When would-be entrepreneurs start exploring all the options they have when choosing a Canadian franchise, they are often surprised at the sheer number of choices. These choices can become overwhelming for some. While your franchise consultant will do a lot of the leg work in narrowing down suitable choices, there are also some questions that you can ask yourself that will help you determine whether a particular Canadian franchise is a good fit.
What do I need to give me personal satisfaction?
Take some time to think about what you would like to get out of the franchise experience.
- Do you need to make a certain amount of money?
- Do you need to have regular learning and personal growth opportunities?
- Would you get more satisfaction out of surrounding yourself with people or doing most of your work on your own?
These are questions that only you can answer. Figure out your criteria for personal satisfaction and then ask yourself whether the franchise you are considering will meet this criteria.
What is my ultimate goal?
When new franchisees first get into business, it can be easy to get too focused on the short-term goal of earning that first profit. But before you invest into a franchise, you should also consider your long-term goals.
Is your goal to run a single franchise and provide for your family? Or is it to own multiple units in your city or province? Alternatively, is your goal to work on a semi-absentee basis so that you have more time to pursue leisure activities?
What am I not willing to do?
If bugs gross you out, then a pest control franchise is probably not right for you. If you can’t stand the thought of inspecting grease traps, then a food service franchise is probably wrong as well. Don’t make the mistake of thinking you can always get your employees to do something either as at some point in time – even if it’s not your regular job – you will likely have to step in.
What do I LOVE to do?
It’s always helpful when you choose a franchise that helps you feed one or more of your passions. Do you love helping other people? Do you love children or animals? Are you a fitness fanatic?
If it is a joy each day to go to your franchise, it will seem less like work and you’ll likely be more successful at it as well.
How involved am I willing to be?
Running a franchise is a big responsibility. It requires substantial investments of time and money. Like a child, it demands your attention.
When considering a franchise, you have to remember that this is a business and not a hobby. Be honest with yourself and determine how much time and commitment you are willing to put into it.
Of course, there are many other things you will need to consider when you are thinking about investing in a Canadian franchise. These personal questions you ask yourself can help to steer you in the right direction.
About FranNet Canada
FranNet is a 27-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/