You’ve put in the hard work to ensure your franchise is right for you—now you’ve decided to buy. The next step, if you’re purchasing a new business, is the buildout. You’ll probably have a lot of questions about this process especially if you’ve never been involved with a construction project before. After all, every franchise system and franchised location are a little different, and some franchisors absorb more of a franchisee’s construction costs than others.
Get the answers you need.
Q:How does my territory work?
A:When you decide to get into a franchise, how can you know more about your territory? A protected territory adds a great deal of value to the asset of your franchise business. That territory can help determine how many locations the franchisor intends to open in the area of your business. Here are 5 questions that you can ask your franchisor when evaluating territories.
Q: Dear Mr. Franchise, I want to do some fundraisers with charities and raise awareness about my business through charitable work, any suggestions?
A: Craig, this is a great initiative, you can’t do enough in this world for the charities that exist.
Read the complete article here …
Q: Dear Mr. Franchise, I am considering buying a Franchise but they are asking me to fill out a credit application, am I obligated in any way by doing this?
A: Cheryl, your question about a credit application is a valid concern, probably for more reasons than you realize.
Q: Dear Mr. Franchise, can you please explain the difference between a License agreement and a Franchise?
A:This is a question I come across a lot and I think it’s important to clarify the difference. Licensing opportunities are fairly arbitrary in their definition. They do not require to comply with any law in Canada other than common law.
By Shawn Saraga
Yogi Berra said “When you come to a fork in the road, take it”. I imagine you picked up a copy of this magazine because you are looking for an opportunity to change and you think that Franchising might be right for you. You’ve saved your money, you’ve done your research and now, you’re looking to invest your money in a franchise opportunity. This is a very big decision, one that can be made attending trade shows, meetings, information nights and seminars on the Franchise opportunities you are considering, and gathering all the information you can. Hopefully, you’ll have critically assessed your own talent, skills, needs and dreams, as well. After all this thought, and from the hundreds of choices each franchised industry provides, which brand is best for you?
You have saved your money, you have researched the industry and you are now looking at investing your money into a Franchise opportunity. This is a very big decision that you’ve made and you are now exploring the industry, attending trade shows, information seminars and trying to figure out . . . from all the choices in all the industries, which one is right for you?
Q: Dear Mr. Franchise, I’m looking for Franchise opportunities but I am also coming across lots of License opportunities. What is the difference between a License and a Franchise?
A:There are a lot of business opportunities available in just about every industry. Some of them are licenses and some are franchises. It can be very confusing to understand the difference between the two. While a License might seem like a Franchise, it definitely is not one. A Franchise has a legal definition in Ontario, Alberta, PEI and more provinces are coming on board with legislation to define how Franchises operate in Canada.
By Shawn Saraga
You’re probably reading this magazine because you’re looking for change-and you think franchising might be the change you need. However, buying a franchise is a big decision. It’s a choice you should only make after attending trade shows, information nights and many seminars on the industry you’re interested in. You’ll need to critically assess your talents, skills and dreams, as well. After all this heavy thinking, which franchised brand will seem best for you?
Given the range of franchises available, the question may still be tough to answer. What you need is a second opinion-maybe a third, fourth or fifth-and no opinions are more valuable than those of a current franchisee.
Q: Dear Mr. Franchise, I decided that I want to be in Franchising but I don’t know how to evaluate the Franchisors, how do I choose a Franchisor that is right for me?
A: Choosing a Franchisor is probably one of the most important decisions you are going to make in becoming a Franchisee. You are not just being granted a Franchise in a business, you are becoming a partner in a network of businesses supervised and managed by a Franchisor. This is a very big commitment that you are making with your money, so take your time in making this decision, remember, as the investor . . . you are in the drivers seat.
