Buying a franchise can be a great way to start a business. Instead of floundering about, trying to figure out what has to be done and how to do it, in many cases, when you buy a franchise, you can literally just start your business. All of the thinking and much of the preparation has already been done for you, which can be especially great if you're starting a business for the first time.
But the catch is that to buy a franchise you have to have money, and in some cases, a lot of money. For example, as of this writing, it costs from $480,000 to $510,000 CDN (plus all applicable taxes) to start a full Tim Horton’s franchise and an investment of $1.5 million CDN to get into a Canadian Burger King Franchise – just to pick two well-known names.
While the investment required to buy into particular franchises ranges widely, depending on factors such as business category, type, and the details of what the franchisor provides, you'll be hard-pressed to find a franchise that doesn’t require an investment of at least $100,000.
Are you just shut out of the franchise market if you don’t have at least that money much kicking around? Fortunately not. Choosing a franchise you want to invest in and then seeking traditional business financing, such as a small business loan is one option of course.
But choosing a franchise that offers franchise financing in the first place is another.
Realizing that the Canadian franchise market is highly competitive and that not everyone who might be a great franchisee for their particular business model has all the necessary funds sitting in a bank just waiting to be invested, some franchises are enticing franchisees by offering them help with business financing through in-house financing programs.
Two of these are:
Oakville, Ontario-based Instant Imprints Canada, a promotional products and services franchise which has 15+ locations throughout the country, including five in Ontario and four in British Columbia.
Instant Imprints has been in business since 1992 and franchising since 2002.
Toronto-based Murphy Business Canada, a business brokerage franchise, which has offices in Toronto and Ottawa.
Murphy Business Canada has been in business since 1994 and franchising since 2006.
In both cases, franchise opportunities are available across Canada.