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Is there a franchise in your future? Have you always wanted to have your own business in Calgary but don’t know where to start? Maybe your passion is to run your own nail franchise or restaurant. Do you want to run a consignment shop or do you make and sell jewelry online? What about a gas station/convenience store or a car wash?
Many people in Calgary are interested in owning their business and being their own boss. Even more are interested in following their passion and cannot see any way to do that in a traditional job when they work for someone else. Young and old alike feel this attraction to being on their own, but can’t risk everything to get started.
Advantages of the Franchise Route
- Less cash is required upfront although some franchises are still pretty steep.
- Proven success of the franchise instead of the unknown. Most franchises in Calgary have years of experience behind them and there is far more support for the franchise owner than the typical small business owner. The typical small businessman has very little, if any support.
- Training is a big reason many people choose a franchise over their own business. Most franchises get a minimum of two weeks training before they get started and for most it is a lot more. There is often 24/7 support available to the franchise owner.
- There is a lot less risk in taking on a franchise than starting your own
business. Most of the time a franchise carries a recognizable name and brand making it easier for the companies to get started.
What to Look Out For
So if you are looking for a franchise to get into, keep some of these things in mind.
- Do your homework. Know what franchises are available and which ones are truly turnkey and which ones need construction, renovation and repair.
- Know what locations are available and what the history or market research says about those locations.
- Ask for a Franchise Disclosure Document for each franchise you are serious about and study it closely. It will tell you what you need to know about all the financials of the business. Get an accountant and an attorney if you don’t have them now. Have them review these documents in respect to fees, expenditures on your part, royalties, and other costs.
- Make sure your territory is exclusive and make sure it is in writing. Just like with any other real estate the key is location, location, location.
- Leave no stone unturned in respect to what you need to know. Leave no room for surprises after you have signed on the dotted line.
Remember, you will get what you asked for: your own business. Make sure you are ready for all the hard work and the fun times ahead!