Many people in Canada want to buy a Tim Horton’s franchise however, these are one of the hardest franchises to purchase in Canada at the moment. There are many more people wanting to buy a franchise from this franchisor than there are franchises available. The more desirable a franchise is, the more difficult it is to secure a franchise. Do you wait for years to find out that you will not meet their qualifications or do you decided to buy another franchise?
Unfortunately when it comes to business, what you want and what you can get may be two different matters. You may want to buy a business in a specific industry, but if one is not available, you then have to decide on another. If you are looking to buy a house in a specific area but the owner does not want to sell or it is more expensive than what you can afford, what do you do – keep looking for something else that you can afford and that is available. That same principal works when buying a franchise or when buying a business.
If you cannot get that specific franchise, do you want a franchise in a similar business, in this case selling coffee. This franchise sells coffee and donuts, soup and sandwiches. If you want a food business, do you want one that has coffee, donuts, sandwiches? There is not an identical franchise competitor, they are all different. What one franchise provides may be provided in multiple franchises. You then have to determine what part of the business did you like the most. Do you want to concentrate and buy another franchise that sells the same thing. In my example above, are you interested in a franchise selling sandwiches, or do you want a franchise which sells predominantly coffee. A restaurant sells coffee so you can see that the choices that you can pick are large.
First decide on why you liked a specific franchise first. If none is available in your area, determine what aspects you like most of that and see if you can duplicate that and find another franchise for sale or business for sale. Remember, some existing franchises are sold by business brokers whereas all new franchises are sold by the franchisor. Some franchisors require that the franchise sell them the franchise back and the franchisor decides who will get your location. In this case, the franchisor sells both new and resale locations.