The Canada Emergency Business Account (CEBA) is a government program that was created on March 27, 2020 in response to the economic challenges businesses faced during the COVID-19 pandemic. It provided emergency funding to small businesses and non-profit organizations with the purpose of helping them cover essential expenses, such as payroll, rent, utilities, insurance, property tax, and debt service. While the CEBA loans were backed by the Canadian government, they were facilitated through financial institutions such as banks and credit unions. Ultimately, the program “provided more than $49 ..read more

A service-based franchise is exactly what it sounds like – it’s a franchised business that provides a service to its customers. The type of service will vary, but it generally offers a convenience to customers, saving them time and sometimes money. Several examples of service franchise opportunities include:  Cleaning Services Home Improvement Services  Fitness and Wellness Centers  Education and Tutoring Services Automotive Services Healthcare Services Pet Care Services Food and Beverage Services Real Estate Services Travel and Hospitality Services  5 Reasons Why Service ..read more

Starting a business after retirement is becoming more common among retirees seeking supplemental income or wishing to remain active. If you’re nearing retirement, then it’s worth considering whether or not you should start your own business. If you decide to pursue business ownership, then franchising is a great option for retirees as there are several franchise options that would support a retiree’s lifestyle.  If you are actively looking for a franchise that will be a good fit for you, then here is a helpful list of dos and don’ts you should consider.  5 Things to Do When Buying a ..read more

In 2023, Canada’s economy began to slow down due to factors such as rising interest rates and a challenging labour pool. Despite these difficulties, the Canadian franchise industry has continued to flourish. In fact, franchising in Canada is the 2nd largest franchising industry worldwide, and it represents more than $120 billion of Canada’s GDP (2023 Industry Overview).  The Canadian Franchise Association (CFA) interviewed ​​FranNet franchise consultants, Gary Prenevost and Grant Bullington about the various influences that will affect franchising in Canada in 2024.  Popular Canadian ..read more

While there’s been plenty of economic uncertainty at the start of 2024, franchising has continued to prove itself as a stable industry. Despite inflation, labor shortages, and rising interest rates in 2023, the franchising industry either met or exceeded expectations for growth. Although 2024 will be a transitional year for the U.S. economy, franchising is projected to grow in the midst of it.   Franchise Considerations in 2024 – What’s Happening? The Election  While there are many reasons the stock market could fluctuate, the upcoming presidential election is certainly one fact ..read more

“Marketing refers to the activities a company undertakes to promote the buying or selling of its products or services. Marketing includes advertising and allows businesses to sell products and services to consumers, other businesses, and organizations.” (Investopedia)  While marketing generally includes national and global strategies, local franchise marketing entails marketing strategies that are tailored to the local level. A franchisor will typically market the brand on a national level while providing some level of support to individual franchisees’ local marketing efforts.   ..read more

While there are pros and cons to every franchise opportunity, the franchising industry has proven to be an integral part of Canada’s economy. It represents a $120+ billion industry, making it the 2nd largest franchise industry in the world (Canadian Franchise Association).  For some, the financial barrier for buying a franchise business seems too high. While most franchises offer a lower risk opportunity than independent start-ups, many franchises also require a significant upfront investment. Fortunately, there are also low-cost franchises available, which makes owning a franchise busine ..read more

“For some, the idea of becoming a business owner may seem overwhelming and complex but, rest assured, it doesn’t have to be…An entrepreneur can be a retired nurse who now teaches CPR to supplement her income…a former mill worker who opens a small engine repair shop in his garage…a former marketing executive teaching adult education classes for struggling business owners…You just have to be open to the idea of finding an activity you like doing that can also put extra money in your pocket. Embracing this life-changing definition of entrepreneurship can open the door of possibilities to anyone h ..read more

While the average retirement age in the United States has fluctuated over the decades, the average life expectancy in the US has steadily increased. This means more years in retirement for many people. While there are obvious benefits to this, it can be daunting for those who desire financial security or hope to stay mentally and physically active during their retired years.  Franchising offers a solid option for retirees to continue receiving income while also working hard to build something that they can pass to the next generation. When comparing franchising with starting an independen ..read more

Unfortunately, job security is not a guarantee in today’s economy. In fact, mass layoffs from major companies don’t seem to come as a surprise anymore. In the first month of 2024, 776+ companies had already announced mass layoffs, and 5487+ companies have announced mass layoffs since January 1st, 2023 (Intellizence).  It goes without saying that being laid off from a job comes with significant emotional and financial impacts. While the degree of impact will depend on each individual and their circumstances, most people who get laid off will need to find another source of income. The tradi ..read more