So you’ve finally decided to throw in the corporate towel and become your own boss. Congratulations, you’ve made the decision to join a growing number of Canadians who run their own business!
Now the real work begins, so get ready to roll up your sleeves and do your homework.
Remember the scene from the movie “A Few Good Men” where Jack Nicholson as an outraged general proclaims to defence lawyer Tom Cruise, “You can’t handle the truth”? Well guess what? As a potential small business owner, the truth is something that you are going to have to get a handle on before you even think of sinking your hard earned savings into a new venture.
If you are thinking about starting a business from scratch, have you considered the landscape of the current industry you’re planning to enter? What do you bring to the table that your competitors don’t – or can’t? Have you budgeted for advertising and marketing initiatives? Will this be your primary source of income – or a sideline? And most importantly, why are you venturing out on your own?
Unlike buying a new car, you don’t get a chance to kick the proverbial tires or take the business for a test run, so it’s important your decision is well-researched and you have consulted with the pros.
In fact, for those with an entrepreneurial spirit yet feel wary about the risks involved in running solo, buying a franchise may be the perfect solution.
How does a franchise work? A franchisor provides a license to use its name, trademarks, products and business systems in exchange for an initial franchisee fee and ongoing royalties. When you invest into a franchise, you become the conduit between the brand and the consumer. The upside is that because their success is directly linked to your success, they are highly vested in your operation and will provide pre-opening support, training, use of their trademark and more. The downside is that you must operate within the procedures, standards, and guidelines established by the franchisor.
Wondering how to invest into a franchise? To set yourself up for success, the key is to invest into an organization that has a stellar reputation, a solid market base and a business model that matches your goals and objectives. You also need the capital to support your business vis à vis training, marketing and print collateral.
In Canada alone, there are over 1,200 franchise systems in 80 different industries and niche markets, so do your legwork before you make a decision. Visit some of the many franchise shows that take place throughout Canada each year, talk with other franchise owners, and most important, be sure to meet with those who are experts in the field of franchise business opportunities in Canada. The consultants from FranNet are such experts, and have been providing valuable consultation to potential franchise candidates across Canada. The best thing is that their services are at no cost to the candidate. Take advantage of franchise experts in Canada and begin your journey towards freedom, independence and control of your financial future.