How to terminate a franchise agreement
Although a franchisor will give you the tools,...
A lot of people are now looking for ways to emerge financially from the pandemic, especially when it comes to the widespread changes in many industries and the drop in available jobs. If you're now considering investing in a franchise because you're not looking forward to returning to the office or you don't have an office to return to, you're certainly not alone.
Although a franchise offers many benefits when compared to a traditional new business, including corporate support and brand recognition, it's an investment with risks attached. Before you decide to join a Canadian franchise, keep these key elements in mind.
What's your passion, really?
Of course, you don't need to be passionate about a franchise to be successful; there are plenty of franchisees out there who have had great success with treating their franchise solely as a business investment and nothing more. However, you may find that success is easier when you're really into what the concept is about. If, for example, you are a huge dog fan, you may really enjoy the work that goes into a pet care franchise concept. If you're a lover of the outdoors, a pool or lawn care brand could be the franchise for you. In short, try to tap into your hobbies and interests as you search for a brand. When your franchise is more than just a business investment, you may find yourself thriving more than just in a financial sense.
What's the team like?
Once you have decided on a brand, it's time to meet the people behind its curtain. You want a full understanding of a brand's culture, vision, leadership and value before you join. You're not just getting the concept and name when you become part of a franchise; you're also buying into the procedures, practices and cultures in that brand. Therefore, you want your vision and values to line up with the franchisor's. If they don't, you may find yourself disillusioned and frustrated later.
What territories are available?
It's very likely you have an area in mind where you want to operate, ideally near your home and in a good market for your potential business. If the brand you want doesn't have anything open in the area you really want to be in or any other area you were considering, it's time to move onto the next brand on your list.