Is Franchising Right for You?
Before you invest in a franchise, it’s important that you take time to consider your own strengths and weaknesses before entering into serious discussion with any franchisor.
In evaluating your suitability for becoming a franchisee, these are some of the questions you should ask yourself.
Answer them honestly. Afterwards, you may want to discuss your thoughts with a trusted friend of family member. Having a good understanding of yourself is key to creating a good foundation to go after your franchise ownership dream.
Hot & Trending Franchise Opportunities in Canada
chargeFUZE
ChargeFUZE is the #1 largest network of portable charging stations and looking to expand its network by partnering with entrepreneurs who want to generate immediate revenue.
Summit Property Group
We provide integrated maintenance services to full facilities management programs across large, geographically dispersed customer portfolios, We are a leading residential and commercial real estate management in Canada.
Your Investment Capacity
- Do you have sufficient resources to get a business off the ground and survive the initial start-up phase, or can you raise the needed funding?
- Could you cope with any losses or unexpected setbacks while building the business?
- Are you prepared to put your assets at risk?
Your Abilities
- Would a franchise allow you to utilize your natural aptitudes, skills and strengths?
- Are you at your best doing mental tasks?
- Are you at your best doing physical tasks?
Your Ambitions
- Do you believe a franchise will be sufficiently engaging for you over the period of a franchise agreement term?
- Can you achieve what you are looking for through this venture, whether it’d be job satisfaction, desired income, work schedule, etc.?
Handling the Job
- Do you believe you have the physical and mental temperament for self-employment?
- Will you be able to handle staff?
- Can you accept the discipline of a franchise system, including the franchisor's authority?
- Would you be better off becoming self-employed through an alternative route?
Demands on Yourself
- Will your age and health permit you to run the business long enough to recover your investment and make the effort worthwhile?
- Do you have the ability and commitment to work hard, even “after hours”?
Demands on Your Family
- Does your family fully support your venture?
- Will your family be able to cope with the demands of the business on your time, especially in the beginning?
- Will any of your family be able, or willing, to help you?
