Buying a franchise is ideal for someone who wants to get into business. If you have the entrepreneurial spirit, purchasing a franchise is a great place to start.
The business model of Franchising works because you have a proven system, a proven plan and often a proven brand.
However, a franchise is not an ATM machine.
In Canada, 45% of all retail sales are generated by franchised businesses. This is comparable to the United States, where approximately 50% of retail and service revenue is generated by franchised businesses.
There are between 1,200 and 1,300 franchise companies operating approximately 76,000 franchised outlets in Canada.
Around 4,300 new franchise outlets open in Canada each year.
Taking the step into franchise ownership is taking the step into Business Ownership. Buying a franchise does not automatically solve all your business problems or give you the automatic business skills you need.
Franchisees need to learn the steps of moving from an employee to an entrepreneur.
There are 6 pillars of profit that Franchise Owners need to be focused on in order to grow their businesses.
I have developed the Rapid Profit Method™ to help Franchise Owners build and grow a profitable business.
The 6 pillars are:
1. CEO perspective
3. Products and Services
5. Profitability and Cash Flow
Building a profitable franchise business requires a system that will take you from frustrated to improving bottom-line profits. Franchising is a unique business model, that
If you are a franchise owner, tell me below which of the 6 pillars you believe is the most important.