into franchising.
We are always adding new information and welcome more experts to contribute their insights, so be sure to bookmark this page and check back every so often. You never know when a ground-breaking new article might show up!
As a potential Franchisee, your due diligence job is to find a great franchise investment, provide for your family and grow your business.
Residential cleaning franchise services offer the greatest degree of professionalism in a consumer service and have advanced the overall industry image to command billions of dollars of revenue nationally.
Most franchisors now appreciate that Ontario’s franchise legislation, the Arthur Wishart Act (Franchise Disclosure), 2000, SO 2000, (the "Wishart Act"), requires a franchisor to provide a franchisee with proper disclosure document before that franchisee buys a franchise.
If you are planning to buy a franchise chances are you will soon be dealing with a lease deposit. What most franchise tenants don’t realize is that a lease deposit is not legally mandatory. In fact, the lease deposit is totally negotiable.
Being in business for yourself is a lot of hard work. Start the hard work before you open your business by doing your due diligence to make sure that you are making a fully informed decision. Look at all the expenses carefully and validate each one where possible.
It is a revelation to most international franchisors to discover that corporate tax rates in Canada are at, or most likely below, the levels they encounter in their home countries. for franchisors, Canada is also one of the most desirable destinations in the world to help boost the bottom line for any franchisor.
One of the biggest advantages of franchising is the ability to purchase inventory and supplies at a discounted rate based on the volume of purchases placed by all the franchisees in the system.
Franchises are no long just for fast food or gas stations - they have expanded into your home so why don't you own a home-based franchise and avoid that daily commute.
Making the decision to join a franchise system or start your own business requires careful consideration. No matter which option you chose, if you are prepared and have done your due diligence, you can approach the opportunity with confidence.
Pro-active development of the new manager requires systematic steps to ensure his or her success – and that of the franchised location. Whether the franchisor develops a management training program or this is left up to franchisees, there are core skills that most first time managers need to develop that are not simply absorbed by having worked in jobs leading up to the new position
Due diligence encompasses many forms for a prospective franchisee. From calling existing franchisees, researching financial viability, to reviewing the agreement and disclosure documents.
Where you set up your shop can play a major impact in the ultimate success or failure of your business. Therefore, it is very important that you don’t rush the site selection process and get professional help.
Some franchises that have been started by and are run by women provide a great opportunity for those looking to join this growing sector. CIBC's study concluded that most women-owned businesses are sole proprietorships, a common factor in many franchise operations
Record number of Canadians have launched their own business in the past two years with one third of these new business owners in the 50-plus age range. Boomers, with many years of experience working in a certain field or operating a business of their own, aren’t ready to retire just yet. The prospect of launching a new business is attractive.
Heritage and culture is so rich that it completely trumps franchise strategy. Connecting emotionally in communities franchisees understand that waking up in the morning to do important work is not just about making money.
The consequences of failing to comply with the Act’s disclosure requirements can be devastating. The best way to avoid common disclosure pitfalls is to ensure that your disclosure document is prepared by an experienced franchise lawyer.
Buying a franchise is not turn-key and a franchise investment will need focus and attention prior to opening. Take time and spend money to ensure your investment has the best chance of success.
The structures commonly use are with an “Operating Company” (Opco), and a “Holding Company”(Holdco). By paying dividends out and passing the earnings to your Holdco, you are deferring tax until you take it out of the company one day.
The brand is the kernel of a successful franchise and the training program is essential to bring a new employee into a company and getting them up to speed in their role.
A good place to start is the disclosure document and attached agreements. Agreements that are clearly “home grown” may indicate that the franchisor has not taken the time or incurred the expense of employing an expert in franchise law to ensure that its documents confirm to the minimum requirements. T
A franchise is a business that operates under an existing set of quality controls and standards to expand company territory and market share. In the case of home-based franchising, the franchisees operate from home under the franchisor’s name in another location.
While the franchisor often selects the site, the franchisee is typically required to accept the choice, but bear the risk of doing so. Where the franchisee selects the site, they must often negotiate (or accept) a complex lease or sublease.
Absentee ownership is a very modern and very attractive, franchise model to address the needs of this new and growing generation of prospects.
Franchisees can rest easy that any clause in a franchise agreement waiving or releasing their rights or a franchisor`s obligations under franchise legislation, directly or indirectly, will be declared void and unenforceable by a court.
The time is now to start delivering superior online customer service…for every customer of every franchise. The time is now to realize that social media is not going away; it’s only becoming more important.
Under CASL, it is prohibited to send, or cause or permit to be sent, to an electronic address a CEM, unless the person to whom the message is sent has consented to receiving it; and the message complies with certain prescribed requirements.
A winning job description can help you put the right person in the right job which could make the difference between a franchise that succeeds and one that fails. are some tips to help you write a winning job description to attract the top talent for your franchise.
One of the best ways to establish your rights to your brand is to register a trade-mark for your name, logo or other distinguishing feature. A trade-mark is a distinctive image that identifies a business, product or service.
As of July 1, 2014 due to( CASL) legislation coming in effect almost all unsolicited commercial electronic messages (CEMs), requires intended recipients of CEMs to provide express consent to the receipt of those messages.
Managing your own digital marketing program has become significantly easier as the available technologies have progressed. With tools like a content management systems (CMS), which allows anyone to update web content, and marketing automation tools (MA), which make designing and executing email campaigns easier, you actually have a host of tools to effectively manage your own digital marketing programs.
Know what you are entitled to during the purchase process. Franchise law is complex, and differs in each province and territory in Canada. The following are a few tips that ought to be considered when buying a franchised business.
Areas to examine training should range from the communication to franchisees and their teams regarding training requirements, to areas that may suggest refinement or revamp of training is advised.
The beauty of the franchise system is that you have all the benefits of being a business owner, but you will be using a system that has already proven successful.
A re-franchise opportunity may be a great way to get into a successful and proven location. No matter which option you chose, if you are prepared and have done your “due diligence,” you can approach the opportunity with confidence
Bringing a franchise to the U.S. seems relatively easy but it is still a foreign expansion just as launching in Brazil would be! So, before considering that expansion, you have to plan for this market and these are key items to consider.
Having the correct limits of insurance could save your financial life. Speak to your insurance broker and read your policy to know what you are covered for
Take the time to contact as many Franchisees as needed to get an accurate picture of the franchise system.
As a franchise tenant, you should know that not all buildings or properties are created equally. Each property has unique aspects that you must factor in. Because the perfect property or site only exists in a fantasy, the challenge for the franchisee is to lease a space with the most advantageous set of criteria possible.
The franchise agreement outlines the way your business will work within your franchise system. It gives both you, the franchisee, and your franchisor a clear understanding of the terms of your business relationship.
Every Brand needs the larger story so the community of people following it can get on-board in an emotional way. To have loyalty you need on-going rituals to deepen the attachment people have to the Brand. a customer can visualize your Brand fitting into their persona, the emotional connection is forever forged.
When Manitoba passed The Franchises Act (the "Act") on October 1, 2012, potential purchasers of franchises in Manitoba were afforded some significant new protections in the form of a requirement imposed upon franchisors to provide a franchise disclosure document to all prospective franchisees.
Both to protect your brand and to support your franchisees, you need a franchise-wide system in place that provides guidelines and guidance that will help your franchisees leverage social media successfully.
A franchisee buys a franchise sometimes from the franchisor and sometimes from another franchisee. Find out who is the franchisor, the franchisee and the franchise.
Four important point of effective franchise relationships are: Expectations versus Perceptions of the Franchisor and Franchisee, Collaborative Communication, Communication Barriers, and Trust and its Effect on Franchisee/Franchisor Relationships.
All franchises offer franchisees brand recognition and access to corporate marketing content so that each owner does not have to reinvent the core marketing messages that drive the business. At the same time, every franchisee has an opportunity to grow their own local market based on their knowledge of the unique characteristics of the local community. As a franchise owner, you have the responsibility to provide marketing content and the infrastructure to support your franchisees and grow the overarching business. Simple, right?
For most Canadian Franchises the location of its franchised businesses is key and can make or break a franchisee opportunity.
No business can advance without clear leadership, financial accountability and a vision for future growth. Therefore, franchisees must work with their franchisors to implement a scalable restaurant catering business focused on growing incremental sales.
Training checklists for the franchisee to use with prospective and new managers as well as a bibliography of books that address customer service and coaching employees. These tools should be introduced to new franchisees when they come through their own training and appropriate attention should be put on their use.
When the franchise ends what can a franchisee do? Can they use the expertise, experience and relationships they gained?
“Restrictive Covenants” is a fancy term meaning “promises that restrict or limit activities”.
It is no secret that Franchising is about selling more franchises as a way to increase the distribution of your distinct brand offerings.
If you have never negotiated a commercial lease before, chances are you won’t find this process easy or enjoyable.
Just because you’ll just call the agreement a “Licensing Agreement”, doesn't mean you'll be dodging the whole issue about whether to franchise or not.
When implementing system-wide modifications – franchisors are often advised to engage & consult with their franchisees.
Franchisors often ask us for advice concerning adding e-commerce functionality to their website.
It is important to consider the different options for opening a business and each option's advantages and disadvantages.
If you are looking into the prospect of buying a franchise, you will need to consider several factors in order to ensure that you choose to invest in the perfect business for your needs.
The success of the franchise business model is predicated upon the fact that purchasers do not have to have any previous industry experience qualify.
There is always a lot of buzz at this time of year regarding getting your taxes filed on time. Should I try to do it myself? Should a buy a do-it-yourself tax program? Should I hire someone to do it for me
Understanding the Importance of the Rent. It should be no surprise that rent can be one of your major expenses, if not the largest.
It seems that even in today’s digital age, the large majority of franchises have not prioritized developing a franchise-wide social media communication plan. Given the fact that 91% of consumers make purchasing decisions that are influenced by online experiences, this is quite surprising. It’s even more surprising when you consider that 78% of social media users actually purchase from brands they follow online.
In the present era of Digital Marketing, there is a multitude of inbound marketing strategies that one can take a pick from. But every business today is cognizant of the first basic thumb rule of online marketing.
Finding and keeping those people of value is an entrepreneur’s most important role, however, it can be difficult to build the right team, particularly if you’re growing rapidly. Recruiters can be effective but also costly at the same time, and posting an ad online may get you an inbox full of resumes you really don’t have time to read.
The goal of most franchise systems is to expand the business beyond a single unit. There are different ways of setting up a franchise system to achieve this goal.
A well designed loyalty program can dramatically drive sales and increase bottom line results. Many studies have shown that businesses with a program retain their customers for longer making more money on them without the expense of advertising making them lower cost customers than new ones to whom a business must market to in order to generate first time trial.
The chief frustration of many franchisors is the fact that after the first review, many franchisees don’t consult the manuals
It might seem like you’ll never have the time to start a business. The beauty of franchising is that the ground work is already laid for you.
When you buy a franchise, many questions are already answered for you. Someone has already taken the risk and succeeded. They have done the research, built the name, spent the sleepless nights working on it. They have put out a lot of their own funds to get this business built up to the point that it is a success and they believe it will be a success in many other locations as well.
Buying a franchise is a good way to get your start. Before taking the plunge, there are some steps you should follow.
Enough information is to be provided in order to allow a prospective franchisee to make an informed decision. Legislation is an attempt to balance the scales...
Technology isn't the only answer on how are you going to gain the necessary knowledge to ensure accurate, consistent and complete records are maintained.
A analysis of your supply chain will certainly reveal improvements which can increase the profitability of your network.
Have you become discouraged by the frustrating routine of reporting to work every day only to do something you dislike?
Typically, a development arrangement involves the opening of those franchised units within a set geographical area. The issues around development arrangements can be complicated and prior to entering into an agreement to develop multiple unit franchises, both the developer and the franchisor need to carefully consider a number of important issues.
‘Tis the season for celebration and merriment, and for the most part people are on social media to do just that. They’re posting pictures of Christmas trees, exchanging online greeting cards and sharing in the joys of the season with friends and family near and far.
Running a business today is not what it used to be. Social media has changed things dramatically, and in order to succeed a company has to make the most of the available tools. Facebook, Twitter, Google+, Pintererst, YouTube, Instagram...
As a business owner, you may have the best intentions but if you can’t execute your plan….don’t bother.
As a franchisee and tenant, you may already have some preconceived notions about commercial leasing.
Over the last decade or so, one of the growing trends in franchising has been how franchisors address issues with “large” or “national account” customers.
Franchisors charge royalties based on sales and dishonest franchisees will use different tactics to reduce the amount they pay.
One of the first things a person may consider when deciding to go into business for themselves is whether or not to buy into a franchise.
Solid yet affordable lead generation is a vital part of any franchise development.
The exact responsibilities of franchisees and franchisors may vary slightly but key obligations are common in most agreements.
When it comes to negotiating your commercial lease or lease renewal, remember the franchise advantage.
For most people the answer to that question is 'not much'! Many people have little to no experience reading legal documents.
One entrepreneur's exit strategy can be another's profitable investment. Is a resale business a challenge that excites you?
Five Canadian provinces have franchise legislation in place, with a sixth expected to enact franchise law in 2014.
Everyone wants to see their franchise grow into a mega brand, but achieving that goal is easier said than done.
People approach me asking what they need to do before purchasing a franchise. Over the years I've developed a checklist.
Running a franchise means you have follow a proven business model. Some many say it’s following “the rules” but in reality there are “rules” to ensure success. The truth is you have a much higher chance of success with a franchise than you do with starting your own business.
When most people think burger franchise the first thing that pops into your head is the well established franchises like McDonalds and Burger King. In Canada there is more smaller yet impressive fast food franchises that you should consider.
You’ve done your due diligence research and have narrowed it down one franchise that you want to buy. Now you need to come up with the investment money to get started.
Chris Riddell explains why a legal representative could make it easier for you to decide what franchise you want to buy.
Once you've done your basic investigations into the franchise, it's time to start picking through the agreement with a fine-toothed comb.
The leads are flowing in but you’re not sure you are making the most of them. Here are some best practices our successful franchise clients swear by...
If you’re getting into franchising, there are a number of proven home-based businesses offering great opportunities.
Just like how not everyone is cut out to be a professional hockey player, not everyone has what it takes to be a great franchisee.
The business has changed in many ways, and over 2013 we’re seeing a number of things become more prevalent among franchise businesses.
A successful franchise depends on consistency across all locations. The only way they can achieve this consistency is through in-depth training programs.
Franchising is an excellent way to start a successful business, but how do we decide what industry to get into?
Many business owners choose franchises because the marketing efforts of the franchiser provide a boost that trickles down to each local branch.
Microfranchises are generally described as those that require only a small investment or very little equipment, and very often do not even require a store front.
If you’re in the market for a franchise business in Ontario you should know about the Arthur Wishart Act.
New franchisees quickly discover that one of their major expenses is inventory. The word, inventory refers to all materials and goods used by a business for daily operations.
Franchise Advisory Councils (FACs) are typically small groups of franchisees chosen to represent all of the franchisees within a single franchise system.
With thousands of franchise opportunities out there, finding the right one for you might seem like an overwhelming task.
Franchises tend to provide most new franchisees with plenty of upfront training. The goal is to ensure that the business gets off the ground and takes off with a successful start.
Everything of importance about a franchise is listed in these documents and works as a guideline to ensure consistency and communication from one franchisee to another.
Rob Lancit explains why the effectiveness of the initial training is often a predictor for how well a new franchisee will do when it comes time to open.
When it comes to a franchise, the franchiser often handles the main bulk of the advertising and requires each franchisee to pay a certain amount of money to help cover these expenses.
The franchiser usually collects a set amount of money in order to allow that franchisee to take advantage of the brand name, the trademark and even the operating system.
Franchise Disclosure Documents (known as FDDs) are crucial to purchasing a franchise. Learn why they are important and what they include.
Are you a young entrepreneur, aged 18 – 39, ready to start your own business? If so, the Canadian Youth Business Foundation (CYBF) is your ‘go to’ resource and we can help you bring a business idea to life!
Deposits are the reality check of a new Canadian franchisee's dream; they can make or break a potentially lucrative Canadian franchise business deal.
You may be wondering why Canadian franchise business fees can be so expensive & what exactly are you paying for. We break down the If you're interested in purchasing a franchise, you're probably already aware of the type of investment you'll need to make. You may be wondering, however, why franc
Many people pursue the idea of owning a franchise without being exactly sure of what it entails.
In today's economic climate finding adequate financing for a new franchise can be challenging.
Being the boss is both exciting and scary and with that weight, it's easy to wonder why a person would decide to become a franchisee.
A cross-reference of the reported top franchises of 2013 with the BeTheBoss.ca listings so it's easy to know which franchises are expanding in Canada.
Over the years I have come to realize that marketing a business is like trying to keep in shape. You need to be consistent, focused and for results, you have to stick with it.
Francois Alepin lays out a definitive guide for the non-competition clause in your contract: Where you find the clause, the validity of the clause and how you can use it to your advantage.
There are a number of options for a organization or cleaning franchise in Canada. Compare the costs and earning potential for each opportunity to find the perfect brand for your new business.
If you love homes and other residential properties, you can find a franchise that allows you to love every day of work.
Fitness franchises have rapidly become a multi-billion dollar industry and savvy investors are snapping up prime fitness franchise locations as soon as they become available.
With the advent of the Internet, it's not just as simple as placing an ad in your local newspaper or buying advertising space on a billboard or television.
5 Franchises Sure to Get Your Morning Started Right. If you've ever considered investing in a coffee franchise, consider this: coffee franchises are booming.
The topic of using Franchise Brokers is one of the most controversial in the franchise lead generation. Franchise Brokerage Networks now account for about 10% of all franchise sales.
Search engine optimization is the 21st century's version of "location, location, location." If no one can find you on the web, your franchise will suffer.
Canada has the second largest pet franchise industry in the world. It delivers $100 billion in revenue every year and grows annually.
5 Home Grown Franchises. If you're looking for franchise opportunities in Canada, consider a Canadian franchise with an established presence in the community.
Some landlords are over-charging franchisees for more square footage than the tenant actually has. Are you paying too much?
One key consideration for potential franchisees is cost. You'll find many low cost franchise opportunities for under 51k.
As a franchisee, getting and retaining customers is crucial. Customer loyalty is probably the most important marketing program you could and should invest in.
The value that is created in bringing franchisees together, whether for a regional meeting or an annual convention, should not be underestimated.
Here are six different pizza franchises that work hard to keep busy families together for lunch and dinner, ensuring a steady flow of customers.
As Canada recovers from the recession, mid to high level executives displaced by corporate downsizing have looked to the franchise industry as an alternative to reentering the corporate world.
5 Internationally Flavoured Franchises. Potential franchise owners can benefit from any one these unique opportunities to expand the palates of their communities.
With word of high initial start up costs, royalties and fees, potential franchisees are often in the market for a low cost franchise.
Strong franchisors know the qualities of successful franchisees and will watch and interview for them as they recruit new franchisees into the system.
If you are planning to rent a space for your franchise, you will want to prepare yourself for lease negotiations with a commercial landlord.
The establishment of the ideal term of a franchise contract will be the result of the
goals of the franchisor, which will become clear during his discussion of this
question with his lawyers.
One woman called me after recently purchasing a franchise and explained that her franchisor had offered to do her site selection and real estate work for an extra $3,500.00.
One of the hallmarks of good franchise systems is that they have invested significant time and money in the development of standard operating procedures and policies.
Most franchisors in Canada require their franchisees to make ongoing expenditures with respect to local and/or national advertising.
A very common question we receive at BeTheBoss.ca is “How do I buy into a Starbucks Franchise?”. We are here to set the record straight and to offer up some alternatives…
Whether you are looking to run a restaurant, a cleaning service, in-home health care or a mobile pet grooming franchise, service is a word that is thrown around a lot.
While what is a good franchise will differ between individuals, there are some common
characteristics of good franchise systems.
When was the last time you personally thanked someone for giving you their business? Can you think of the last time someone thanked you?
Determining an exclusive territory is one of the most important questions for a franchisor to consider and a franchisee to consider negotiating.
If you are planning to rent a space for your franchise, you will want to prepare yourself for lease negotiations with a commercial landlord. One of the most important steps you can take is to ask plenty of questions.
One of the most commonly asked questions by someone who is acquiring a franchise is: how much will it cost? The answer to this question depends to a great extent on whether you are acquiring an existing franchise or the right to operate a new franchise.
A good starting place is to ask yourself: What franchise brands are you currently a customer of? Of these businesses, which ones do you continue to buy from and why?
In leasing, tenants don't get what they deserve ... they get what they negotiate!
Franchise owners don’t work for themselves…they work for their customers. It doesn’t matter what you’re selling…be it food, equipment or a consulting service; the best products aren’t sold….they’re bought.
Every year there are a number of people who visit our site that are interested in hotel franchise ownership. Some have taken the plunge while others remain on the fence.
There are a number of ways that a prospective franchisee can and should investigate a franchise opportunity before acquiring a franchise.
As the name indicates, an association of franchisees is, for all practical purposes,
a grouping of franchisees.
If you love working with others and crave a career where you can make a real difference, then a senior care franchise might be the right option for you.
Certain hesitant franchisors often perceive that the province of Quebec is a difficult
market to conquer or even penetrate.
As with all relationships, most conflict avoidance and resolution can be achieved by beginning with and maintaining good communication between all parties.
When you begin looking into the purchasing of a franchise, you’ll be making a commitment, both in time and capital. However, hard working entrepreneurs need not be limited by their personal wealth.
Customers that require the services of a home and garden
franchise generally will require repeated maintenance of their
home and/or property.
There are so many franchise opportunities out there, it can be overwhelming. What information do you need to make a wise decision?
More people across Canada are working from home. This business model is the perfect choice for many people; but is a home based business franchise the right choice for you?
Despite the economic downturn of the last couple years, franchising in Canada has remained a dominating force. If you’ve ever thought of getting into business for yourself, franchising remains the safest way to do so. A great place to start your search is with Canada’s top performing franchises for 2011.
Franchising is a business relationship where a franchisor (a company or individual who owns the franchise system) grants a license to a franchisee (a company or person who contracts to use the franchise system) the right to use the franchisors brand and operating system.
The ability to chart your own course appeals to many, but there are drawbacks if you do not take the time to investigate what it is you are getting into.
When deciding what franchise to invest in, many prospective business owners want to know what kind of support they can expect from their franchisor.
As you prepare to dive into the world of franchises in Canada, one big area to explore is advertising and specifically the new social medias.
Have you have ever eaten at Harvey's while on vacation and wondered why there aren't any near you? You could be the one who puts a Harvey's in your town!
Many would-be entrepreneurs find themselves torn between creating a unique company and becoming a franchisee of a recognized brand.
Franchisors often get asked questions from people interested in a franchise such as “What will be my Return on Investment"? or “How much money can I make"?
According to the Canadian Franchise Association (CFA) in April 2011, there are 78,000 franchises in Canada, and the number is still growing across all market sectors. The Canadian economy has remained strong throughout
Will the franchisor sign the Head Lease and sublet the space to the franchisee – or will it be the franchisee alone who signs the lease?
Some aspiring entrepreneurs may believe that franchising a business is an easy decision. If you had some success with your first store, you may think that franchising is the next logical step
When buying a franchise there are lots of things to be considered. Some more obvious than others. When looking for your perfect franchise, some of that
Thinking of a franchise or business opportunity may sound appealing, especially if you have limited resources or business experience. However, you could
Franchise is a good business model that lets you tap in the resources of a successful business. All you need is to meet the requirements of your franchisor
There are now franchise opportunities that operate in almost every type of business category that you can imagine. They are available in most price brackets....
Starting a new business that is a franchise has all the steps and concerns that any new business has, plus some that are particular to franchises. Once the decision has been made to seek a franchise
Your path to franchising must begin with research to determine which franchise is really right for you. Your search will start wider, of the franchise marketplace generally, and then narrow down to a particular industry.
At a franchise convention I attended in Quebec in May, I spoke to a colleague who practices franchise law in the United States. It’s very normal for Canadian franchise lawyers to attend franchise conventions in the U.S., but it’s not that usual to see American franchise lawyers attending one up here.
Since there are so many franchise opportunities out there it can be difficult to evaluate them all and decide on the best one for you, especially if you are over the age of 50. Fortunately, there are plenty of franchise opportunities for the 50 plus entrepreneur.
Whether you're negotiating a lease or a sublease for a new business, there are dozens of issues that can come back to bite you if you don't do them correctly
To determine whether purchasing a franchise is right for you, you should consider your own personal experience and the time you are willing to invest.
That's why doing your homework before you “buy” is so important, so the prospective franchisee can avoid disastrous mistakes and the agony of defeat.
If you're considering “buying” a franchised business in Canada and you live in Ontario, Alberta or PEI (and soon, New Brunswick), consider yourself lucky because they have specific legislation that protects franchisees.
How often have you thumbed through a franchise magazine or online directory and noticed a franchise opportunity advertisement, and felt you'd really like to get in on that...if only you had the money?
The term "Franchising" refers to a business model that's been around since the mid-1800's when the manufacturers of the Singer sewing machine first dreamed it up as a way to expand the distribution of their products.
With the knowledge that most new businesses are likely to fail within the first few years, it makes sense to consider a franchise, as the success rate is far greater.
There are lots of reasons that people grow weary of their job. Burnout is a common thing in the workplace due to stressful work environments, office politics, the daily commute, and the grind of worry about what other people think is important.
As with any other organization, franchisors need to look for certain characteristics in applicants to determine if he is indeed right for the job.
How much does a franchise cost? Of course the cost of obtaining and starting a franchise depends on several variables.
Franchising is by far one of the most popular business expansion systems in the world today.
Going into the franchise business might be a very good idea for you as it is one of the popular methods of doing business today
Going into the franchise business might be a very good idea for you as it is one of the popular methods of doing business today but when you do a search of the available franchise opportunities
Today, more and more people are choosing to become self-employed or, alternatively, buy a franchised business. It’s a major shift in your life.
The term “entrepreneur” was initially used to describe an individual who created a business venture. More recently, the term has been applied to any business owner.
The entire purpose of business is to attract and keep customers. It should become the focus of everything you do. Look at mission statements of most successful organizations, and there is a focus on the customer. Successful organizations create a customer-focused culture.
Before you commence your search for a business, it is a helpful to have an idea of what you can afford. This prevents you from wasting your time pursuing businesses, which are beyond your means.
If your business was at the end of its lease term there would be hope for a rent reduction on the lease renewal. Unfortunately, many franchise tenants find themselves in trouble somewhere mid-term into a five or 10-year lease agreement.
In many ways, it’s easier to select a family pet than it is a franchise business. With a pet, if it’s a thoroughbred, you can check its papers for lineage, bloodlines, etc. The breed will be known for its personality and mannerisms.
A franchise is essentially a licence to operate the franchisor’s business system and trademark according to the franchisor’s standards for between five and twenty years, depending on the franchise agreement.
Many franchisors in North America are reluctant to provide earning claims in their disclosure documents. In the United States projections have been in the past such a cause for franchisees to take legal action (when they did not achieve projections)....
There is a perception that financial statements are complex and can only be interpreted by professional accountants. On the contrary, once you become familiar with the terminology used, you will have an appreciation for the valuable information they contain.
Franchising is a system for expanding a business and distributing goods and services.
Go into your business search with an open mind as to what type of business you are looking for as there is a good chance that you will end up buying a type of business that does something you never imagined when you started the process.
Get in on the Ground Floor!
“It’s a great opportunity to grow with our business!” And so it may be.
The source of financing depends in part on the size of the business being purchased. The majority of smaller and medium sized businesses are purchased with a significant portion of the purchase price financed by the owner.
Before you choose your new franchise business, the ingredient to consider is YOU!
Without a doubt, this is one of the questions most asked by individuals looking at buying a business – franchise or otherwise. The other, of course, is "How much will it cost? – What must I invest?"
Not everyone is cut out to be an entrepreneur and it is better to find out sooner rather than later if that is the case. Many people romanticize about going into business and believe they could run so much if they were running the show.
This is one of those subjects that cause a lot of lightbulbs to go on in the minds of tenants attending my seminars. Perhaps it’s because a five or ten-year lease Term has become such a norm in commercial real estate leasing.
Make your decision to buy the franchise based on business logic. While emotions, pride, etc., are involved - don’t make your selection decision on emotion.
When one is looking at a franchise it is important that one do the research so that they know what they are getting into. A little homework at the beginning will avoid surprises down the road...
Before you spend a lot of time reviewing various franchise concepts to find the one that is right for you, you need to ask yourself if you are right for franchising.
The number one reason for business failure or negative performance is a poor location. A poor location ultimately results from poor site selection.
It’s every individuals dream to be successful, but very few ever get there….why you may ask? Well the answer is quite simple, lack of planning.
Whether you are an entrepreneur looking to franchise your business or an existing franchisor , you will inevitably require the assistance of a lawyer.
We in the franchising field are of a special ilk. We are in operating business like restaurants, dry cleaners, and video stores but operate inside a specialty designed business model called “franchising”.
The term “Franchising” as generally understood, describes a very specific and defined business model. Over the past few years this standard definition has been modified and re-defined sometimes, beyond recognition.
It’s often puzzling when consultants like myself use regular dictionary words to describe what we do. Take the word “development” for example.
Although there are more than ten good reasons to invest in a franchise opportunity, your decision to go into business has a lot to do with lifestyle and financial benefits.
For those looking to invest in a Canadian franchise opportunity, the process and legalities are quite similar to those in the United States.
For most the scariest part of buying a franchise is signing on the dotted line. And why not, it is a major investment and the documents put before you are not written in your language, but rather legalese...
Small business today generally refers to businesses generating under $3 million in annual sales. That’s not so small to most people.
This issue is dedicated to franchises in the service industry. It’s a timely issue as this segment of the franchise industry has seen the greatest growth over the past few years.
When buying a Franchise, you buy a lot more than the bricks and mortar and the inventory that stocks the shelves.
Franchising is a specialized business model that allows thousands of individuals each year to fulfill their dream of owning a business.
Peter is the only lawyer in Ontario outside of Toronto recognized in L'Expert, the leading Canadian legal peer review journal, as an expert in franchise and distribution law.
The rate at which businesses must successfully navigate change, sometimes at a fundamental level, is increasingly rapid.