So you are looking for small business opportunities from home and starting your venture into the world of entrepreneurship? Maybe you have seen your family members or friends buying a franchise and making good profits from it, and you want to dip your toes too. Whatever the reason, if you want to start a small business in Canada, you should remember a few things. It is much more than just investing your money and buying a franchise.
10 Simple Steps To Starting A Franchise Business
As a newcomer in the entrepreneur landscape, here are 10 simple steps you should follow to start your franchise business:
- Self-Assessment: Whether you are starting a business from scratch or buying a franchise, you should first ask yourself what you enjoy doing. The industry you are most passionate about is perfect for your small business because you will never run out of ideas to keep improving, and you will enjoy doing it. Some other questions you should ask yourself are: What draws you to starting a franchise? Are you capable of working long hours, especially on weekends and during holidays? Can you promise to adhere to defined business procedures with little to no deviation, if any? The more answers you have at the end of your self-assessment, the easier it will be for you to find the right business and industry for your entrepreneurship.
- Consult a franchise specialist: Although it is not mandatory to do so, many franchisees often advise newcomers to consult with a franchise specialist. Even though there is a wealth of information online, it is still a good idea to visit a franchise consultant to help you navigate the process. Franchise consultants can assist you in better comprehending complex topics, such as the legal ramifications of agreements and disclosure forms because they have industry-specific knowledge. They can also help you avoid any issues that might occur without their knowledge.
- Do Your Research: Researching is vital if you want to own a successful business, franchise or otherwise. Doing a deep dive into various factors with your research gives you a clear idea of how to find the right business. Some of the questions that will be answered with your research are: What types of businesses can your community support, and are those the kinds of enterprises you want to open? Access to company statistics and other data is often free, courtesy of the federal and provincial governments. Utilize the data you’ve obtained to find a franchise system that fits both your unique circumstances and the local business climate.
- Speak to Other Franchisees: A well-established brand often has many franchisees, and it works in your favor when you are planning to buy their franchising opportunity. You can speak to other franchisees and know what it is like to own a franchise of a specific brand. You can ask in detail about their business operations, marketing and promotion, whether they are happy with the company’s assistance in several and whether it meets your financial expectations.
- Find a Suitable Franchise Location: The location of your business plays a dominant role in determining how successful your business will be. You should determine how to attract consumers if your business is situated in an area with little foot traffic or if there are no nearby complementing businesses. This is just one factor to consider while picking the ideal franchise location. The franchisors will use the FDD (Franchise Disclosure Document) to outline specific restrictions for their territory. Most franchisors offer site selection assistance too.
- Securing funds: Now that you have found the business that you are passionate about, a suitable location, and even consulted a franchise specialist, the next thing you need to do is secure funds. Once you’ve made your choice, you’ll have all the data you need to finish a business plan and submit it to possible lenders. You have a wide range of financial choices to choose from, including bank loans, loans through Canada Small Business Financing, federal and provincial lending initiatives, etc. You’ll also need to have enough cash on hand to sustain expenses until the company starts to produce a profit.
- Sign the Franchise Agreement: Some franchisors may be more open to negotiating the terms of the agreement, despite the fact that many have rigid franchise agreements. To find the best solutions for your specific scenario, getting advice from a lawyer with experience in franchise law if the franchisor is ready to modify certain terms (such as lease limitations) is a good idea. However, it is not a cause for alarm if the franchisor does have a strict franchise agreement.
- Obtain All Necessary Permits and Insurance: Permits and insurance needs differ depending on the sector. There will be different laws in each city and province. The franchisor is likely to be familiar with the licenses and insurance required to run their particular business system. To ensure compliance, verifying with the local authorities is a good idea.
- Attend Training: Most companies offer extensive training to all their new franchisees. If the business you chose offers training sessions, take advantage of it. You will be provided hands-on training in handling their customer service, equipment and everything required to run the business successfully.
- Open Your Franchise: After everything is in place and all your paperwork is done, it is time to open your franchise and start your business journey. Since most franchises already have a built-in customer base, you should focus on retaining them while attracting new customers.
Why choose Window Medics?
If you are looking to buy a franchise in the window glass industry, there is nothing better than Window Medics. It is a leading brand in the window glass industry in Canada, and they are multiplying. They are always looking for young and zealous entrepreneurs to help them expand their business in more locations. With an affordable franchise opportunity and a well-developed customer base, Window Medics is the perfect option for you to start your franchising journey.
To know more about the Window Medics franchise, call 888-329-7116 or email firstname.lastname@example.org.