Finding a franchise that fits
With the variety of franchise businesses in Canada, prospective franchisees have to ask themselves which franchise suits them best.
Prospective franchisees should begin by thinking about the skills and qualities they can bring to the role as a franchisee.
If you’re a dog lover perhaps a pet grooming franchise would be perfect for you. But if being around pet dander all day would cause an allergy flare-up, then it might be wise to steer clear, no matter how cute those paws and tails are. Yes, it’s important to think deeply about what the day-to-day of running the business may involve.
The following questions can help prospective franchisees determine which opportunity to invest in.
- What do I enjoy doing? What am I good at?
- What am I passionate about? What do I dislike?
- What transferrable skills and experience do I have?
- What do I want to achieve by starting a business?
- Do I have family support? Am I prepared to work long hours, especially during start up?
- What level of income do I need to maintain my current lifestyle? What income would I like to make down the road?
- What is my risk tolerance? How much am I prepared to invest?
Gather all the facts
Now that you’ve thoroughly assessed your interests, you can start investigating and evaluating franchise systems that meet your criteria.
Most franchise brands have a section on their websites that outlines the bigger picture details of their franchise operations, including fees and who to call for discovery. LookforaFranchise.ca is an online directory of all CFA member brands, that’s nearly all franchise brands in Canada!
Listings for individual brands include necessary data like the franchise fee, investment level, the number of franchise units in Canada and in the U.S., and the provinces with available territories.
Franchise tradeshows are another great way to discover franchise opportunities. The CFA hosts yearly trade shows for prospective franchisees in Toronto, Montreal, Calgary, and Vancouver, among other markets across Canada. This gives you the opportunity to meet franchise representatives face-to-face and ask any questions you may have—without waiting for an email response.
Visiting locations of the franchises you’re interested in is also a good way to witness the day-to-day operations of the franchise firsthand. Take note of what works, what needs improvement, and what services/products bring people in the door.
Consult with the experts
With several ideas for franchise businesses available to you, it’s important to connect with established franchise professionals to ensure your business starts off on the right track. Here are a few professionals that it’s important to recruit. Many of these relationships will continue after the franchisee has established their business.
- Accountants: Can help assess net worth, create a business plan, and with cash flow for your business.
- Consultants: Can guide a self-evaluation and identify franchises that might meet the client’s needs.
- Lawyers: Can help review any documentation or contracts and offer advice on issues such as irregularities or points of negotiation.
- Bankers: Can help create a business financing package, including loans and other financial products.
- Insurance providers: Can ensure the client has the insurance coverage they need to protect their franchise business.
The CFA’s franchise support services members include professionals from these disciplines and more, all of whom specialize in providing products and services for the franchise industry. The CFA’s support service directory offers information and contact details.