With success rates of over 80 percent after five years (compared to 50 percent for start-from-scratch businesses), more Canadians are considering self-employment instead of climbing the corporate ladder.

For most people, buying a franchise is one of the most important financial decisions of their lives, therefore professional assistance is highly recommended.

The gig economy is now commonplace, where contract jobs last six months to three years, and gaps in employment are lengthy while looking for the next gig. This pattern severely hampers long-term wealth creation. A tremendous amount of job and family stress is also a result of not knowing how secure the future is. Somebody else always has their finger on the control button of your career.

Buying the right franchise provides you with the opportunity to recapture significant control over your career. Once the business hits full stride, most franchisees can run the business for as many years as they wish to, on their terms instead of an employer’s. In a good franchise system, numerous factors enable success while significantly mitigating risk:

  • Proven systems to follow and focus on success-generating activities while also avoiding costly mistakes.
  • Strong support in marketing, operations, staffing, franchisee-to-franchisee experience sharing.
  • Track performance leading to better decisions and results.
  • Work-life balance defined by how much you want to work, how much you want to grow the business (through hiring staff and adding customers), and ultimately, how much you want to earn.
  • The biggest challenge most people face is trying to figure out which franchise to buy. Just because a franchise has been good for many others doesn’t automatically transfer to success for you! Before you start searching for a franchise, you’ll want to figure out what your strongest skills are, what types of work you really like doing and dislike doing; most importantly, what financial and lifestyle goals you want to achieve through business ownership. This combination of criteria will become your first filter in identifying which franchise opportunities are worthy of further consideration.

For most people, buying a franchise is one of the most important financial decisions of their lives, therefore professional assistance is highly recommended.