FranchiseCanada September | October 2017 85TIP: Researching should never
stop, even after you’ve launched.
Constantly look for ways to improve
to keep your customers happy and
coming back for more.
Plan, plan, and plan
some more
You may have a fabulous business
idea that you are convinced will suc-
ceed, but jumping in head-first with-
out thinking it through will only end
up with you running your idea into
the ground. A business plan will help
you map out the details of your busi-
ness, and is a key document, not just
when starting out, but also through-
out your entrepreneurial career. The
primary purpose is to define what
your business is or will be, and to
clarify the purpose and direction of
where you see it going. It will also
outline your vision, research you’ve
conducted to support your concept,
sales and marketing strategies, and
break down details about your oper-
ations and financials.
Not only will a business plan help
guide you in your journey, but it
will also help you attract financing,
because let’s face it, finan-
ciers want to see more than
just an idea on a napkin.
TIP: Futurpreneur has a
great interactive business
plan writer that you can
use for free at:
http://www.futurpreneur.ca/en/
resources
Make sure you’re
covered
There are a lot of legal
obligations that come with
starting your own busi-
ness. As much as it would
be great to just pick a
name and open up shop,
that’s not how it works.
From determining what
you need to trademark for
your business, to making
sure you have all aspects
covered in case you run
into trouble, it’s important to think
through everything from a legal
mindset before it’s too late. There
is a stereotype that you only seek
legal advice when you’re in trouble,
but by accessing it when you’re
getting started, you’ll prevent this
trouble from happening or be ready
for when/if it does. A professional
will help you understand the regu-
lations, licences, and taxes you will
need to follow, obtain, and pay as a
business, which are all important in
starting out on the right foot.
TIP: A franchise lawyer is an asset
for anyone looking to franchise their
business, as they can help with the
legal aspects of franchising, including
trademarks, franchise agreements,
disclosure documents, and more.Get your finances in check
One of the more common issues that
many entrepreneurs struggle with
is numbers. Numbers aren’t every-
one’s strong suit, but are obviously
an important aspect of any business,
especially a new one trying to stay
afloat. While planning for the launch
of your business, build out your cashMillennials in Franchising
How can I find
the right franchise
experts?
If you’re looking to franchise
your business, you’ll want to
consult experts with experi-
ence in franchising, such as a
franchise lawyer, accountant,
and consultant, among oth-
ers. These professionals can
provide guidance and advice
about many of the elements
required to franchise your
business.
CFA’s online Member Direc-
tory features support services
and suppliers in 18 business
sectors and disciplines. As CFA
members, these professionals
and organizations have exper-
tise in franchising, providing
their services specifically for
franchisors and franchisees.
To access the full list of
CFA support services and
suppliers, visit w w w.cfa.ca/
support-services