6 Dos & Don’ts Of Opening A Franchise In Ontario

Retiring from work after being employed for decades is a big change. You are not inclined to while your time at home after putting in many years of productive work! Fret not; this might be the ideal time to spend quality time with your spouse and kids or grandkids. Do not worry about the dwindling finances post your retirement, however. Instead, you can make your money work for you by starting a franchise in Ontario or elsewhere in Canada.

If you want to buy a franchise, you need to be proactive and begin to plan ASAP. Sure, you can ask around and chat with your friends and family about the kind of business that you deem to be suitable. However, the best way to go about it would be to look for the available franchising opportunities within your neighborhood.

Admittedly, you would not want your business endeavor to mimic your erstwhile job. While, it does make sense to choose a category of business where you have the experience, opting for a home based one might help you to get the much needed rest and earn handsomely at the same time. A win-win indeed!

You might begin by investing a lump sum in a property rental firm and take over as a real estate agent. Drawing up the documents and checking the properties available in and around your neighborhood can be done from the confines of your own home while you only go out once in a while to show a coveted home to the prospective buyer. Alternatively, you might open a nursery or crèche within your home, if you have the space and love being around kids. Draw up a number of domestic cleaners and helpers and set up a business providing the harried individuals in your area with home care or domestic cleaning services if you happen to be a whiz at managing people.

There is no dearth of opportunities in this land at present though. All you need to do is go through a quality franchise directory and find out the best options that could have you making money without having to labor too much. Search by the categories or investment amount or even by the brand name and you will be sure to find a host of opportunities that excite you.

It makes sense to take a few precautions before purchasing a franchisee in Canada.

1. Shortlist the opportunities in accordance to your preference
2. Calculate the costs involved
3. Do not take the franchisor at face value. Research on your own to find out the truth, growths and all
4. Ask for the ‘Financial Disclosure Document (FDD),’ once you make up your mind about buying it
5. Discuss the terms and conditions with an experienced lawyer
6. Locate the other franchisees of the company and speak to them before jumping on the bandwagon

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Canadian Franchise Magazine is a digital publication offers several franchise directory. Our magazine gives latest news, expert advice, and franchising information.

Canadian Franchise Magazine is a digital publication offers several Franchise Systems in Canada. Our magazine gives latest news, expert advice, and franchising information.