How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
As you consider whether to become a franchisee in Canada, there may be many things holding you back from taking the plunge and becoming your own boss. Ironically, chief among these roadblocks might be your own mindset. If you don't believe you fit the "successful franchisee" mold, you are going to hesitate before beginning a real franchise search. Before you decide you're not destined for greatness, here are four common myths about successful franchisees busted.
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They have a top-rate location
A good location can certainly help a business do well; you do need to fish where the fish are. However, keep in mind that not all successful locations are in the best spots geographically, and top sites can even eat away at profits due to higher rents. Plenty of franchisees have taken over less-than-ideal locations and made their store a success thanks to solid customer service, great management and consistent marketing.
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They are true workaholics
It's easy to think that franchisees who have had great results must work day in, day out every day of the week. Hard work, however, is the prerequisite to success, not its secret. There are many franchisees who put in a ton of hours but don't have much to show for it. The successful franchisee is working hard but also smart. They spend their time growing the business, not running it, and turn employees into leaders. They create systems that don't rest upon their personal involvement, and they delegate wherever they can. Their business supports their life; it doesn't run it.
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They have more education
Not all franchisees have top degrees in business. In fact, many franchisee success stories didn't go to college, or if they did, it wasn't for business. By the same token, a highly educated person can--and has--run a franchise into the ground. While education certainly doesn't hurt, there is simply no correlation between education and franchisee success.
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They have relevant experience
Industry experience isn't a bad thing for a franchisee to have, but for the most part, you don't need it to join a franchise and be a success. You will receive training and can also learn about the industry via your own research. In some cases, this can actually be an advantage. Since you don't have any preconceived notions about the industry to shake, you may find it easier to follow the franchisor's system than someone with industry cred.
