The New Year is always a great time for franchising.
The exhibition at Toronto Falls is taking place early next month. If you are looking for a business this is the place to go to find out more about franchising. There are lots of useful seminars and you can take some information away regarding any specific franchises, if you want to undertake any further research. However, never make a decision on the day, listen to what you have been told and go away, research, and look at things objectively.
It is also just after the Christmas holidays when people take time off to unwind and relax with family. You might even have spoken about the event with them and asked for their thoughts. Once you have been to the exhibition you should speak to your family again to see what they think now. Some of them may have even joined you if you are planning to go in to the venture with others.
The Festive season is a good time to reflect on your career and whether it is time for a change. If you feel stuck in a career you might have thought about franchising. It is not without risk, just like taking on a new job or independent business, as you still have to work hard but it really is down to you, your staff, and your chosen franchisor. If you are thinking of buying a franchise I would aways recommend and start to look at those that are members of the Canadian Franchise Association (CFA), Those at the exhibition that are members will usually use the CFA logo on their literature or stand. But, don’t take their word for it, check out their website www.cfa.ca
The New Year with its resolutions can infuse new life into people. Franchising allows a brand to expand and grow by partnering with enthusiastic and motivated franchisees who bring their energy and passion to the business. Some have even brought their ideas – you cannot ignore the fact that the Big Mac was the brainchild of a franchisee.
After the New Year comes Spring when plants flourish and nature thrives. Similarly, franchising can enable a business to expand rapidly by granting franchises to entrepreneurs who establish new locations or territories. This growth allows the brand to reach new markets and customers – in turn, growing the franchise network and benefitting all those that are part of it.
It can also be a time when people experience a sense of freedom and independence. In franchising, franchisees enjoy a level of autonomy and independence while still benefiting from the established brand, systems, training and support provided by the franchisor. Franchising allows individuals to be their own boss and run their own business while leveraging the experience and resources of the franchisor.
Christmas is also a time when people come together, socialise, and enjoy various activities. Similarly, franchising encourages collaboration and networking between franchisees and the franchisor. Franchisees can learn from each other, share best practices, and collaborate on marketing initiatives or joint ventures, creating a sense of community within the franchise system. One of the key events franchisors run is an annual conference, which helps to facilitate this. They also run regional meetings for this purpose but also to share new ideas, practices and news.
To help with your franchise selection, speak to some of the existing network and ask the all-important question, ‘Would you still buy the business today’? If the answer is no – be wary but ask why to see if it is a plausible response. For example, ‘no – I’m too old and am nearing retirement’ or ill-health related but not due to the franchise.
The New Year is all too fleeting and has a limited duration. Similarly, franchising opportunities may be popular and therefore have a specific window for purchase. Franchise systems will also have stringent criteria for selecting new franchisees, making it important in some cases to seize the opportunity within a certain timeframe. However, to caveat that anyone should take as much time as they need, any franchise that rushes you into a decision is one to be very wary of. As is one that offers a discount by purchasing now – they might need the cash to survive, so always check their financial position.
Changeableweather at this time of the year, an adjustment or adaptation of activities to suit the climate may be required. Similarly, franchising requires adaptability and flexibility to respond to market changes, consumer demands, and evolving business landscapes. Successful franchisors and franchisees are agile and willing to adapt their strategies to stay relevant and meet customer needs.
These and many more things you will need to consider as you relax with family. However, if you are planning a career change franchising might just be the New Year cocktail you need.
Have a great start to the year ahead!
