If you are an entrepreneur, you have the right to have a business mind and think in a way where you can bring in more profit. Now, this could mean buying a large and extremely popular and profitable business, and for some others, it could mean buying multiple low-cost franchises. But can you legally own more than one franchise in Canada? Or operate other businesses or work jobs alongside the franchise business?
Can you own a franchise business along with other businesses legally?
In short, the answer is yes. Any legal aspects do not bind you to have a restricted number of businesses. Still, there is a catch: Your franchisor might restrict you or legally require you not to be involved with operating any other franchise business in direct competition with them. For example, if you have a Window Medics franchise in Canada, you will not be allowed to own a similar window glass solution franchise in Canada that is a competitor.
If you want to know more, the non-compete clauses in the FDD will shed more light on this issue. But sometimes, the clauses mention a specific distance where you are not allowed to own a competing franchise. So, there are chances you might still be able to own even a competing franchise but out of the specific distance.
Challenges faced while owning multiple franchises.
Owning multiple franchises might mean other challenges, as being a business mogul doesn’t come easy. So, let’s explore some of them.
- Type of franchises
Whether you can own a franchise with other franchises is an answer that your franchisor will know best. If you already have one franchise business and are considering buying another one, you might need to get in touch with both of your franchisors to understand how it works.
Mostly, you will need to focus on the new one because had your previous one not been suitable or flexible enough, you would not have considered this idea. If your new franchisor requires the franchisee to be available in the store every day, then the chances of operating other franchises could be difficult.
Sometimes, you can also own more units of the same business, which is common for many franchise units in many business opportunities. Franchisee units also get discounts if they buy multi-units.
- Finding managers or individuals that you can trust
Say your franchisor doesn’t require you to be actively available in the franchisee unit or that your business model encourages the hiring of added staff for your franchise business. But you must also have the right person on whom you can rely.
When you are handling the operation of other businesses, you will need an individual who can watch over your franchise business – the store or the sales – as attentively and passionately as you would. Finding the second you are not something that happens often, but finding someone close to what you would do for your business is enough as well.
Chances are you will have high expectations while hiring a manager for your business, and you might not already be able to pay them handsomely.
What external help can you not do without?
While owning more than one business, there will also be some external services that you will require for the smooth process of all businesses. Some of the common services are accounting, legal, or HR services. This ensures that all the sales or expenses are taken care of, your staff is getting paid on time, and your business is protected at all costs from any legal issues.
Conclusion
Many entrepreneurs buy small businesses for sale, work jobs, or operate businesses alongside their franchise business. Window Medics is one of the highly flexible businesses. Since it is home-based, you can operate this business while studying, working side jobs, or owning other businesses. In most cases, many other windows glass businesses require taking calls and scheduling glass services at your convenience.
Call 888-329-7116 or email info@windowmedics.com to learn more about Window Medics.