George Cohon, renowned businessman and founder of...
Canadian to manage their own businesses within a well-formed framework. The simplicity of this business model should encourage you to seek out a franchise that suits your needs in terms of passions, experience, time investment and long-term goals. As with independent business ventures, franchises are reliant on the talents and dedication that you bring to the table, so choosing the right one that matches your passion makes sense.
While searching for the perfect franchise, keep in mind that any agreement is a legally binding one, so it is imperative that you analyze the fine print in the contract and the financial documents that come with it before you commit. You should also research the benefits and disadvantages that are most applicable to the brand you're considering. Canada’s franchising industry is particularly successful, garnering the attention of top business blogs, such as those found in magazines, and reviews from franchisees can be found online.
Franchising offers owners many freedoms, but the franchise is based on the brand’s overall business model, so you will have some limitations. Franchisees must agree to the terms of a contract, which generally includes marketing techniques and administrative methods. To gain freedom within this system, it’s wise to choose a sector that you love. When your business is one that interests you, you are better able to work toward the mutual goals you share with your franchisor.
Your day-to-day style of working is an abstract but important factor since every franchisor has its own way of managing things. Some take over much of your administration, leaving those who hate paperwork with the kind of workday that doesn’t weigh them down. Some franchises are small and hands-on, requiring you to work with the public, while others allow you to take on a more distant managerial role.
The amount of financial investment you make should be assessed on a purely cerebral level, and your comfort with risk must also be taken into account. Investment styles and personalities are as variable as franchise types. Some feel good about high-risk-high-reward franchises that may cost more, while others feel panicked after having taken large risks. Your out-of-pocket costs and the returns you need for your family should be factored in to your choice. Remember that you may need to cover your own salary initially, and some franchises offer quicker returns than others do.
Your self-esteem is heavily affected by the type of franchise you choose. Everyone needs to feel proud of what they do every day, and the small details can affect people’s confidence differently. Consider how you will be perceived by others while you work and by your friends. The brand you choose should be one that you connect with, one that has company culture and values that you support.
The figures and metrics that help you analyze the suitability of your franchise are crucial, but your personal integrity should never be sacrificed. You spend a third of your life at work, and that is no ratio to dedicate entirely to profits. Pick a franchise within a business that you’re passionate about, and watch your career flourish as you become your own boss.