How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
As a prospective Canadian franchisee, you have a lot of options. As you consider which industry to enter as a new franchisee, check out three franchise industries that have plenty of potential for success in 2021 and beyond.
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The Retail Sector
Retail isn't dead, but it is changing. This is still a great industry to consider, as many brands benefited during the recent pandemic by having a great online experience and comprehensive, fast delivery options. More and more people were ordering online to begin with, and now the pandemic has pushed this digital commerce trend into high gear.
The key here is to do serious market research in the area you are considering. The local market is still important when it comes to retail as your local customers are going to seek online ordering options, too. Look for brands that have services such as curbside pickup, online ordering and delivery to ensure you're joining a brand that is on top of this shift in consumer shopping habits.
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The Food Industry
Chances are you ordered quite a bit of takeout food over the last year, and you're certainly not alone. You had your food delivered or you picked it up curbside, and your experience probably varied widely across the different brands you tried.
Look for food brands that have a focus on quality, speed and customer satisfaction. Even with the pandemic easing, many people will still likely use the pickup and delivery options they've now become accustomed to. Test out the online ordering experience--for both delivery and pick-up--for all the food brands you consider before narrowing down your options list.
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The Home Space
The workplace has dramatically changed over the last year. The work-from-home trend was already in motion before the pandemic, and now that process has sped up considerably. When people are home more, they tend to notice things that they missed. For example, maybe their new home office needs a coat of paint or the constant dust indicates it is time for the duct work to be cleaned. Perhaps all that new tech in the home office is calling for another outlet to be installed. When the new home office that was once temporary becomes permanent, there are other home changes that may apply, too, such as solid shelving for work materials.
As with any other opportunity, be sure to fully research any franchise you are considering before joining, even when it's part of a hot industry.
