However, don’t jump in too quick, as making the wrong decision could end up leaving you broke and frustrated. There are many opportunities to open a Franchise in Canada, but just because something glitters, that doesn’t necessarily make it gold.
Here are 6 quick tips for choosing a franchise in Canada:
There are thousands of franchises out there, so avoid making hasty decisions. Instead, visit franchise shows, read franchise magazines, and do some research on the internet. Once you have all the facts, then you are ready to prepare a shortlist.
On the surface a franchise company might seem like a professional outfit, but once you start to dig a little bit deeper it starts looking like amateur hour. For this reason, once you have a shortlist of companies, you should delve deeper into their history and past results.
Meet franchise representatives
Never choose a franchise based on email and phone conversations alone. Every year, there are a number of people who get scammed out of thousands of dollars in franchise deals, so you definitely want to avoid this happening to you. With this in mind, always meet representatives of the franchise company in person before signing a contract.
Meet current franchisees
There might be hundreds of amazing testimonials on their website, but how can you be sure these are actually from real people? In short, you can’t, which is why it’s a good idea to meet current franchisees in person rather than rely on a bunch of written testimonials.
By going down this route, you get to talk one on one with people who were once in your shoes, and you can ask about how profitable their franchise venture has been.
Get legal advice
Once you have decided to buy a franchise in Canada it is very important to get legal advice before agreeing to anything. Ideally, this legal advice should come from a franchise specialist lawyer, although any lawyer is better than none.
Ultimately, once you sign a contract then you enter into a legally binding agreement, so it’s essential to consult with experts before you take the plunge.
Well done, you are now the new proud owner of your very own franchise business, but you must realize that this is where the real work starts.
If you expect money to pour into your bank account while you sit at home watching TV then you are in for a nasty shock. Making a franchise opportunity in Canada successful takes work and commitment, so get ready for the ride.