Great Expectations: Buying a Franchise in Canada

If the data from Robert Half Canada is correct, it appears that a third of Canadian workers in the Gen Z and Millennial category are interested in pursuing something other than their current job—especially if it means a return to the office setting. A similar survey on Job Optimism also doesn’t look too optimistic for employers. Since the pandemic began, 13% have changed jobs, 10% went from permanent employees to contract status, and 20-25% of respondents plan to either look for a new job or pursue contracting.

The “Great Resignation” continues unabated, as many Canadians look to find an alternate career path that better meets their emotional and psychological needs.

For those taking the entrepreneurial route, there are three choices in becoming your own boss. Start a business from scratch, buy an existing business, or buy into a franchise opportunity. For those considering the third (and best) option, here’s what you need to know about buying a franchise of your own in Canada:

Assess Yourself

Before you ever begin the franchise investigation process, it’s important to know what type of business you’d like to own. Even further, it’s important to assess which opportunities match up with your preferences—something we begin with during a FranNet consultation. Determine your transferable skills, work preferences, and your likes and dislikes—no matter how insignificant. This profile will go a long way towards helping you find the right franchise to buy

Keep an Open Mind

When franchise concepts are presented for your review, avoid the initial knee-jerk reactions in favor of determining why a particular business model would fit for your situation. FranNet puts a lot of stock and consideration in determining your best matches. The least you can do is follow through and see why a particular concept is a good match for your background.

Determine the Finalists

The franchise investigation process is supposed to weed out the concepts that don’t align with your interests and preferences. After a thorough review, you should be able to narrow your choices to one or two selections. Give these finalists an opportunity to play out. This stage is much more intensive and involves validation—hearing directly from other franchise owners in the system. One or more finalists should make the cut for a Discovery Day—the final “meet the team” stage before making an informed decision on purchasing a particular franchise.

Seek Professional Help

When you get to the “fish or cut bait” stage, you shouldn’t go it alone. Before you can make an informed decision about buying a franchise, there are both legal and financial hoops to jump through. Retain the services of both a legal and accounting professional who can review the franchise agreement with you in detail, helping you to understand your role, responsibilities, and commitment level.

Investigating a new career path that includes franchise ownership as a means to become your own boss is FranNet of Canada’s specialty. You don’t have to go about it on your own, as a consultant can help you navigate through these stages. It’s also right on the price, as our consultation services are always no-cost and no-obligation.

Learn more by reading: How to Finance a Franchise Purchase in Canada

With consultants serving every Canadian province, there’s a FranNet of Canada representative near you, who also lives and works in your territory. You can get started with your own Great Expectations today. Simply find your local representative by selecting “Canada” on the FranNet Franchise Consultant Directory page of our website.

Sep 21, 2021