4 Unsung Heroes of Canadian Franchise Selection
There are a lot of different ways to research when seeking the right Canadian franchise for you. You probably already have the basics down, such as industry statistics and the company's online reviews, but there may be some areas you can look into to help you make your choice that you haven't even thought of.
Look into yourself
This may sound odd, but a full self-evaluation is a step a lot of people skip. You need to know yourself as you are right now before you make such a big investment. You have to know what industries really interest you, whether you want an entire staff or want to run the show yourself, and how big you want your business to become. Knowing your goals in terms of finances and time can also help steer you toward the right ship.
Look into your wallet
Never assume you'll be able to finance the franchise you want to join. Ideally, you should know exactly what you can afford so you can focus your efforts on a realistic investment level. Leave a bumper of at least six months of operating expenses in your calculations. Your franchise won't make money right off the bat, and you have to be able to handle the time period during which you won't be bringing in much income.
Look into your area
Your finances aren't the only thing to weigh when you're choosing your franchise. The area in which you want to operate may already have too many locations of a brand you're interested in. At that point, you would have to consider either moving or commuting somewhere else or finding another franchisor.
Look into the people
Before you become part of the franchise, you will have meetings with the brand's representatives to see if they are a good fit for you and vice versa. Ask the questions you have and listen to what they have to say. Be prepared to answer any questions they have for you as thoroughly as you can, too; they will also be evaluating you. If you're not comfortable with the answers you get or any of the people you meet, you should move on to the next brand on your prospect list.
Finding a franchise is a long process with a lot of research involved, but taking your time during this phase will pay off in the end.