Since March, the impact of COVID-19 has wreaked havoc on our lives and businesses. At press time, most businesses are still closed or operating at a reduced capacity as Canadians practice physical distancing to help stop the spread of the virus. This has led to much uncertainty, and unfortunately, unemployment for Canadians from coast to coast. But there is a light at the end of the tunnel as we start to look forward at how we can grow and recover from this crisis, with some provinces already rolling out plans to reopen their economies. The franchise business model provides a strong opportunity for entrepreneurial Canadians to get back in business, with much-needed support.
The foundational relationship between franchisees and franchisors, along with the established operating procedures and franchise system support, mean franchisees aren’t in business on their own, and are set up to find success, even during times of crisis. Franchising has navigated storms of the past, including the Great Recession of the late 2000s. For example, the number of franchise units in both Canada and New Zealand increased between 2008 and 2010, and some franchise brands experienced growth in this same period.
The “Franchising Weathers the Economic Storm” explores this further, along with the factors that make franchising such a strong and resilient business model.
If you’re looking to make your business dreams become reality through franchising, this July/August 2020 issue of Franchise Canada is a great place to start. It includes The Franchise Guide, a go-to resource to help you learn more about franchising so you can kick-start your franchise career. Containing a Franchising 101 article to introduce you to the basics of franchising, along with guides for finding the right franchise fit, building a business plan, financing your franchise, and conducting the proper due diligence, The Franchise Guide has what you need to help you make the most informed investment decision possible.
For a summary of the questions you should ask throughout the process, check out the Checklist for Franchisees. This essential tool provides the questions you should ask the franchisor and other franchisees as you carry out the proper due diligence.
Working with franchise support professionals is another essential step in the due diligence process. We’ve compiled information about Canadian Franchise Association (CFA) franchise lawyers from coast to coast. This go-to resource can help you find the right lawyer with franchise expertise to guide you through the legal elements of establishing a franchise.
Another important resource for those considering franchising is the community of franchisees who are ready to share their experiences and advice. We introduce you to Dylan McCann and Nigel Baxter, two millennial EverLine Coatings franchisees who highlight the positive impact that franchising has had on their lives.
We also take you through a day in the life of Spiritleaf franchisee Sarah Ballantyne as she navigates the challenges and opportunities that come with successfully operating a recreational cannabis retail franchise. And Ctrl V virtual reality arcade franchisee Robert Fedoruk shares how franchising has set him up for success, while also allowing him to have plenty of fun along the way.
If you’re looking to start your own franchise business, you can learn from families who have built their franchise systems together. In our Families in Franchising article we share insights from four franchisors about how they successfully work with their loved ones to grow their businesses.
We hope this issue, packed with information, tools, professional advice, and success stories serves as your Franchise Guide going forward. While the world is currently filled with uncertainty, one thing is more certain: with the right tools at your disposal, you can make your business dreams become reality through franchising. We look forward to welcoming you into our franchise community so we can become Stronger Together.