Are you interested in starting a business in Canada?
There are many different options when starting a business. All of them involve you having enough capital to either make an investment or to be able to self sustain for the lean first few years.
As you can imagine from the name of this website, we are believers in the power of franchising or making an investment into an existing company. I read somewhere that 50% of businesses fail within the first two years, but only 10% of franchises fail in the first two years.
Recently, I have found something that I believe is even better than franchising. It is my personal opinion that structuring your business for investment as a joint venture gives you much more freedom to enter into mutually beneficial terms with your investors. Instead of having legislation dictate the terms of your agreement you can negotiate!
This only works until you open around 15 locations. Eventually, you will have to switch to a franchise system where you can offer “cookie cutter” businesses in any new market.
Making the decision to open a business
Before you decide to open a business, have a look at your competition. Competitive pressure among existing firms depends on the rate of industry growth. In slow-growth settings, competition is more heated for any possible gains in market share. High fixed costs also create competitive pressure for firms.
Service organizations throughout the world have learned that today’s customers are very demanding. Companies have to offer both high-quality products and outstanding service at competitive prices. Business is becoming customer-driven, not management-driven as in the past. This means that customer’s wants and needs must come first.
To meet the needs of customers, firms must give their front-line workers empowerment. This means that the office clerks, front-desk, and salespeople have the authority and freedom to respond quickly to customer requests.
If you are interested in starting a business, The Wealthy Franchise recommends you check out HART Legal. They have been in business for 24 years and are growing fast. They are no longer a law firm franchise, but instead restricted as a joint venture. You can speak to them to learn more.