{"id":16296,"date":"2019-12-01T12:52:04","date_gmt":"2019-12-01T17:52:04","guid":{"rendered":"https:\/\/www.prepareforcanada.com\/?p=16296"},"modified":"2019-12-01T12:52:04","modified_gmt":"2019-12-01T17:52:04","slug":"how-to-research-a-franchise-opportunity-thats-best-for-you","status":"publish","type":"post","link":"https:\/\/prepareforcanada.com\/blog\/franchise-opportunities\/how-to-research-a-franchise-opportunity-thats-best-for-you","title":{"rendered":"How to research a franchise opportunity that&#8217;s best for you"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-16299\" src=\"https:\/\/www.prepareforcanada.com\/wp-content\/uploads\/canstockphoto12206463-1024x768.jpg\" alt=\"Franchise research and questions\" width=\"749\" height=\"562\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2018\/11\/16153304\/canstockphoto12206463-1024x768.jpg 1024w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2018\/11\/16153304\/canstockphoto12206463-300x225.jpg 300w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2018\/11\/16153304\/canstockphoto12206463-768x576.jpg 768w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2018\/11\/16153304\/canstockphoto12206463-1536x1152.jpg 1536w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2018\/11\/16153304\/canstockphoto12206463-2048x1536.jpg 2048w\" sizes=\"auto, (max-width: 749px) 100vw, 749px\" \/><\/p>\n<p>If you&#8217;re considering buying a franchise in Canada, it&#8217;s essential to know how to research a franchise opportunity that&#8217;s right for you!<\/p>\n<p><span style=\"font-weight: 400;\">As a potential franchisee, there is a great deal for you to gain&#8230;or lose, from your franchise investment. So, your franchise research is critical to make a selection decision that&#8217;s best for you and your success. It\u2019s best if you spend time at the beginning of the process to avoid any unforeseen surprises after you&#8217;ve made your investment.&nbsp;<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><em><strong>For more information and resources to help you make your franchising decision, download our free e-book!<\/strong><\/em><\/p>\n<p style=\"text-align: center;\">[cjtoolbox name=&#8217;Franchise Blog CTA&#8217;]<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">No doubt, research is a time-consuming step, but it\u2019s also the most important step. Research the franchise like you would any other large investment that you may have made in the past. Remind yourself of the research you conducted when you decided to move to Canada. Research is important! <\/span><span style=\"font-weight: 400;\">If you have made the decision that you would like to invest in a franchise brand, you have likely: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Determined that your personality would be a great fit for a franchising<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Identified franchise categories that are of interest to you<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Selected the brands that best represent the category or categories that you have chosen.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You may want to take a step back if you haven\u2019t already completed these steps before you proceed with your research. However, if you have completed these steps, now it\u2019s time to carefully research the specific franchise (or franchises) that you may want to join.<\/span><\/p>\n<h2><\/h2>\n<h2><b>Three Key Activities to Start your Franchise Research:<\/b><\/h2>\n<h2><\/h2>\n<h2><b>1. Start with the Franchise Disclosure Document<\/b><b><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Obtain and review the Franchise Disclosure Document (FDD). While reading the FDD may seem demanding, you will learn a great deal about the franchisor\u2019s history and key leadership team. You\u2019ll also find information such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The history of the franchisor and if they have been sued or faced bankruptcy<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How much you will have to pay for fees<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The type of support you can expect as a franchisee (including training, territory, franchise renewal, etc)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your obligations as a franchisee <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financial statements and other fiscal performance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A list of current and former franchisees, and their contact information. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Reading this document will provide you with information to assess which franchisor will be the best fit for you. If you\u2019re considering a number of franchise brands, you can compare the advantages and disadvantages based on similar criteria that is provided in the FDD.<\/span><\/p>\n<h2><\/h2>\n<h2><b>2. Speak to a Franchise Lawyer and an Accountant<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The FDD can be lengthy and complex. A franchise lawyer can explain, or help you to understand the FDD in clear terms. As well, a franchise lawyer can help you to discover pitfalls early in your decision making process. While you may not understand everything in the document, it\u2019s a good idea to be familiar with the document before you speak to a lawyer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the same respect, it\u2019s important to speak with an accountant as well. An accountant can help you understand the franchisor\u2019s financial statements and select a franchise system that matches your investment resources and goals.<\/span><\/p>\n<p>Be sure to ask questions about things that are not clear to you or that you don&#8217;t understand. That&#8217;s a big part of the role of the franchise lawyer and accountant.<\/p>\n<h2><\/h2>\n<h2><b>3. Speak to Current and Former Franchisees<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Every franchisor is required to list contact information of current and former franchisees. Make sure to speak to a number of franchisees to gain a balanced view of what it\u2019s really like to be a part of a franchise system. There is great value in speaking to business owners who have made the decision that you are now considering. Also, it\u2019s another way to get an honest assessment of the franchisees\u2019 experiences (both positive and negative) that are beyond what you would read in the FDD.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you have completed this research, you\u2019ll need to assess and evaluate all of the information that you have collected. Be sure to be honest with yourself and determine if the franchise you\u2019re considering is best for you based on what you know about yourself including your: skills and knowledge; interests; and fit and compatibility with franchising. <\/span><\/p>\n<hr \/>\n<h5>Related Posts:<\/h5>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" href=\"https:\/\/www.prepareforcanada.com\/small-business\/franchise-opportunities\/how-do-i-identify-a-great-franchisor\/?utm_campaign=Franchise&amp;utm_source=how-to-research-franchise&amp;utm_medium=identify-great-franchisor\">How Do I Identify a Great Franchisor?<\/a><\/span><\/h5>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" href=\"https:\/\/www.prepareforcanada.com\/small-business\/franchise-opportunities\/successful-franchisees\/?utm_campaign=Franchise&amp;utm_source=how-to-research-franchise&amp;utm_medium=personality-traits\">The 10 Personality Traits of Successful Franchisees<\/a><\/span><\/h5>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" href=\"https:\/\/www.prepareforcanada.com\/small-business\/franchise-opportunities\/millennials-are-finding-franchising-success\/?utm_campaign=Franchise&amp;utm_source=how-to-research-franchise&amp;utm_medium=millennials-franchising-success\">Millennials are Finding Franchising Success<\/a><\/span><\/h5>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Conducting franchise research is a critical due diligence activity before making a decision to purchase a franchise. Take the time necessary to conduct thorough franchise research to avoid any unwanted surprises and maximize your investment and franchising success.<\/span><\/p>\n<p>Visit our<a href=\"https:\/\/info.prepareforcanada.com\/franchising-for-new-canadians?utm_campaign=Franchise&amp;utm_source=how-to-research-franchise&amp;utm_medium=franchising-learning-center\"><em><strong> Franchising for New Canadians Learning Center<\/strong><\/em><\/a> to view tools, resources, and information to help you make an informed franchising decision.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a franchise is a major decision. So it&#8217;s essential to do your research. Learn how to research a franchise opportunity that&#8217;s best for you.<\/p>\n","protected":false},"author":11,"featured_media":16299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[70,72,73],"class_list":["post-16296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-franchise-opportunities","tag-franchise","tag-franchising","tag-franchising-in-canada"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Researching the Best Franchise Opportunity | Prepare for Canada<\/title>\n<meta name=\"description\" content=\"Your franchise research is critical to make a selection decision that&#039;s best for you and your success. 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