franchisee in action: 3 franchisee highlights
Paving the way for the future of franchising three individuals who are achieving success Starting your own business can feel like an insurmountable task. Between business plans and marketing strategies, to procurement, staffing and more, finding success as your own boss can take a lot of time, money and effort to achieve. While some Canadians may be cautious of the uncertainty associated with owning their own business, franchising does offers the best option for securing financial independence. With an estimated 1,300 franchise brands in Canada across almost every industry, everyone can find the right franchise for them. Prospective franchisees often hesitate because of the notion that they don’t know how to own a franchise. While franchising offers flexibility and independence, it also provides franchisees with the support of a large corporation–you’re in business for yourself, but never by yourself. From franchisee training and support with comprehensive marketing plans, to even assistance securing initial loans, franchisees can benefit from established brand reputations, often 30 canadian franchise magazine
offering an already strong customer base to start off on the right foot. Canadians often dismiss franchising and business ownership due to the misconception that ownership costs are prohibitively high. While some well-known franchises may have higher-thanaverage initial fees, investments required to open a franchise can start at as little as $10,000, depending on the type of business. Almost all new franchise owners, no matter their situation, have to finance part or all of their franchise purchase. This financing can come from a traditional source, like a commercial bank loan, but some franchisees can also consider loans from friends and family, franchisor lending or alternative lending outlets. With this level of accessibility, more Canadians from all backgrounds, financial situations, and walks of life are taking the steps towards franchising. One of the best parts about franchising is tapping into a tried-andtrue support system, allowing new franchisees to learn from the lessons of those before them. For most new business owners, the insights provided by other franchisees can be an invaluable tool in ensuring their own success.
