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One of the most common search questions prospective franchisees have involves which franchises are the most profitable. While you can always find lists of profitable brands online, that is not helpful if you're not looking to invest in any of the brands on those lists. To help determine whether a particular franchise may be profitable for you or not, take a closer look at what makes a franchise--and a business in general--successful.
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The business is built on a viable idea and still relevant
One question that you must always ask and answer for yourself is how a franchisor's service or product makes life easier for customers today. During the pandemic, for example, home-service franchisors boomed because people noticed things like fading paint on their walls when they were stuck at home for longer periods of time than normal. Those home-based brands gave customers what they needed to make their homes comfortable.
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The offerings are accessible
A franchise has many ways to make their services accessible, including drive-throughs, curbside pickup and delivery services. Successful franchisors offer customers the ways they want to access the goods or services being offered. If, for example, you are considering a food franchise that doesn't have any options besides in-store pickup, that franchise may struggle against a nearby one in the same category that offers drive-through and delivery.
Put yourself in the minds of the customers when you are evaluating a franchise's accessibility. If you wanted a product or service the franchisor is offering, would you buy it via one of the current ways to access it, or would you look for another brand instead?
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The community is supportive
Of course, having the support of the community isn't something that just comes with opening a franchise. It is nurtured and grows over time. It is also necessary for a profitable business.
When you have the recognition of local residents, you can build a loyal following of customers and people who will buy from you even when times are tough. These types of customers will also advocate for your business, and their word-of-mouth is how you can reach new customers in a natural way.
Whenever you are investigating Canadian franchises, the question of profitability is going to be on your mind. Make sure the final brands on your search shortlists have the features that profitable franchises often share.
