How to terminate a franchise agreement
Although a franchisor will give you the tools,...
You want to be your own boss! Great, so what are you going to do? Oh, you have lots of super business ideas, that is fabulous - how are you going to go about it? Never started a business before, you have a lot of learning to do. First you have to do your market research, then you need to secure financing for your "idea", then you need to advertise to get the customers. Are you going to incorporate or run a sole proprietorship? Better go see your Accountant and Lawyer…. this needs to be set up properly. Risk, yep, you better believe it, but you certainly have as much of a shot at making this work as the next guy. Will it succeed, will it fail? Lots of things to think of, lots of nights of lost sleep, lots of factors involved...best get some good advice. Oh yeah, and it can be lonely out there, I suggest finding a group of like-minded individuals to lean on. Hey wait a second, what about buying a franchise? Why, you ask? I am glad to give you some insight.
When you are buying a franchise, many of the questions listed above are already answered for you. Someone has already taken the risk on a business idea and shed their own blood, sweat and tears to make it happen. They have done the research, built the name, spent the sleepless nights working on it. They have put out a lot of their own funds to get this business built up to the point that it is a success and they believe it will be a success in many other locations as well. They have met with the lawyers and accountants who have guided them to this place of franchising and they now want to offer this to the public so that their brand can grow more….and it can become your brand too. Strength in numbers, a group of people who are like minded to lean on each other and pursue one common goal. While there are no guarantees, in a franchise environment there is a shared risk and a team of people who's success helps not only them but the others in the franchise as well. Wow, you say…where do I sign up?!
Of course, I am giving a broad sense of what it could be like and certainly you will need to do your own research into the brand, market and viability of your investment, but the benefits are many. You are a smart individual, use your common sense, your business acumen, your research and your gut to help guide you in your decision and always seek wise counsel.
A great example of a fast growing market is the health and wellness industry, especially for the care of our seniors as the baby boomers retire and the population quickly ages. There is a company that stands out as a leading example in this area and has built an amazing name and brand and is now offering franchises across Canada. Check out House Calls Health & Wellness to read their story and learn about where this is all going.