Q: Why are Canadian baby boomers attracted to franchising as a business model?
A recent survey by TD Canada Trust indicated a strong desire among boomers to run their own business. While Canada has not experienced the same severe economic swings as the U.S. market, most Canadians understand that to build long-term wealth and equity, they will need to take control of their careers. To build a nest egg that will provide the lifestyle they would like in their golden years, business ownerships seems to be the path forward.
The reason franchising is so compelling is Canadian boomers cannot afford to make a mistake with their investment, so they are looking for a system with demonstrable results. While there is risk in any investment, a cadre of successful franchises certainly mitigates that risk.
Further, boomers can apply their talents and skills across a broad landscape of opportunities. Most franchisors look for potential franchisees with strong leadership, marketing and business development skills, not necessarily industry experience in their sector.
Q: What further advantages does franchising offer them, compared to other entrepreneurial opportunities?
First, you are associating with a large, national organization’s brand, rather than hanging a shingle outside your door as sole proprietor. You have instant cachet as part of the brand’s successful history.
Secondly, franchisors institutionalize the customer’s buying experience, making it a repeatable process. You don’t have to figure out the formula for success through trial and error.
Finally, you have a team of people to support you. Together, everyone achieves more (TEAM). You receive the benefit of wisdom from people at the franchisor’s headquarters (HQ) dedicated to launching franchises, as well as the network of franchisees. In many cases, you will even have peer mentors to support you and provide guidance as you ramp up your business.