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Finding and Assessing Franchise Opportunities

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Finding and Assessing Franchise Opportunities-1

Franchises exist in virtually every industry and field, offering many choices. With so many options, it can be hard to narrow your options to a short list of possibilities.

After your self-evaluation, you should have some idea of the type business you want to run, i.e. home improvement, food services, advertising, construction, etc. And you should also know how much you can invest and how much of your time you can commit. This will help choose the best possibilities from the many offerings you'll find in franchise directories like ours.

Obviously, you've found us here at Franchise Direct Canada, and we're very thankful you're entrusting us with part of your research process. Here are a few more resources and directories where you can start your initial search:

Better Business Bureau: The Better Business Bureau (BBB) can help you vet potential franchise options. Check with the BBB office local to where the franchise is headquartered in addition to where you live for information.

Canadian Franchise Association: The Canadian Franchise Association (CFA) is a national, not-for-profit association that is the central figure of franchising in Canada.

Canadian Franchise Magazine: Canadian Franchise Magazine is a resource for legal and financial advice, marketing and business information, as well as in-depth features for franchisees.

Once you narrow your options down to a few choices, you should consider:

  • Is it a genuine business format franchise vs. a product distributorship?
  • Does the franchisor belong to industry associations?
  • Has the franchised business been proven in practice?
  • Is there a strong trademark name or brand?
  • If it is a new business, is it a fad? How has it been tested?
  • What is the competition and how do prices of the product and services compare to competitors?
  • Are the products patented?
  • Will the source of products be guaranteed in the future?
  • Does the franchisor disclose financial information upfront?
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As with anything else in life, there are clues that should tip you off that a franchise offering should be avoided. Remember, if it sounds too good to be true, then it probably is a misleading presentation.

Other signs that signal questionable businesses are sloppy web sites with obvious grammar and spelling errors. If a web site seems like all hype, then it probably is just that. And don't fall for overly aggressive marketing that bullies the prospective buyer into acting fast without time for careful examination of the business.

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