Has the idea of starting a franchise been on your mind lately? For most Canadians, diving into franchise ownership isn't a decision made over a Tim Hortons double-double. It requires careful thought, self-reflection, and thorough research to ensure it's the right path for you.
Before taking this entrepreneurial leap in the Canadian market, let's explore five essential questions to consider.
1. Are You Content in Your Current Role?
Whether you're working for a Crown corporation, running your own business, or considering re-entering the workforce, reflect on your current situation. Is your position at a company like Rogers, TD Bank, or Loblaw fulfilling your professional goals? If so, what’s inspiring you to add a franchise into the mix?
Understanding your motivation for change is crucial. If the winter blues are pushing you to make a change, you might want to wait until Spring to be sure you’re still pursuing this dream for long-term gain instead of short-term shake-ups. But if you want to own a business for yourself and are ready to pursue this dream, now is a great time to act.
2. How Stable Is Your Work Environment?
The Canadian job market has unique characteristics. Consider whether you're starting a franchise because you're concerned about job security or because you're ready to leave a stable position. Remember, the Canadian franchise landscape comes with distinct regulations and market conditions. Be sure you’re ready to leave a stable work environment for something breaking traditional norms.
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3. How Does Your Work Affect Your Well-being?
Consider how your current role impacts your health — both mental and physical. Will franchise ownership allow you to better enjoy those weekend cottage getaways or spend time with family during the holidays? If so, franchise ownership might just be the right thing for you to allow you to control your daily routine and schedule.
4. What's Your Career Trajectory?
Look at your future in the job market. Are there advancement opportunities in your current role that you could pass up leaving your current position? And if so, would you regret not pursuing those if you started franchising down the line?
Similarly, it’s essential to consider how franchise ownership aligns with retirement planning and your long-term goals. Remember that franchise opportunities often come with different investment requirements and market considerations. In many cases, because there is no height to how much you can earn as a franchisee, you will be able to earn and save more than if you were working for a company. Still, it’s crucial to consider how you will build your retirement and savings and recoup any lost income earning potential by not pursuing advancement opportunities today.
5. Is There Room for Improvement?
The answer is yes for many people searching for a franchise role. There’s room for improvement in your current work situation or family life. Because of that room for improvement, franchise ownership offers you financial benefits through tax advantages under Canadian law, expansion opportunities across provinces, and access to loans and grants. It also allows for your personal growth by expanding your potential, testing your limits, and contributing to your local community’s economy.
Remember that Canadian franchise regulations vary by province, so research requirements are specific to your region, whether in Ontario, British Columbia, or the Maritimes. Just remember - take the time to do your due diligence, consult with Canadian franchise associations, and discuss it over a plate of poutine with family and friends.
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Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.