You don’t invest your money unless you’ve been thoroughly briefed by a Canadian FranNet consultant. Expensive mistakes have been made in the franchising business, and it is FranNet’s mission to prevent the common traps many entrepreneurs face.
FranNet is all too familiar with the complaints expressed by disgruntled franchise buyers. This is why it painstakingly developed its Canadian Four-Step Plan to guide future and existing business owners in overcoming the mental and physical barriers to owning a franchise business.
Find out more how you can avoid making costly mistakes. Fill in the Find Your Perfect Franchise form on the right.
FranNet’s Canadian Four-Step Plan
Phase 1: Maintain constant dialogue with the franchisor and with your Canadian FranNet consultant
When your FranNet consultant refers you to a potential franchisor, the franchisor will contact you within two business days.
First, create a positive impression by projecting a confident and professional demeanor.
Second, request the Franchise Disclosure Document (FDD) and make sure it adheres to Canadian laws and regulations. Your FranNet consultant can help you with this. The FDD is a legal document that the Canadian government will need.
Third, list your questions about the FDD and ask the franchisor to answer them when you next meet with him.
Phase 2: Visit some Canadian franchisees
This is your active participation in information-gathering. Select a good cross-section of eight to 10 franchisees within the franchise. Speak to franchisees who are doing well and to those who may be struggling.
Be prepared to revise your list of questions, as your visits may bring up more important questions.
Make arrangements for a personal visit during peak times.
During your visit to their sites, be observant. Imagine yourself running the operations. Ask: can I run this operation as successfully as the present owner? How many problems do I have to overcome? Can I trust my employees? Is this the franchise I really want, with no ounce of doubt in my mind?
Phase 3: Visit the franchisor
This phase is Discovery Day. This might be your only chance to meet the key players, and to take notes on human resources, accounting, marketing and operations.
What are your instincts about the corporate culture? What kind of comfort level do you have with the people?
Phase 4: Consult with professional advisers
Make optimal use of all expertise available to you. Find a good Canadian franchise attorney to review the FDD and other documentation. A good accountant who can assess the financial strengths and weaknesses of the master franchisor should also be part of your team. Decide how much of your own funds you want to invest.
Learn more about franchising. Fill in the Find your Perfect Franchise form on the right.
You’re four steps away from your dream. Chase it with FranNet!