How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
The great thing about franchising is that there are so many businesses you can choose to invest in. However, with such great variety, how do you go about choosing the right one for you? You will need to do some research to find out what franchises already exist in your area and where there is a gap in the market that you could fill, but ultimately, you should choose a franchise that will suit you as an individual - something that you are genuinely passionate about, that you already know about and that you can afford.
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Passion
Starting a new business takes up a huge amount of time, effort and money, so you need to choose a franchise that you are genuinely passionate about. Perhaps you might choose one that you are already a customer of and are so impressed by their products or services that you would like to bring the experience to your local area.
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Knowledge
While you can learn on the job in any industry and franchising offers a full training and marketing package with each investment to help you to develop your knowledge and understanding, choosing a franchise in a field that you already understand and are comfortable operating in will give you a head start.
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Funding
There are plenty of ways of funding a franchise, but if you want to generate a profit as soon as possible, buying one with existing capital will see you generating a return much sooner than if you have to rely on financing to get started. Therefore, always check to see what franchises you can afford from existing savings before investigating more expensive options.
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Get Advice
Engaging the services of a franchise professional is essential to ensure that you are fully prepared to make the leap into franchising. They can help you to choose the franchise best suited to you, prepare all necessary paperwork and get set up for reporting your income and paying taxes.
By preparing well and choosing a franchise that really gets you excited, you will have the motivation necessary to keep pushing for success, to make the time that you need to develop your business, and to keep investing in yourself and your future. With time, this will deliver the results that you are seeking: a job that suits your interests and lifestyle, where you are your own boss and can set your own hours.
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Choosing A Franchise
If your New Year's Resolution is to become your own boss, now is a great time to become a franchisee. There are a huge raft of franchises to choose from in Canada, and it is possible to make a very good living while maintaining your lifestyle, income and caring responsibilities. If you are thinking about taking the plunge, you've come to the right place.
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Choosing The Right Franchise
If there is a particular industry that interests you due to its relevance to your current skills and experience, you can use our search tool to narrow down the selection based on this information. Equally, if you want to find a local franchise to join for the additional support and encouragement that this could afford you, our search function will allow you to narrow your search by area. Finally, you can search by the level of investment that you are able to make in terms of the amount of money you can afford to invest in joining a franchise.
It is important to note that choosing a franchise with a low investment level has no bearing on the amount of profit that you can make. Likewise, choosing a franchise with a high investment level does not guarantee an increased return. Whichever franchise you choose, you will need to dedicate the time and effort to making it a success.
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Lifestyle Choice
You should decide up front whether you want to join a home-based franchise or open up a large business, renting premises and employing staff. A big part of this decision will come down to your existing business experience and acumen, your available funding and the time that you have to dedicate to getting the new business off the ground.
If you already have a busy lifestyle and are looking for a supplementary income, starting with a home-based franchise is likely to fit into your life more easily, allowing you to work at your own pace and in your own time to generate an income.
If, however, you are looking to replace your existing full-time job, a more intensive franchise could suit you.
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How To Choose
You need to consider your existing responsibilities, the time that you have available to dedicate to the franchise, your experience and transferable skills. Take the time to discuss your needs with a variety of franchisors to find the one whose objectives and values best align with your own. We wish you the best of luck in your new venture and hope 2023 will be a successful year for you!
