For newcomers to Canada, buying a franchise is one of the most attractive ways to run their own business. A franchise business comes pre-prepared with an established reputation, a known customer base, and a proven business structure. It allows you to run your business, without having to start it from scratch.
Our free ebook will help you understand what you need to do to get your franchise up and running!
Register now to get this ebook and other essential franchising information direct to your inbox including:
1. What it means to open a franchise in Canada
2. How to Choose the right franchise for you
3. If you have the right personality to open a franchise
And much more...
As a newcomer to Canada, you may have decided that you would like to buy a franchise. Choosing the right franchise is a critical first step as they are not all created equal. We will help you to make the right decision.
Three Key Signs of a Great Franchisor
Franchisors are selective about who they select to represent their brand. You should be selective too. If you’re exploring franchising opportunities, you likely believe in the success of the franchise model. That business success will grow when the franchisor demonstrates:
1. Strong leadership and vision
2. Positive relationships with their franchisees
3. Support for their franchisees
There are several ways to finance a franchise and achieve your dream of franchise ownership in Canada.
The good news is that if a franchise is established with a proven track record of success, it may be easier to get financing as a franchisee than as a new and independent business owner. While there are numerous financing options, you have to understand the options before you can make a decision that is best for you.
6 Financing Sources for Your Franchise
1. Cash
2. Personal Savings
3. Traditional Loans
4. Supplemental Financing
5. Franchisor Financing
6. Government Assistance
Your franchise business plan will help you to set goals for the future. The business plan is your blueprint for business success and creates the foundation for smooth operations. A business plan works best when you update it frequently to reflect your franchise’s current status and goals.
These tips will help you to write a franchise business plan that is practical, useful, and gets financed.
1. Show your investors there is a market for your franchise’s products and services.
2. Demonstrate your capability and that of your management team.
3. Prove that you have adequate financial and physical resources.
4. Identify any obstacles and how you will face them. Include a contingency plan to show what actions you will take for any worse case scenarios.
5. Establish a plan and general timeline for your franchise.
6. Use clear language when you write your business plan. Avoid overly technical language and write to express, not impress.
If you are thinking about franchising, you should speak to a lawyer as soon as possible. An experienced franchise lawyer can help you to clearly understand what’s involved and how you can protect your legal interests. If you’re new to franchising, you’ve likely noticed how much information there is to gather, collect, and evaluate. If you have already started conducting your franchise research, you have hopefully:
Why Do I Need A Franchise Lawyer Early in the Process?
Obtain some guidance from the franchise lawyer in conducting the necessary due diligence
Avoid making certain mistakes in the early stages of the relationship with the franchisor. For example, many prospective franchisees have paid initial deposits to their franchisors, even before they have met with their franchise lawyers to review and discuss their disclosure documents
Discuss the process of becoming a franchisee, to get a heads-up on what to expect while moving along the process
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