Opening a new franchise in Alberta doesn’t need to be an intimidating venture. In fact, we recommend you hire a franchise lawyer who is experienced in opening franchises so they can guide you on all the legalities and nuances that are involved in opening a franchise in Alberta. In addition to having a lawyer give you legal guidance in this process – it’s also important to consider that you are willing and able to adhere to the rigors of entrepreneurship including working long hours, working on weekends and holidays, managing people as well managing finances. Here are a few tips we have put together if you are considering opening a franchise in Alberta. This list is not intended to act as legal guidance – but instead act as a starting point if you are or have considered opening a new franchise in Alberta.
1. Do your research
If you’re up for the rigors of entrepreneurship and have decided that this is a lifestyle you want to pursue – you’ll need to conduct extensive research on a variety of things including provincial and federal franchise laws, finances and costs associated with opening a franchise, employment and business laws and market research to name a few. Do not rush this phase – and reach out to as many experienced people as possible for advice on these items including a franchise lawyer, a franchise consultant, an accountant as well as past and present franchise owners if possible. If you are looking to purchase an existing franchise – some franchise operations conduct franchise discovery days which may be beneficial for you as well.
2. Speak with other franchise owners
Franchise owners are a great source of information for what life is like as a franchise owner. There are different types of franchise owners such as master franchise owners or individual franchise owners. If you are considering opening your own franchise or purchasing an existing franchise – franchise owners are a great source of information on the nuances involved in owning and operating a franchise. We recommend you speak with more than one owner to get a sense of what life as a franchise owner is like.
3. Do due diligence on your location
In addition to customer service – the location of your franchise can be a large determinant on how successful your franchise may or may not be. Do your market research and understand what competition is like in the geographic area you intend to open your franchise in. Conducting a SWAT analysis can also help you understand the various factors you will be faced with when opening your franchise. A marketing professional or franchise consultant may be able to assist with this part of your research phase.
4. Analyze costs
A lot of business owners have a good understanding of what capital costs are required in order to start a new business or franchise. But one thing that’s hard to estimate are operating costs or monthly costs. Speaking with an experienced franchise lawyer or franchise owner can help heighten your understanding of what monthly costs are going to be like for your franchise. It’s very important that you are exhaustive in your efforts to understand costs – so make sure you hire professionals like a franchise lawyer to help make more sense of franchise costs and fees.
5. Hire a franchise lawyer
As mentioned before – hiring a franchise lawyer can help you understand the costs and details of opening and running a franchise. In addition to assisting with legal documents such as franchise agreements, employment agreements, lease agreements and more – a franchise lawyer can point you in the right direction to make sense of your franchise operations for the numerous questions that may arise during your research phase. At Verhaeghe Law Office we have assisted numerous franchise owners franchise, purchase and sell franchises across Alberta. Let us help you with your franchise’s legal needs.
Contact us today by dialing 587-410-2500 and book a consultation to speak with an Edmonton franchise lawyer.
Disclaimer: This blog is intended to act as a general overview on a commonly asked legal topic. It is not intended to act as legal advice, nor does it establish lawyer-client relationship in any way. If you require legal assistance on this topic, we suggest you consult with a family lawyer regarding your unique situation.
