How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
The Canadian franchise industry is growing, with the Canadian Franchise Association reporting the entire industry generates around $68 billion dollars a year in the country (http://www.cfa.ca). Within that segment, you can choose from more than 1,000 brands. However, you also have a decision to make in another area, and that's business format. You can have a physical location or go with a franchise that is based out of your home.
Naturally, the thought of working from your own home and having a very flexible schedule is appealing. You can save money on the initial investment if you don't need to pay for space. Those are great benefits, but there are unique challenges when it comes to running a home-based franchise, so here's what you need to know before you invest.
You need to stay focused
When you work at home, there are natural distractions, from the kids to the family pets. You have to stay on task and be productive to run a successful business. If you're the type of person to make a goal list and stick to it despite what's going on around you, you'll probably do well in a home-based franchise. If not, you may run into problems. A home-based company will not run itself, and you need to be able to make things happen each and every day no matter what you're facing.
Organization is crucial
Your franchise needs to have a dedicated, organized space in your home. If your company documents, tools and other items are all over the place, you'll spend too much time trying to find things when you need them and increase your chances of making mistakes.
Another area you need to stay on top of is your business goals, which you need to define and organize a plan for. You'll also need to be ready to switch plans any time your current strategy isn't working out.
Multitasking is the name of the game
In a home-based scenario, you're usually wearing most—if not all—of the hats, from accountant to salesperson and customer service rep. If you give a customer the wrong price, it's your business' bottom line that takes the hit. You need to be able to juggle all your duties well if you want to be successful.
While the advantages of a home-based franchise in Canada can't be ignored, being able to manage the challenges that come with it is necessary for your success. Before you invest in one, make sure you are ready, willing and able to take on all potential hiccups.
