Franchises

There is a business in the UK which has a great concept and is implemented extremely well and my friend Mark (also the so called Religion and Carpentry Correspondent who has posted once) and I have been discussing taking the business to Canada. We’ve talked to the founders and they are open to the idea of partners taking the concept to new markets and would like to meet next time I’m in the UK.

As great of a concept as it is, without the expertise of the founders and the ability to leverage their existing investment and infrastructure, we probably wouldn’t try it on our own. The Globe and Mail has an article about franchises and how they have a much greater chance of succeeding:

The vast majority of new companies fail in the first year. In fact, the odds are so long, it’s said, that the best scenario new businesses can hope for is to break even in Year 3. There is, however, one significant exception: franchises. Ninety-three percent of franchisees not only survive the first year, they’re still in business 10 years later, according to the Canadian Franchise Association.

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