How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
When you are considering buying a Canadian franchise, it makes sense to consider what skills you have today and which ones you'll want to develop in the future. This means thinking about what tasks you enjoy doing and which ones you really can't stand. Even if you are very skilled at creating marketing spreadsheets, for example, that doesn't mean you want to keep doing them for the rest of your life, and there's nothing wrong with that. Admitting what you find enjoyable and what you don't when it comes to what you are good at now will help steer you toward the right franchise.
Narrow down your search list by skills
Take stock of your professional background and consider where you succeeded most and in which areas you have the most experience. Then, you can cross-reference what you like doing with where your experiences and knowledge are. The areas where these two sections connect are a great focal point for your franchise search. You already have knowledge and/or skills and experience in these areas, and they involve things you enjoy doing.
Look at business styles
Beyond skills and what you personally enjoy, there are also business models to consider when you are looking for franchises. Hone in on models that make sense to you and align with your goals. If there are styles you simply don't get or care for, you can use that to eliminate entire brands from your list.
Consider who you are
You'll want to take stock of how each franchisor aligns with your personality, from their company core values and public stances to more nuanced areas, such as how they act in the face of a public mistake. These aspects will help you get a feel for the brand and what means the most to them as a whole. If you don't like what you see now, it's unlikely to change in the future and will impact your experience as a franchisee. By contrast, if you agree with them on all fronts, you're more likely to be on board with them in the future.
Finding the ideal franchise fit is about more than cost and work hours. Take the time to find the franchise that melds with you as a person and not just as an investor so you have the best chance of success over the long term.
