CFA Franchise Law Day Concurrent Session Spotlight
The franchise relationship is unique, and in many ways like a marriage. At the outset, all parties are hopeful and excited for a long-term commitment. Unfortunately, however, many franchise relationships end.
4 Reasons Why Franchise Law Day is a Must-Attend Event!
1. You’ll Protect Your Business – To ensure your business remains viable you must be compliant with laws and regulations. The CFA Franchise Law Day was designed to help businesses like yours, minimize legal risk to keep operations running smoothly.
2. You’re Business Will Stay Current – You’ll hear from and network with Canada’s top legal lawyers and experts, who will give you the inside scoop on the need-to-know legal topics and trends. Listen as Carly Cohen, from Cassels Brock & Blackwell, and Stephanie Sugar, from McCarthy Tetrault LLP, breakdown why their session, “Counscious Uncoupling”: Managing the Franchise Relationship from Beginnning to End, is a must-attend for all franchisors.
3. It’s Convenient – In just one day you will get up to speed on all the latest legal requirements and still have plenty of time to connect with like-minded peers.
4. You’ll Find Business Solutions Easily – From legal challenges posed by the rise of technology to franchisee relations, every session will breakdown relevant business issues and provide practical solutions you can immediately implement into your system.
Plan Ahead – With so much to experience at the National Convention – including first-class educational sessions, keynotes, networking events and celebrations – planning out your three days is a must! Click here to access the agenda.
Build Strong Relationships – With over 500 attendees at the biggest event in franchising, this is the perfect time to cultivate new connections. Expert tip: Make sure you attend the social hub of the Convention, the Marketplace.
Learn Something New – Don’t skip out on sessions just because you think you’ve mastered the information! Whether you’re brand new to franchising or you’re already established you can always learn something new.
Growing Together – The beauty of the National Convention is that you’ve got plenty of opportunities to talk with like-minded peers. Lead by experienced facilitators, when you join one of the 25 roundtable discussions you’ll have the chance to hash out your big problems, discuss solutions and get the answers to your most pressing questions!
Celeberate – Reaching your business goals is important but taking the time to celebrate is critical. Don’t miss the Gala Awards dinner where we’ll announce the winners of the Franchisee of the Year Award, Awards of Excellence, Recognition Awards and Franchisees’ Choice Designation, before heading over to the always- legendary After-Party.
Make use of what you learned – Convention doesn’t end when it’s over. Take what you learned and apply it. Follow up with the connections that you’ve made to make the whole experience worthwhile!
Opening a franchise requires a significant financial investment often including franchise fees and steep advertising costs. For some, who feel they may lack the financial assets to invest in a franchise, this can be quite daunting.
But it doesn’t mean it’s the end of the road.
If you’ve found the right franchise fit, done your due diligence, and know that the franchise model can help you fulfill your business goals, there are four options you can explore to help finance your franchise. You can learn how Jon-Anthony Lui, a multi-unit franchise owner of Tutor Doctor, got the cash needed for his franchise on the Franchise Canada Chats Podcast:
Probably the easiest and most cost-effective way to fund your franchise is through personal savings. The advantages here are that you’ll know exactly how much money you have to put towards your franchise, you won’t have to pay back any interest on a loan, and you’ll retain complete control. Just be sure you have enough money saved to minimize the risks of personal bankruptcy or debt.
One of the top reasons to go this route is that you’re likely to get a loan as part of a well-reputed franchise than as an entrepreneur starting a business from scratch. But, before you approach a bank for a loan, make sure your credit is in good standing, all the required paperwork (i.e. tax returns, personal financial statements), and a solid business plan in place. It doesn’t hurt to shop around and talk to different institutions about your financing needs.
As a prospective franchisees, you are eligible for a number of government programs so long as you thoroughly understand and meet their qualifications. Keep in mind that the government loan application process can be long, which means it’s worth carefully considering your qualifications for a seamless approval process.
Borrowing from Friends and family:
Finally, you can always turn to family members and friends for funding. The benefit of this option is that you can agree on your own payment plan with family and friends. This is often a more flexible option, as sometimes you can adjust the plan if your financial situation changes. But ensure everything is in writing to avoid disagreements in the future.
Remember to weigh the pros and cons of each financing method. Find out which options Jon-Anthony Lui considered and used to fund his Tutor Doctor franchises on theFranchise Canada Chats Podcast.
Fitness franchises have become extremely popular. In fact, franchise systems operating in the health and fitness sector have grown exponentially over the last five years. Over a five-year period, “Health and Fitness” franchise listings in Canada’s No. 1 franchise directory – Lookforafranchise.ca – have seen a 35 per cent increase.
And it’s showing no signs of slowing down.
“Canadians today are taking charge of their health,” explains Steve Collette, co-founder and CEO of 3rd Degree Training and Actual Nutrition when asked why he believes health and fitness franchises are rapidly growing.
Here are a few reasons why Health and Fitness franchises are booming:
Canadians are becoming more health conscious
According to Stats Canada, more than 16.2 million Canadians aged 12 and over reported participating in at least 150 minutes of moderate to vigorous intensity aerobic physical activity per week. A health and fitness franchise not only actively meets this demand, but also provides its franchisee with the reward of helping Canadians live a healthy lifestyle and reach their fitness goals.
There’s something for everyone
Gone are the days when gyms targeted only a small segment of the population. Nowadays, gyms are attracting more members thanks to an abundance of choice. Members can choose a low-budget gym and still get a good sweat in or they could opt for a smaller, more specialized boutique studio to meet their specific fitness goals. Plus, there are 24-hour fitness centres popping up nationwide to make going to the gym is a lot more convenient for today’s consumers.
Happy, healthy employees
More and more businesses are recognizing the benefits of a healthy workforce when it comes to the bottom line. Many employers are covering the costs of gym services and studios. This has become a great source of supplemental revenue for the fitness industry at large and it’s one of the reasons why this sector continues to thrive.
The benefits of a dues-based business
Whether it’s on a bi-weekly or monthly basis, membership fees and/or annual contracts give entrepreneurs a source of recurring revenue. Combined with non-dues revenue sources typically available at gyms, such as smoothie bars and activewear merchandise, a health club could prove to be a very profitable venture.
All these factors are the key reasons why the demand for fitness franchises is so strong. Losing no stamina anytime soon, it’s definitely an exciting time be in the health and fitness franchise business!
The Canadian Franchise Association’s 2018 Franchise Forecast presents an outlook of franchising in the Canadian economy in 2018. For franchisors operating in Canada, this is vital information you can use when planning your expansion efforts and modeling system-wide performance.
Here’s a quick snapshot of the Franchise Forecast’s key findings, including top sectors and growth by province:
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