With the Canadian Franchise Association reporting that there are
currently around 1,300 different brands operating in Canada, it can
be tough to decide which one to go for. Given all that variety,
it's only natural to want to investigate the hottest ones first.
What are those magic bullet franchises, and more importantly, what
does "hot" really mean to you?
When you're thinking of a "hot" franchise, it really comes down to
how you define that word. Is it the franchisors who are selling the
most units, the franchisors in emerging and exiting markets or the
franchisors who have the happiest and most successful franchisees?
There are probably at least ten different ways to define the word
"hot" when it comes to franchises, but none of those will help you
determine which brands you should be considering. While some of
those answers may indicate a stronger likelihood of success in a
particular franchise, there are no guarantees you'll achieve that
sort of success if you own that same franchise.
Becoming part of a franchise that has the benefit of strong market
trends is usually an advantage, for example, but there are many
systems in Canada that do well despite economic downturns, so that
alone cannot determine what you should chose. Joining a franchise
with a stellar track record when it comes to success is great, but
for you to do well, your skills still need to be suited to that
business and you have to be able to do what is necessary to drive
success in that system.
Instead of trying to determine what the hottest franchise is, you
need to take a look at yourself first. Take stock of your
interests, abilities and skills, and then decide what lifestyle and
financial goals you want to hit by buying a franchise. Once you've
gotten all of those things down, you can use them to create your
franchise search criteria. Let those personal details guide you
through your franchise search and right to your ideal business.
While there are a lot of interesting Canadian franchise concepts
out there today that have led other people to success, you need to
find the one that gets you where you want to go and leverages your
core abilities and skills. If you fail to do that, you're only
creating avoidable risk for yourself and your investment down the