Recessions are always a possibility, even when an...
With thousands of brands in Canada to choose from today, it only makes sense to take a closer look at the hottest ones when you are on a franchise search. You've got to keep in mind that the excitement of an emerging brand is all too easy to get caught up in, even when that brand may not be the ideal match for you. With such a significant investment, it's important to make the best possible decision, and that may not be what everyone seems to think is the current sure bet. Before you tap into a hot market, here's what you need to ask yourself.
Does this brand meet my professional goals?
You need to know exactly what you are looking for before you sign your agreement. Do you want to be an active part of the day-to-day business, or do you want to have a manager do that? Are you dreaming of your own retail or office space, or do you prefer to work from home? Answering these and other questions honestly will help guide you toward a brand that is offering what you are after from your franchise.
What type of lifestyle do I want?
Your franchise will directly impact your lifestyle, so it's important that your choice fits into your lifestyle. Consider whether you need strict boundaries between your home and work lives or if some blending would be okay. If you're a morning person, for example, a franchise with an early start time may be ideal, but that's not the case if you're a night owl. Working weekends may be a part of some franchises, and some will allow for remote work while others will require your physical presence.
What is the support level?
No matter how experienced or ready you are, you will need some support, and that is one of the big benefits associated with franchises. However, support types and levels vary by brand, so explore what the franchisor offers in this area so you can confirm you'll receive the type and level of support you believe you'll need for success.
How does your picture of success measure up?
Profiting isn't the only benchmark for success for people. Some franchisees are seeking satisfaction in other ways and want a brand that drives a personal purpose or mission, like environmental friendliness or community charity. Make sure your franchise delivers in all the areas of success that are relevant to you.
A rapidly-growing brand is exciting, but you need to be completely certain your chosen brand is what you are truly seeking. Take as much time as you need to decide exactly what you want and need to discover your ideal system.