By Lauren d’Entremont
Each year, thousands of people across Canada invest in franchise opportunities. Here are 10 of the many benefits that becoming a franchisee can bring.
1 No ‘reinvention of the wheel’ required
When you invest in a franchise, you gain access to its operating systems, products, services, logos, and more, enabling you to recreate the brand’s success at your location.
2 Trademarks and patents
A good franchisor will have already secured the trademarks and patents related to its brand. Franchisees are then licensed to use the franchise’s branding, trademarks and proprietary products and services. This saves you time and money during the start-up phase, as there will be no need to go through the legal and governmental process to secure the appropriate rights.
3 Territory rights
In most cases, you’ll be awarded an exclusive territory, giving you exclusive rights to offer your product or service within your designated area. The territory is designed to reduce competition and can vary in size and scope.
4 Start-up costs estimated
With a franchise, others have gone before you and can provide you with an example of what to expect in terms of start-up costs. Though each franchisee’s experience can vary, your franchisor should be able to provide you with start-up cost estimates that are specific to the system.
5 Franchisor support and training
As a franchise system requires consistency in quality and service from location to location, most systems will train new franchisees on the basics of operating their location.
6 Consumer awareness
A franchise can bring with it pre-existing consumer awareness; though the business may be new to the area, potential customers may already be familiar with the brand, whether through other locations or through its regional or national marketing.
7 Strength in numbers
As a franchisee, you can gain immediate access to established relationships with vendors and suppliers that have already been vetted for quality, pricing, reliability and consistency. You may even enjoy perks such as preferred pricing or special delivery.
8 Peer network and support
Franchisees have a pool of knowledgeable peers who want to see you succeed. If you’re experiencing a challenge, chances are there are other franchisees in your system who have encountered a similar issue and will have firsthand advice for overcoming it.
9 Research and development
Through the franchisor, franchisees can be kept up-to-date on business and consumer trends and benefit from their system’s research and development initiatives for things such as new products and services, technology and marketing. With the franchisor looking after this side of things, franchisees can focus on the day-to-day operation of their location while knowing that they will still be on the leading edge in their industry and marketplace.
10 Small business ownership
As a franchisee, you’ll be a small business owner, operating your own business with the brand and support of the franchisor backing you up.
Ready to get started on your road to franchise ownership? Learn more at The Franchise Show in Toronto on February 20 & 21, 2016 at Toronto Congress Centre. Meet face-to-face with reps from CFA member franchises, attend free seminars and speak to the experts!