Have you always wanted to be your own boss? Starting your own business is not without its challenges. Figuring out what your business will be, finding a location in Canada, training staff and marketing your business are just a few of them.
Buying into a franchise is an ideal way to start a business. Not only do you have the advantage of an established product or service line, you also get help finding a Canadian location, training your team and marketing your new business.
Other benefits of buying a franchise include:
- Corporate support: A franchisor is only as successful as his franchisee, so you count on the company’s support whenever you need it, whether you need to upgrade your facility or train new employees.
- Buying power: It can be difficult to negotiate the best price for the goods you need to run your business if you’re on your own. A franchise is a small part of a larger whole, so you’ll be able to take advantage of the purchasing power of a huge network and get the best prices possible.
- Brand Recognition: This is probably the single biggest advantage of buying a franchise. Buying into a recognized franchise earns you instant credibility in the marketplace, so you won’t have to invest the time, money and resources in building a brand from scratch.
- Marketplace Evaluation: Any franchisor worth its salt will evaluate your local Candian market to ensure there is enough consumer support to keep your business afloat.
Choosing to buy into a franchise is a pretty easy decision; deciding what kind of franchise you buy into is a little more difficult.
Start by considering your interests. If you enjoy food and drink, you might do well with a restaurant or bar franchise, especially in Canada. If you’re interested in cars, an automotive franchise, like Crackmasters Canada Windshield Repair & Replacement Specialists, might be more your speed.
The next thing to consider is the cost of buying into a franchise. Some restaurant franchises, for example, start with an initial investment of half a million dollars, with a total investment of more than a million dollars once it’s all said and done. Many franchises also require regular royalty payments, either as a percentage of your profits or a flat fee.
If you’re thinking about buying a franchise, do your research. Explore the competition. Read customer reviews. Talk to your peers. And consider the possibilities of being your own boss.
Here are some resources for opening a franchise business in Canada: