Recessions are always a possibility, even when an...
Going into a Canadian franchise by yourself can feel daunting, which is why some people take on a partner. Having someone else working with you as an equal in the business can boost your chances of success, but only if you find the right person. Here is some advice for finding your ideal franchise partner.
Discover your weaknesses
The more successful partnerships in business are a combination of people with different experiences and skill sets. If you're not so great at accounting and financing but excel in writing and marketing, a partner who has the skills you lack is naturally going to be an asset. Once you know what your true weaknesses are, you can use them to add to the shopping list for your partner.
Consider your network
It's possible you already know a potential business partner, whether it's a friend, business contact or family member. Before you approach him or her, however, take some time to think about it. Mixing family and business can have terrible results when you're not careful. Ask yourself an honest question: if you didn't already know him or her, would you still think this person is a good business partner? If your answer is "yes" and he or she has the skills and experience you need, go ahead and make the approach.
Know your vision
You need to have a clear idea of what you want in and from your Canadian franchise before you speak to another person. They will have ideas of their own, and if those ideas don't align with yours, you'll need to look elsewhere. If you want to stay in the business for the long haul, for example, and your prospective partner is only willing to give it a couple of years, he or she isn't the best fit.
Clarify responsibilities and roles
You need to make decisions with your partner on all key aspects of the business before you go into it, such as who is responsible for what, how you will pay yourselves, how joint decisions will be made, and how disagreements will be handled. If the two of you are struggling to lock these areas down, it's probably a sign that you may not be an ideal partner match for each other.
A Canadian franchise is a serious investment, and what you do from the start will impact your success. Take the time you need to find your dream partner before you go full steam ahead.