How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
It may not seem possible to open a new Canadian franchise business during the COVID-19 pandemic, but it certainly is! The truth is that there will always be some reason you could come up with to not start your own business. It's a risk, and risk understandably makes people nervous about this decision.
Depending on what type of franchise you want to open, there may even be increased opportunities for you right now because of the ways the pandemic has shifted daily Canadian life. Before you open your doors, here's what to do.
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Identify what your business offers in this environment
Is there some way your new franchise may tap into consumer wants and needs during the pandemic? Food franchises with robust to-go and delivery options, for example, have been filling the restaurant void for those who can't or are not going out to eat right now. The rules some beauty and care services have to operate under right now to see clients safely have limited availability despite steady demand.
Think about what your franchise does offer in this pandemic and what it could offer with some adjustments. Of course, even if you have a great idea, be sure to confirm with the franchisor that you can make an adjustment before you do so.
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Learn and follow all rules and protocols
You'll need to create a safe environment for yourself, your staff and your customers or clients, and you also need to be in compliance with all rules or restrictions currently in effect where your business is located. Of course, this may mean changing how you were supposed to do things, so work with your franchisor on adjustments. You'll also need to keep up on the news because this situation is evolving and rules and restrictions may change quickly.
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Acknowledge the pandemic in your marketing
Of course, you don't want to appear as if you're trying to profit off of a public health crisis, but it's not something you should never mention, either. This is affecting everyone. Acknowledge what is going on and consider just how you may be able to make things easier for your customers. Discuss your safety practices and what you are doing to keep everyone safe.
Opening a franchise right now is certainly possible, and it may help you establish your new business even faster. Consider how to plan around the challenges this pandemic has brought. Don't forget how opening your new business may help increase employment, provide new opportunities and offer customers a needed or wanted service.
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