How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
The health and wellness segment in Canada is booming, and it shows no signs of letting up in the wake of the COVID-19 pandemic. According to Agriculture and Agri-Food Canada, this industry is estimated to reach $20.6 billion by 2022, an increase of $5.7 billion over the last decade (https://agriculture.canada.ca/en/customized-report-service-health-and-wellness-trends-canada).
With such a strong potential for growth and demand in the Canadian market, it's no surprise that many franchises exist within this sector. If you are considering a health and wellness franchise in Canada, you'll have plenty of options, which means you will need to do more research and personal evaluation to ensure you are selecting your ideal fit. Before you decide which health and wellness franchise brand is right for you, keep the following tips in mind.
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Discover your passion
Look for health and wellness brands that have services or goods that speak to you, your background and your skills. This doesn't mean you have to be an expert in those goods or services, but it should be something you are familiar with and interested enough in to make an informed choice. You also want a brand that is offering quality services that consumers actually want.
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Look at the potential customer base
You want a brand that will allow you to offer services that are high in demand to a diversified customer base. If your customer base is too niche, you may struggle to develop revenue streams even if your services are top-notch in their category. At the same time, you should seek brands that are not trying to be all things to all people. This approach often doesn't work because it is difficult to excel in everything you are offering when the menu is pages long.
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Consider the stability of the concept
Health and wellness is one franchise category where fads come and go. Today's hot service or goods may be tomorrow's cast-offs. Take a long look at how long your franchise has been around and the services they offer now and have offered in the past. If they have completely changed their focus more than once, that could mean their previous concepts were more fads than long-term business ideas. Don't forget to consider how well their existing locations are currently doing.
People are always going to be looking for ways to feel better and be healthier. If you decide a health and wellness franchise in Canada is the ideal fit for your next venture, be sure to do the evaluation legwork before making your final decision.
