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Is franchising right for you? Six questions to ask yourself before you buy

Is franchising right for you? Six questions to ask yourself before you buy

Is franchising right for you?

Six questions to ask yourself before you buy

By Katherine Willows

17_FranchisingRight.jpg(NC)-With 20 cars ahead of you at the coffee shop drive-thru, every morning of the week, it's no wonder you dream of throwing in the towel and buying your own coffee shop franchise.

In actual fact, buying a franchise is one of the fastest growing trends in small business in Canada. Here's a checklist to see if franchising is right for you:

. Before signing any documents or contracts, check with your lawyer and accountant. The last thing you want is to start off on the wrong foot.

. Do you have the capital required for investment?

. Do you have the necessary management skills, education, and work experience required?

. What is the franchisor's background and how long has it been offering franchises?

. If the franchise is new, what is its record of accomplishment?

. What is the sales potential for the territory?

Buying a franchise could be one of the smartest things you do as a Canadian entrepreneur, if you do your homework.

For a whole range of great ideas on how to set up a successful small business, including franchising, visit Canada Business.ca or call the Canada Business Info Line at1-888-576-4444.

- News Canada