How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
When the time comes to start a business, many people are turning to a tried-and-tested model that has found much success: franchising. According to a survey conducted in the United States, over 90 percent of franchise owners consider themselves successful, with an even higher percentage of them suggesting that they have an advantage over other business owners. What about Canada? Is franchising a great opportunity here as well?
In Canada, franchising is now responsible for around 40 percent of the country’s retail sales. This means that people are opening up businesses and taking advantage of the opportunities presented by franchising. The result is over 1 million Canadians now employed through franchising. There is no sign of this trend slowing or stopping, as more and more entrepreneurs begin to take a step into the franchising market. With this type of success, it is no wonder that people are continuing to see Canada as the perfect location to open up a franchise business.
Going from a local to international franchise is a significant step. Many established franchises in the United States see Canada as a great location in which to test the waters. Because of this, there are many different opportunities waiting for Canadians ready to build a business, fuelled by the similarities between the two countries, including the language and laws.
Canada offers a wealth of information and resources to those looking to take advantage of the benefits franchising offers. Aside from the assistance that comes from proven franchisors, business owners can find answers to their questions, as well as encouragement here on our site and from our specialist team.
Canada also offers some added protection for potential franchisees. Laws in Alberta, Ontario and Manitoba, for example, lay out specific requirements for the franchisor. They must provide certain information to a potential franchisee before anything is signed. People looking to open a business have legal support should it be found that the franchisor has not held up its end of the bargain. For many, this protection offers added peace of mind that makes opening a franchise even more appealing.
Now is the perfect time to consider opening up a franchise in Canada.Our economy has already benefited from a wide range of successful franchises, and more companies are looking to expand into the Canadian territories as they turn successful American franchises into international businesses. With a strong talent and resource pool, coupled with legislative protection and support for individuals interested in starting up a business, the future of franchising in Canada is bright.
Why not take some time to explore the franchise opportunities and resources here on BeTheBoss.ca
