How to terminate a franchise agreement
Although a franchisor will give you the tools,...
If you are among the growing number of Canadian people dissatisfied with working for someone else and dreaming of owning your own business, then you may have already considered the possibility of operating a franchise location. Perhaps you have not taken the steps to make your dream a reality yet due to a fear of failing at your venture or losing your business investment and future income. The good news is that unlike the risks involved with starting a brand new company from scratch, investing in a franchise opportunity gives you a solid chance for success for several key reasons.
Read on so that you can overcome your fears, jump in with both feet, and take advantage of one of the many Canadian franchise businesses available.
The biggest benefit of investing in a franchise rather than establishing an independent business is that franchises come with brand-name recognition and product familiarity, both of which will supply you with a built-in customer base. Regarding franchise success in Canada, the statistics speak for themselves. Currently, the nation's franchise industry is the second largest worldwide, with more than 78,000 businesses in operation across 900 brands. Not only does a new franchise location open in Canada approximately every two hours, franchisees who invested over the past five years currently boast an 86-percent success rate in maintaining their individual businesses. Rather than risk going into major debt starting a company with no established brand, you can select a franchise opportunity with customer loyalty at a range of investment levels.
When deciding to start a non-franchised business on your own, you put yourself at a disadvantage by missing the mutually beneficial relationship between franchisers and franchisees. Franchisers are dedicated toward helping you succeed as a franchisee, as this allows for the expansion of their own brand and growth in revenue. In order to ensure that your franchise location becomes profitable, franchisers provide you and your employees with access to professional mentors, advertising and marketing strategies, promotional materials, on-site training, help with building and equipment set-up, and on-call support services. When purchasing a franchise, you will not have to go it alone in establishing your location, growing your customer base and managing your operation.
Receiving support and guidance from a franchiser does not mean that you will be working under a boss’ watchful eye at all times or that you cannot enjoy the freedoms that come along with running your own business. As a franchisee you can hire and schedule employees, offer local promotions, set your personal work hours and, in some cases, make inventory and product decisions. It is important that you put in the hard work needed to make your location a success, but if you stay motivated in this task, then your financial gains can lead to even more freedoms down the road, such as the ability to schedule exciting vacations or take some time off to relax at home with your family.
Because the Canadian franchise industry encompasses businesses in a diverse range of areas, you will not have to worry about working in a field for which you have no passion, experience or personal interest. Examples of popular franchises include businesses dedicated to food service, senior care, home cleaning services, home inspection services, pet grooming, retail products and real estate. If you have always had a drive toward a particular industry but never had the chance to hone your skills while working a traditional job, then becoming a franchisee may greatly contribute to your overall contentment.
Do not be afraid to explore the exciting opportunities that owning a Canadian franchise business can provide! Find a franchise that matches your interests and get ready to move your feet forward into a lucrative future.