. As we enter into the next few challenging weeks,...
What information do you need to make a wise decision? My advice is to take some time at the beginning of your search and explore your options in an organized manner.
In Canada there are over 76,000 franchises open doing about $100 billion in sales annually. Franchises are an exciting way to start your own business. Finding the right fit out of all the franchise opportunities out there can be a challenge. Here are some basic tips that will help you make your dream a reality.
You- Study yourself and find out if you are good management material. Most franchise failings are a result of poor or improper management of the business. If you have proven experience then you already know you can do it. If you have little or no experience, there are many places that offer management classes which would be a great investment in your future.
Which Franchise?- Are there businesses that get you excited? Study those franchise opportunities and narrow down your list to the ones that really interest you. Then investigate those franchises for the amount of investment required and what type of support the particular franchisor is offering.
Current Owners- One of the best sources of information will be the current franchise owners. They can give you information on how satisfied they are with the business, if it’s what they expected or were told to expect and how well the franchisor has supported them.
Location- You need to determine your demographic and where they are located. Are there enough people in your potential location to support you and the competition? The cheapest rent isn’t always the best location. If you decide on an area, spend some time there to get a feel for what’s happening at different times of the day.
Get Help- Obtain a good attorney and accountant to help evaluate the franchise opportunities you like. They are well worth the investment as they will save you money down the road.
Congratulations on your decision to get into business for yourself. Finding the right Canadian franchise opportunity may seem like a daunting task at first but if you do your homework, I am confident you will find the perfect fit for you.