Canadian Small Business Franchises
Canadian small business franchises can be a great way for aspiring entrepreneurs to get into the market without trying to establish a name. There are many different companies to choose from. Many of the same names and businesses offered in the U.S. are also offered in Canada. Those interested in starting a Canadian small business franchise can choose anything from fast food to print shops. To determine what opportunity is best, aspiring owners need to consider their talents and interests.
There are many things to think about before making business decisions. Before selecting what Canadian small business franchise to buy into, a person will need to consider whether or not a franchise is right for them. Although it can be easier in some ways, becoming a franchisee is no walk in the park. Canadian small business franchises, like any other, require commitment and hard work from owners. Owners need to be team players, willing to work with their fellow franchisees when times are tough. They also need to be able to handle corporate pressures. Most headquarters will require financial records to be turned in. They will also have specific rules and policies that the owner must abide by.
Those wanting to buy into a franchise will need a lot of money up front. Franchisees have to pay not just for the location and start-up expenses, but also for the name and right to use it. Depending on how popular the company is and what kind of equipment is needed, the Canadian small business franchise can cost anywhere from $5,000 to $100,000. Fortunately, the investment is usually worth it. The headquarters helps set up everything and the name attracts immediate business. Franchisees will need to put little money into advertising because they'll already have the name and national advertising.
Once a person has decided that this is the right opportunity for them and they know what type of company they want to run, it is important to research the different options. A person may have to immediately cross off some Canadian small business franchises because the expense is just too high. Next, it is vital to look at the competition. This will include local competitors and other national franchises in the area. Also, a person may want to see if this particular company has any other franchisees running businesses in the local area. With a more narrowed down list, the individual can contact the chosen Canadian small business franchise and ask for copies of their disclosure documentation.
"The wise in heart shall be called prudent: and the sweetness of the lips increaseth learning" (Proverbs 16:21). Doing as much research as possible will help make the process of choosing a company much smoother. An entrepreneur can contact current Canadian small business franchises to ask how they got started and what to expect from the headquarters. Most importantly, the individual must make sure that the chosen company has a long-standing history and offers a good profit. The more a person knows the more prepared they will be for any bumps in the road.
A Canadian retail franchise makes for a great business to either do online or in a store. It is an opportunity to have discipline, expand a creative side, and work with people in an environment where the owner will prosper. The other thing that is great about Canadian retail franchises is that the owner will be able to work alongside people that they have hired and trust. Knowing all the details as well as all the general responsibilities of this type of opportunity are crucial to personal and business success.
With any business, it is important to explore all options before making a decision. Knowing personal preferences as well as personal abilities will help greatly in the final decision of how to own a business. Just because one franchise isn't the right fit doesn't mean that franchises in general won't work. Talking with people who own a franchise as well as the owners of the one in consideration is crucial in deciding what opportunity will be the best. One choice might offer an opportunity to learn side by side people who are involved in the franchise. A Canadian retail franchise that works the best for an individual will be one where a creative side can thrive. If someone thinks about the things that they love, they will be able to look into many different Canadian retail franchises and find the one that will work best with the way that their mind works.
Find an opportunity that has a market and will offer the best investment opportunity. A Canadian retail franchise opportunity is plentiful; a person needs to find one that has a niche, something that is really special about it. It needs to know where its territory is and how many different people will want services. Canadian retail franchises will be found in many different markets. Most of all when thinking about which opportunity to go with; a person needs to trust that the Lord will bring them to the place that He wants. "Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospereth" (3 John 1:2). He will provide all the things that are good even when it seems like there is no wisdom or advice, He offers everything that is needed. It is important to speak with as many franchise owners as possible to gain the most knowledge from experienced people.
Canadian Franchise OpportunitiesCanadian franchise opportunities are just as lucrative an investment as are opportunities in the United States; they are both an avenue of investing for those that want to own their own businesses but do not want to "start it alone." Advantages to investing in these companies are the documented low failure rates. Investors are buying into established concepts that have already been successful and provide an excellent strategy for beginning a business. Independent businesses have a 70%-80% failure rate. A Canadian franchise opportunity has only a 20% failure rate, an opportunity that allows for help with the start up process and beyond.
These businesses are turnkey companies. They have an established corporate headquarter office, which helps to create and maintain a successful business enterprise. When investing in a Canadian franchise opportunity, equipment, supplies, instruction, and training are included. Since advertising typically brings in 40% of new business revenue, the new investor will also receive help with management and marketing. Each new business person reaps the benefit of the parent company's national marketing campaigns, good reputation, and household name.
In addition to beneficial national advertising campaigns, these businesses offer the owner buying power. This means that the investor can get inventory and supply discounts because all other related owners using these same products or services create a bulk account. Bulk accounts offer tremendous discounts that otherwise would not be able to be given to one independent business. Canadian franchise opportunities offer franchise owners name recognition from the start, decreasing initial business start up advertising expenses. A business that has opened in an area where that product or service could not be found can become immediately profitable.
Disadvantages of pursuing these opportunities include the strict rules and regulations associated with the parent company. When looking at a Canadian franchise opportunity, it is important to note the specific restrictions placed on the owners. It's the parent company's way of making sure that owners handle the products carefully and maintain company ethics. When an agreement contract is signed, the investor agrees to operate the business according to parent company's standards and must adhere to that contract as long as he plans to stay in business. One disadvantage is the never ending royalty fees that must be paid with Canadian franchise opportunities. These fees are usually a set percentage of revenue that the business brings in, and are paid on a monthly or yearly basis. These opportunities are abundant, but must be carefully reviewed before an investment is made. As believers, we can't charge into a new venture without first finding out if our plans are God's will. Proverbs 4:7 says, "Wisdom is the principal thing: therefore get wisdom: and with all they getting get understanding." Since God is the Source of all wisdom, we must communicate with Him through prayer and reading His Word to determine if our actions comply with His will.
A Canadian fast food franchise business opportunity can range anywhere from a burger joint, to a sandwich shop, to selling donuts and coffee for busy commuters on their way to work. Canadian fast food franchises are typically more complex than a smaller service business franchise and therefore require an extended amount of investor training in such skills as employee management, as well as concepts adhering to sanitation guidelines. Any individual business must determine the exact requirements for the sanitation process when dealing with the sale of food, and make that the most important regulation to follow.
The health and sanitation department has the ability to close the franchise down until ramifications are made to adhere to their strict standards. In addition to specialized Canadian fast food franchise training, each franchise investor is required to obtain a building or location. Owners typically rely on real estate leaseholds to secure a building location. Once the location and equipment are delivered, a small amount of inventory is used to train employees in the process of business operations. This is all included in the initial fee, and can be repeated annually through the use of the royalty fees which must be paid on a monthly or yearly basis.
Purchasing this type of business usually involves signing a long term contract, somewhere between 6 and 15 years. The royalty fees are higher than that of smaller franchises, and they are also charged an advertising fee. This advertising fee is combined with other Canadian fast food franchises of the same name and national commercial advertising is done so all can reap the benefits. When deciding to purchase a franchised business, banks are much more apt to lend money. The reason behind the decision is that a franchised business has a higher success rate than an independent business venture. Banks feel more confident in their lending when an investor presents them with a proven history of success provided by the parent company.
Disadvantages of investing in franchised businesses comprise of the lack of independent management, and the high percentage of royalty fees that must always be paid. Although support is delivered via monthly newsletters, onsite inspections and updated training, the royalty fees must be paid, always. The owners must adhere to strict Canadian fast food franchise standards and are not allowed to deviate without the risk of losing their business. There is a tremendous responsibility that comes with owning this kind of business. Proper preparation and research should be done by anyone considering purchasing Canadian fast food franchises to protect them from a tremendous investment disaster. Therefore, seek advice from other people who have experience buying and managing franchises. "a wise man will hear, and will increase learning; and a man of understanding shall attain unto wise counsels" (Proverbs 1:5).