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Get a franchise minus the risk

August 9, 2010 - Tags: Startup

Istock 000000119824xsmallYou want to be your own boss and are opting to buy a franchise? If so, you most likely already know the advantages of buying a franchise over starting a business from scratch. The advantages of buying a franchise can include getting help with business start-up, getting solid business advice and training, and benefiting from brand recognition.

Some franchisors offer more than just business advice and training; they might also offer a "Manage to Own" program. Such programs enable you to manage a franchise for a certain period, before you decide to buy. Getting your feet wet before buying can seriously mitigate risks for both you and the franchisor.

Through "Manage to Own" programs, you get a feel for running your own franchise and learn about the business you are getting into. You see first-hand what the hours are like, the demands and the environment. Maybe running a franchise is not what you imagined. If so, it's a good idea to find out before buying one.

Generally, you would take home a small salary during the training months of the "Manage to Own" program. The Franchisor would put some money aside for you towards the purchase price, in case you do decide to buy.

If this path to entrepreneurship interests you, look for businesses that offer such programs for potential franchisees. You may also want to ask other franchisors if they would be willing to implement a "Manage to Own" program.

For more information, visit the Canadian Franchise Association and our page on Franchising.

Comments

Hello Jawed,

It is indeed important to consider how entrepreneurship can affect family life. Being your own boss can be very rewarding, but it is not for everyone. Before you take the first step, you may wish to take some time to find out if you are well suited to being an entrepreneur.

BDC’s Entrepreneurial self-assessment tool may help you determine if your experience

By Canada Business on September 20, 2010

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