While many franchisees plan for economic downturns,...
One way to search for your new Canadian franchise is to look at businesses you enjoy, such as the fitness chain that keeps you motivated or the pizza you can't live without. While it's easy to narrow down your franchise search based on your personal buying habits, approaching a franchise investment like a consumer isn't necessarily the right way to go.
There are many factors that go into a sound franchise decision. To help you decide whether your desired franchise is speaking to you as a consumer or as a business owner, here are some important questions you need to ask.
Some products make your life easier, and others simply taste or look great. What you love about a service or product is related to what is marketable about it. However, in some cases, your love for a product or service is more personal in nature. If you grew up with a brand, for example, you may have an emotional investment in it that is influencing how you view that franchise opportunity. When you know your motivation and ask yourself why you are weighing an opportunity, you'll have a better handle on what you want from a franchise.
No matter how much you adore a service or product, a franchise is still a long-term investment that needs to meet your overall goals. Even if you are a firm believer in what the franchise offers, it still needs to have a business model that fits your preferences and makes sense to you.
In addition to a franchise model being a good fit for you, it also needs to share your ideas and values. Fewer things will dampen your enthusiasm than finding out the franchisor's culture is unacceptable to you. Whether it turns out your favorite ice cream brand is too strict or your favorite spa is too disorganized, you simply can't afford to overlook how a company operates simply because you like the end result.
Keep in mind that for some franchisees, the service or product is incidental. They are mainly focused on the model and the numbers. For others, it's all about the service or product, and that industry is where their passion lies. Neither approach is right or wrong; it's all about what your prefer and what your goals are.