How To Buy A Franchise In Canada As An Immigrant
Are you constantly dreaming of the day when you become your own boss? The first step to owning a business is having a solid idea for a successful enterprise. The second is knowing how to run it, from feasibility assessment and financing to setup, operation, and growth.
A successful franchise in Canada provides both. Buying a franchise means buying into an established business with complete access to the workings of its business model. Owning a franchise puts you more than one step closer to being a successful business owner.
But that’s not all that a franchise in Canada can do for you. Did you know that buying a franchise and becoming a business owner also qualifies you for the entrepreneur immigration pathway? Both the federal government and the provinces and territories look positively toward new immigrants who can help develop industries and strengthen Canada’s economy.
When you buy a top Canadian franchise, you do exactly that—help shape Canada’s economy. In the process, you also get the opportunity to call Canada home as an immigrant. Learn how in this article.
What is a franchise?
In the simplest terms, a franchise is a business bought from an established company. When you buy a franchise in Canada, you earn the license to operate a business as your own, complete with a business model, system, tools, branding, and other key components. As a result, you can sell or provide a brand’s products and services as your own and profit.
Pros and Cons of Investing in a Franchise
There’s no doubt that buying a franchise is one of the fastest and most established ways to become a successful owner. But when you make a sizeable investment like this, it’s important to lay all your cards on the table and be sure that your decision is solid. To help you decide, it’s helpful to go over the pros and cons of franchising in Canada:
- Buying into an existing, successful brand, eliminates the cost of brand awareness and allows you to leverage established brand value and customer bases.
- A franchise is built on an established business model with renowned offerings, effective systems, and access to other proprietary information.
- Buying a franchise provides you with the necessary training, equipment, shared marketing, and ongoing support—key resources that ensure you deliver high-quality products and services and a consistent brand and customer service.
- The startup cost of franchising is a significant investment due to franchising fees, equipment acquisition, and ongoing profit percentages paid to the brand. In addition, you may need to contribute to a shared advertising budget.
- As part of the licensing agreement, the brand assigns you a territory, which determines the location where you can open your franchise in order to prevent competition with other franchises.
- As a franchise owner, you must adhere to the brand’s quality standards and operating procedures. Unfortunately, this allows little room for innovation, such as designing a new product or running a promotion independently.
Why Buy a Franchise as an Immigrant in Canada
Despite its pros and cons, franchising is one of the most attractive, highly rewarding financial opportunities in Canada. If you’re a newcomer looking to make your mark and build a bright future, a franchise allows you to tap into an existing network and leverage it for success.
As a result, you can fulfill the top requirement—bringing value to the Canadian market, promoting Canadian industries, and creating jobs for Canadians. In fact, the top franchises in Canada bring over $100 billion to the economy and employ over 1.9 million workers.
How to Franchise a Business in Canada: A Guide for Immigrants
As a newcomer to Canada and aspiring business owner, your new home presents a wealth of opportunities to earn a stable living for the entire family, succeed in one of the world’s strongest economies, and thrive in your community. A franchise offers all of these opportunities. More importantly, buying into an established franchise like Gorilla Bins that provides essential services means you’ll always have business.
Here’s how to buy one of the top franchises in Canada:
1. Choose a franchise
The first step in buying a franchise is choosing what you’re buying. With the investment it entails, you’ll want to ensure that you choose the best franchise for your goals, budget, and skills. Here are some factors to consider:
- Sales records and long-term profits
- Market territories and competition
- Industry requirements
- Customer demographics
- Social responsibility and contributions to local communities
- Franchise fees and profit-sharing or royalties schemes
- Franchise model, including training, ongoing support, required equipment, and more.
2. Apply for a franchise
Once you’ve chosen a franchise to buy, you’ll need to apply for the license. The brand you’re buying into will review your application and determine if you’re the right fit to get a license to sell its products or services. They will look at:
- Your available finances
- Your professional experience and education to ensure that you have the necessary skills to run a profitable business in that industry
- Your reasons for buying a franchise and knowledge of their brand
- Where you would like to open a franchise location, and other similar factors.
To support your application, it would also be helpful to set up a discovery meeting or attend an information session hosted by the brand you are aiming to buy a franchise from. This allows you to learn more about the business model and franchise options and regulations before investing.
3. Apply for Financing
While the best case scenario is having your own money to buy a franchise, that carries significant personal risk. This is why it’s crucial to have financing for your business venture.
In order to demonstrate that you have the funds required to pay the franchise fee and afford other startup costs, you will need to apply for financing with a bank and get it approved. A major upside is the top franchises in Canada are highly known and have a reputation for stability, making banks inclined to approve your loan.
4. Finalize the paperwork
Once you have secured financing and your application has been approved, it’s time to set up your new venture. This includes securing a lease in your market territory and confirming it with the business. In addition, they will help you coordinate setup, such as furnishing the store and providing direction on branding.
While you’re finalizing your franchise investment, it’s also crucial to check the contract and have your lawyer help you review it, so your responsibilities as a franchise owner are clear.
5. Prepare to open your franchise
In the months and weeks leading up to opening your franchise store, the brand will provide training sessions and resources for acquiring equipment, establishing relationships with vendors, and direction for setup.
They will provide you with operating systems and manuals, sales strategies, such as product placement and branding materials, and access to the business model, including products, recipes, services, and more. Once your store is set up, you’re ready to launch and open for business.
Buy a Gorilla Bins Franchise in Canada
At Gorilla Bins, we’re proud to support new immigrants to Canada by providing franchise opportunities. By buying a franchise, you can succeed in your new home and demonstrate the value you bring to one of the most globally competitive economies.
Our waste removal and disposal solutions are essential to various industries operating across Canadian provinces and territories. As one of the top Canadian franchises, we can bring these vital solutions to more places where demand is quickly growing.
And the best part? We look forward to working with newcomers to Canada who want to be part of a successful brand and grow in their new home. Gorilla Bins is committed to offering stable partnerships and a turn-key support system to help newcomer business owners succeed.
Are you a newcomer to Canada aiming to enjoy success in your new home? Gorilla Bins is proud to help immigrants become business owners by buying a franchise. Contact us today to learn more about becoming a franchise owner.