A growing country, Canada is bursting with opportunities for entrepreneurs, investors, and small business owners alike. For new Canadians looking to pursue an entrepreneurial career, the distinct advantages of purchasing a restaurant franchise can provide you with a strategic advantage in a competitive industry.
Keep reading for a closer look at the unique perks of restaurant franchises in Canada’s most populous province and how newly-arrived entrepreneurs can build the foundations for a successful business.
Business is Booming in Ontario
Home to roughly 40% of the country’s total population, Ontario is Canada’s primary political and economic hub. For entrepreneurs, Ontario’s population density, economic and geographic infrastructure, and long-term growth projections provide a strong backbone for building and managing a profitable business.
While the established nature of some communities can make it challenging for new brands to attract new customers, the built-in brand recognition that comes with a franchise allows entrepreneurs to tap into the province’s flourishing business landscape with relative ease.
Thinking about starting your own restaurant from the ground up? Check out these blog posts to discover how you can make your dream a reality.
- The Essential Restaurant Start-up Checklist
- What to Look For When Choosing a Restaurant Space
- How to Find a Restaurant For Sale in Toronto
Why the Franchise Model Works
While having the rights to a distinguished restaurant brand with an existing customer base is one of the primary advantages of purchasing a franchise, there are countless other benefits as well. For entrepreneurs who are new to Canada, operating a franchise as opposed to starting a restaurant from the ground can substantially reduce the challenges and delays you’ll face in getting your business up and running.
When you buy a Canadian franchise, you’ll get direct access to a variety of tools for your business. Resources will vary based on who you choose to work with, but most franchisors provide access to automated advertising programs, employee training, existing supplier relationships, operational guidance, a network of experienced professionals who can support your goals, and more. With several critical details of everyday operations already in place, purchasing a franchise can feel like a shortcut to a successful career.
Working With a Restaurant Broker
If you’re looking to open a franchise in Canada, the best place to start is with a restaurant broker. As an industry-specialized expert, a restaurant broker can guide you through the purchasing process from start to finish.
In addition to identifying high-quality franchise opportunities in your area, they can assist you in other critical aspects as well. From acquiring financial and legal support to navigating the key policies to disclosures surrounding the transaction, a broker is your best resource for jump-starting your Canadian entrepreneurial career.
Special Considerations
While franchisors can provide entrepreneurs with a wide range of resources for launching and managing their businesses successfully, certain franchise models may come with restrictions that impact or interfere with your personal or business goals.
While there will be plenty of decisions and responsibilities left in your hands, some elements of the business may be predetermined. For instance, a franchisor may not allow you to choose or change your restaurant’s hours of operation. Or, if you choose to open a new location, the franchisor may also restrict which areas or neighbourhoods you are allowed to operate in. This is another area where a broker can help you determine if a franchise will be the right fit for your personal goals.
Need more industry-insider tips about opening a franchise in Canada? Check out these blog posts.
- Buying a Restaurant Franchise? Here’s What You Should Know
- 5 Things You Should Know About Opening a Franchise
- Tips For Signing a Franchise Agreement
Canadian Business Financing
Like any business, buying a franchise will entail significant start-up costs. As an entrepreneur, securing the financial means for your purchase will be a huge part of your business plan. Even if you have existing savings, buying a franchise will most likely require a loan of some kind.
Even if you have no existing credit history in Canada, acquiring small business financing as a new Canadian is relatively straightforward. From lines of credit to short and long term loans, there are a variety of options available. Once again, a restaurant broker can assist you in this process and can provide personalized recommendations for trustworthy local lenders.
As seasoned experts in Canadian restaurant real estate, we’re here to help you exceed your entrepreneurial goals. Send us an email or give us a ring at 416-618-0054 to get started.
