Canada has one of the worlds most dynamic and competitive business markets, boasting of different types of business structures including but not limited to franchises. With the popularity of franchises in Canada growing each and every day, it is a small wonder that there are now numerous franchise opportunities available to the population. However, it is extremely easy for you to get swept up in the euphoria of becoming your own boss, and this could distract you from the important aspects of the franchise you are buying.
1. When you first begin the process of becoming a franchisee, you will be assigned a group of advisers who are meant to guide you. What you need to know is that these advisers are working for the franchiser and not you, therefore your best interests are not of their concern. They could easily direct you to set up shop in a part of town with few customers in order to expand their outlets, but this would be detrimental to your profits. You therefore need to closely evaluate what your franchise needs to succeed.
2. Research on the background of the franchise you want to buy into. This research can yield pertinent information that may affect your profit margins. For example, you might find that a popular franchise has a pending law suit caused by damaging the environment. Or you may read articles that claim your intended franchise uses sweat shop workers to produce its products. Research also helps you determine whether the values of the franchise are cohesive with your personal values.