What are the best Canadian Franchises to Purchase?
Researching franchises can feel a little bit like Speed Dating — you’re looking for that special company that you’re willing to spend several years with, but there are a lot of options out there, not a lot of information about most of them, and you wind up with the uneasy feeling that you may be missing a lot of critical information.
Unfortunately, once you pick a franchisor, you can’t just dump them if you have a bad third date. You’ve signed a contract, made a big investment, and are committed. You’re in it for the long haul. The risk of picking the wrong business partner scares some people away from franchising, and that’s a shame, because franchises succeed at a much higher rate than other small businesses.
The key is picking the one that fits you best. As a FranNet business consultant, I get you way past the Speed Dating process, and instead teach you how to conduct an in-deoth analysis of a potential franchise. I also work with dozens of worhty brands, and present clients with brands to consider — ones that have a track record of achieving the goals that my clients have set, and which match up well against their skills and experience.
I’m a matchmaker.
The truth is that there aren’t really “best Canadian franchises.” There are simply “best Canadian franchises for you.”
That said, I’m not about the advise people to start a horse and buggy franchise in 2014 or a cement life jacket franchise. Some concepts are better than others. Here are a few categories that I expect to grow in 2014, and why:
Education: Education continues to be a strong growth category. While several tutoring companies have experienced strong growth in many Canadian markets and have limited availability, a number of franchise businesses that aren’t directly related to traditional education (reading, writing, arithmetic) have a strong educational aspect and may be a good fit for people attracted to mentoring and education.
Home services: Home service businesses are enjoying a much larger market thanks to the pending retirement of millions of Baby Boomers. Many people are remodeling their homes to make them retirement-ready, while others are downsizing and selling their homes to younger families who are eager to update. The retirement of Baby Boomers is expected to create a long-term surge of customers for home improvement and interior design franchises.
Senior care: Nobody wants to spend their final their final years in a nursing home, but adult children often are unable to provide adequate care for elderly parents. When they are abl to provide adequate care, it often comes as a tremendous cost — adding stress, sapping finances, and harming the health of the adult caregiver. Senior home care franchises are helping people maintain their independence and lifting much of the burden from their children. These franchise systems are flourishing, but be aware that this is now a very competitive industry.
Marketing support: Hundreds of thousands of small businesses can benefit from professional graphic design and digital printing, as well as website creation and email marketing. Business-to-business franchises are meeting this demand, helping other small businesses grow and winning longterm customers.