Franchising in Canada is more popular than ever. However, as more people talk about franchise systems, more misinformation is allowed to spread! In today’s post, the FranNet team myth-busts four persistent of pieces of misinformation about franchising in Canada.
Myth #1 – Franchising in Canada is all about fast food and retail.
If you were to stand on a busy street corner and ask passersby to name three Canadian franchises, their answers probably won’t surprise you. Though you might hear a smattering of different names – Tim Hortons, Canadian Tire, and Boston Pizza are popular choices – you’ll typically only get names from the food and retail sector. This is one of the most common and enduring myths about franchising in Canada and around the world, and it’s a shame how many prospective business owners never pursue their franchising dreams because of it.
Why is this the case? Food and retail has always been the most visible face of franchising in Canada, in part because these business both thrive on prime, impression-heavy locations, and big advertising pushes.
In reality, franchising in Canada has never been so diverse. Food and retail really only makes up 30-40% of the entire franchise market. FranNet works with thousands of franchise concepts across more than 80 industries, and can help you find the business that strikes a perfect balance between profitability and passion.
Myth #2 – Franchise systems are an automatic seal of approval.
If something is duplicated, it must be worth repeating, right?
Not necessarily. Generally speaking, franchise systems have a lot of value to prospective business owners, but that doesn’t make every franchise worth pursuing. Some franchise systems are young, unproven and even flawed. Sometimes, it can be tough to distinguish a promising opportunity from an unprofitable one; this is yet another reason why so many prospective business owners turn to qualified franchise advisers and assessors before signing on.
That said, many businesses develop into franchises because of their undeniable success and innovative products. FranNet consultants can guide you towards these opportunities and get your dreams of business ownership off the ground!
Myth #3 – Franchising in Canada is cost-prohibitive.
Think franchising in Canada is an inherently pricey endeavour? Think again. Though most people assume that franchising is costly because you have to “buy in” to the system, the truth is that the majority of franchise start-up costs come in well under $100,000 as a total investment.
Aside from the franchising fee, this myth is perpetuated largely because “big box” franchises are the most visible. In this way, the myth of cost-prohibitive franchising has a lot to do with the first myth we addressed in this article.
FranNet consultants can guide you towards franchise opportunities that fit your budget, and even help you navigate the process of lending. Franchising is more affordable than you think!
Myth #4 – Big profits require big investment.
You’ve got to spend money to make money, right?
Kind of, but not on the scale that most people think of. While you will need to absorb the hit of some start-up costs, this is true of any business. But unlike other business models, franchising in Canada benefits from proven start-up processes and pre-established brand reputation, which helps you make your investment back sooner.
The truth is that some of the fastest growing franchise segments are home-based service businesses that cost their owners as little as $65,000 to start.
Don’t let the myths of business ownership cause you to not do your research. FranNet will help you find the truth in a franchise that’s the ideal fit for you.Learn more about the realities of franchising in Canada by booking a free consultation with our team at http://www.frannet.ca.
About FranNet Canada
FranNet is a 29-year-old company with roots in the U.S. Its purpose being to nurture every entrepreneur’s dream of business ownership. We actively employ a specific profiling and consultation method. This method is geared to each investor with a specific business model and based on franchise trends typically found in Toronto, Ontario, Vancouver, British Columbia, or Calgary, Alberta. The most lucrative Canadian franchise opportunities are waiting for you. For more details visit – http://frannet.ca/buy-a-franchise/canada-franchise-buying-process/