Are you planning your career path for 2022? Here’s why you should consider franchising to become your own boss next year
As the new year approaches, you might be considering a different career opportunity that better fits your lifestyle and goals. Did you know that you can become your own boss without having to start a business from the bottom up? It’s true! It’s possible with a business model called franchising.
Franchising lets you go into business for yourself, but not by yourself—with the support of a franchisor and their head office which, contrary to popular (and false) beliefs, aren’t your bosses. Rather, they help you get your business up and running and keep it going for years to come.
Here are the benefits of franchising, how to find franchise opportunities near you, and the steps you should take to get started.
What is franchising?
So, what exactly is franchising, you might ask? Let’s go through a brief definition of the concept.
A franchisor sells the right to use its trade name, logos, systems, and processes to an independent entrepreneur (aka a franchisee) who then operates a franchise business under that brand or trade name. Franchises are often found in industries such as fast food, hotels and motels, and automotive repair shops, but there are franchise opportunities in almost every industry and at many different investment levels. Under the franchise model, the franchisor provides training on how to operate the company just like they do it themselves. The benefits of franchising include lower startup costs than starting your own business from scratch and the know-how that franchisors offer to their franchisees—including the wisdom they’ve learned that can help grow your small business.
There are many upsides to franchising and using a franchisor’s knowledge in order to start a new business. The franchisor provides the entrepreneur with training on how their franchised company is run, which saves time, money, and energy for the franchisee.
The other major benefit of franchising is that it’s an easy way for entrepreneurs who aren’t able to fund their own business from scratch, or don’t have the knowledge and experience to do so. Franchising also helps to ensure that franchisees operate according to set processes and procedures, which can create more brand awareness and a familiar experience for customers regardless of which franchise location they visit.
Finally, franchising can help with marketing for entrepreneurs–franchisors are often very experienced at marketing their products and services to potential customers, and may be able to help franchisees market effectively as well.
How to find franchising opportunities near you
The easiest way to find franchising opportunities in your area is to use an online directory like www.LookforaFranchise.ca. There, you can sort through investment opportunities by category, location, investment level, industry, award winners, and more.
Before signing the franchise documents, you should always fully investigate the franchise opportunity and complete the proper due diligence process. Many franchisors have websites where they provide information to potential franchisees including the total investment cost for franchising with their company, how much revenue or profits are generated by franchised units of their business, what franchising legal obligations franchisors have, and more.
You should also explore the annual Franchise Canada Directory, where you can find franchisor information, websites, contact information, investment fees, and more startup details for prospective franchisees. This directory is published every year by the Canadian Franchise Association and includes even more franchise opportunities beyond www.LookforaFranchise.ca, as well as a slew of informative content to help you put your best foot forward into franchising.
Why you should consider franchising in 2022
The franchising industry is only getting bigger, with new franchise brands popping up and established brands continuing to grow into new markets across the country. It’s a wise way to become an entrepreneur without needing the tools, resources, know-how, finances, and more to start a brand-new business from the ground up. Why not join a franchise system that already has all of that in place, and just needs you to invest into it and get your new location up and running in your community? Consider starting with www.LookforaFranchise.ca to discover your franchise interests, and you can contact brands you’re interested in directly from there. Happy franchise shopping!