How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
Learning as much as you can about the Canadian franchise opportunity you're leaning toward is an absolute must. Once you know all there is to know about a brand, you can make a truly informed decision about your investment. Instead of just reviewing the brand's franchising website and marketing materials, use the tips below to take a deeper dive into the brand.
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Review every single bit of material you receive
After you made contact with a brand, it's likely they sent you a lot of information about the company. You have probably received packets, books and even digital files that tell their story. This is how franchises connect with prospective franchisees and get those new to the system up to speed. It's time to read, watch and listen so you can learn as much as possible from these materials.
Of course, don't just stop here. Search for the brand online and see what comes up, and follow the trail for each result returned. See what the web has to say about the brand's past so you get a well-rounded look at the history there. A past scandal, for example, could give you something to think about but very likely won't make its way into the materials you were given. Look up the brand's founders as well; you may find interviews with them that go into the company's past and how it became a franchise.
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Get on a personal level
You can learn about a franchise from more than just the web and from a distance. Take in details as you go. As you contact the brand, you likely started corresponding with them on a personal level. Use that communication to get some information. You don't want to come off as an interrogator, but you can casually pepper some of these more personal questions naturally into a conversation. Answers to questions about the best things a newbie can do, whether there was ever a time when the brand seemed doomed and what achievement they are most proud of can reveal quite a bit about the company and the people running it.
More personal questions can spark a repertoire between you and the franchisor owners, and you'll also get more of an inside view into how the brand operates at the top. Don't be afraid to ask questions. This is how you demonstrate to the franchisor that you want to learn more about the brand, too.
You want to learn as much as you possibly can about a franchise before you join to ensure you are making the right choice and set yourself up for success. Don't hesitate to dig a little deeper into your preferred brand before you sign that agreement.
