Choosing a profitable franchise When thinking...
The worldwide pandemic has impacted a variety of industries across many countries, and Canada is no exception. While some businesses have thrived, others have suffered, and it can be tough to tell just which opportunity will be the right one once the pandemic is behind us.
There is no guarantee that any one franchise will succeed - and the same truth applies to traditional business models - but there are some things you can look for in a Canadian franchise that may indicate success is quite possible now and in the post-pandemic future.
Consumer name recognition
In general, name recognition and a built-in brand is one major advantage of joining a franchise. You may be familiar with the franchise itself and might have even tried its goods and services. In the post-pandemic world, we may continue to see people return to the familiar, and that applies to the businesses they know and recognize immediately.
Availability of commercial real estate spaces
Unfortunately, the pandemic has shuttered quite a few businesses in Canada. While that's bad news for those businesses, it could be good news for your new location. There will potentially be more storefront space available, and this can drive down rents and give you more location options than you would have had before the pandemic.
Lower-cost entry options
It's understandable that you may be more cautious now than ever when it comes to investing your money into a business, and you're certainly not alone. While a franchise with a lower investment level won't necessarily be successful post-pandemic on the cost factor alone, it can be something that brings in more franchisees faster and builds up the brand at a quicker pace than a brand with a higher initial investment requirement.
Continued growth opportunities
Imagine a scenario in which you decide to invest in an industry that has done relatively well during the pandemic, such as a cleaning service. The chances are pretty good that franchises positioned like this will be beginning to expand and grow or at least looking into expansion. Essentially, you could be getting in on the "ground floor" of a smaller or medium-sized brand that is on the start of its journey to becoming a large, nationally-recognized brand.
Although the four factors above can definitely help a franchise be successful post-pandemic, there are no guarantees. You must still conduct thorough and comprehensive research into a franchise before you decide to invest into it.