For some people, coming to Canada to start a franchise is a dream come true. And it’s a dream that comes with many benefits. Owning a franchise allows you to become a business owner with all the existing vendor relationships and resources of the brand, versus managing in a start-up environment.
What does it take to be a franchise owner? Can anybody do it? According to an article posted on the Canadian Franchise Association website, there are a couple of items you may want to check off before you become a franchise owner.
You can read the full list of tips on their site. But the major highlights include:
- Do your research: What industry do you want to get into? What the pros and cons of the industry? What does it mean to be a franchise owner? What does a franchise owner do exactly? Some of the questions may seem very basic to ask, but they are all important if you want to make an informed decision about getting into franchising. The answers will also help you be informed on exactly what you’ll need to do to get the franchise up and running and to keep it successful.
- Financial resources: In case you need to take out a loan, or you require financial assistance from others, it’s important that you make a list of your resources, and what you’ll need to put them to optimal use. For example, the article states that you may need to have an established credit history in order to qualify for getting a loan. For anyone who does not have that yet, you may want to consider your options for what you need to do in order to establish a history of good credit.
There is a lot more to do before you are set to hit the ground running as a franchise owner. There are risks involved, and procedural elements to factor into your timeline. In order to make sure you understand how the process works, it’s best to consult with an experienced franchise lawyer. He or she will help you identify exactly what responsibilities you will be accountable for, the extent of assistance the parent brand will offer, and assist you with your legal options if a disagreement or conflict arises.