How to finance the purchase of a franchise?

Becoming a franchise owner can be a lucrative and rewarding opportunity, providing the chance to run your own business while benefiting from the support and recognition of an established brand. However, one of the main challenges many aspiring franchisees face is securing the initial funding needed to bring their project to life. In this article, we will explore various financing solutions, from bank loans to private investments, to help you find the best financial strategy to achieve your dream of becoming a successful franchisee.

Resources Available to You

Financial Aid for Entrepreneurs

Several financial aids are offered by the Government of Quebec to support entrepreneurship. Here are a few:

• Support for the operation of economic development organizations: Obtain financial contributions for the operational costs of organizations that support entrepreneurship, economic development, or exports.
• Support for economic development projects: Promote the growth of businesses and their market presence, as well as support the development of strategic sectors or Quebec regions.
• Support for the social economy: Access financial aid for projects of collective enterprises and organizations working in the social economy.
• Local Investment Funds: Support from regional county municipalities to help bring business projects to life.
• Entrepreneurship support: Offer services to entrepreneurs and provide funding opportunities for innovative startup projects.

For a complete list of available financial aids, visit this page on the official Quebec government website.

Funding for Young Entrepreneurs

Futurpreneur Canada facilitates obtaining funding for young entrepreneurs (aged 18 to 39). In partnership with the Business Development Bank of Canada (BDC), it is possible to apply for an unsecured loan of up to $60,000 and benefit from two years of mentorship to help you launch your business. Here are some eligibility criteria:

• Be a Canadian citizen or permanent resident.
• Agree to work with a mentor for a period of up to two years.
• Submit a complete and viable business plan before the application process ends.

Federal Government Support

The Canada Revenue Agency (CRA) offers free personalized support to small business owners and self-employed individuals through its Liaison Officer service. This service is available across Canada and aims to help with understanding tax obligations. During a personalized visit, the liaison officer can recommend ways to improve bookkeeping systems and provide suggestions on accounting records. Other benefits of this meeting include:

• Helping to better understand tax obligations and informing about potential business deductions.
• Explaining bookkeeping concepts and best practices.
• Offering advice to avoid common tax mistakes.
• Introducing CRA's online tools and electronic services.
• Answering tax questions and concerns.
• Demonstrating how to use financial performance data to compare business income and expenses with those in the industry.

Bank Loans

In addition to traditional financial services, many banks also offer mentorship programs and training resources for entrepreneurs just starting out. These programs can provide personalized guidance, practical advice, and seminars on key topics such as strategic planning, cash flow management, marketing, and sales. Such initiatives aim to strengthen entrepreneurial skills and foster the long-term growth of newly launched businesses.

Some banks also offer innovative solutions like online platforms for financial management, data analysis tools to assess business performance, and crowdfunding services to help raise funds from interested investor communities. These digital tools and services enable entrepreneurs to quickly access valuable information and manage their financial operations effectively, even without extensive financial management experience.

In summary, banks play a crucial role in supporting entrepreneurs by offering a wide range of financial services, specialized advice, and innovative tools to help them successfully launch and grow their businesses. This collaboration between banks and entrepreneurs contributes to fostering innovation, job creation, and economic prosperity within communities.

Support Offered by Bien Chez Soi

Becoming a Bien Chez Soi franchisee means choosing a rewarding job that positively impacts the community. It also means committing to our mission and values. Ready? We're here to support you in making your project a reality.

Support for You

Thanks to our training program, you will acquire the knowledge and skills needed to run your franchise. The training for our new franchisees includes an observation period at our offices, followed by personalized training delivered by one of our home care specialists.

Each franchisee receives a detailed operations manual and training on home care, as well as on business operations (financial management, marketing, customer service, staff recruitment, human resources management). After this comprehensive training, you will be ready to manage your own Bien Chez Soi franchise.

Ongoing Support

At every stage of your business startup, our specialists provide the necessary support to ensure the smooth development of your activities. Surrounded by experienced professionals, you can grow confidently and securely. This support is reflected in regular coaching sessions with experts specialized in each aspect of your business operations. Whether it's sales, business development, employee and client satisfaction, or finances, every aspect of your business and the efficiency of your operations are evaluated through our Health Checkup. The results of this evaluation will assist you in the daily management of your business.

Tailored Work Tools

Over the past 16 years, our team has developed various work tools, operating procedures, documentation, and evaluation forms essential for the smooth functioning of our business. These resources include evaluation forms for housekeeping, family assistance, and home care needs, an operational manual, a caregiver evaluation form, as well as training programs approved by the Quebec Ministry of Education.

Bien Chez Soi has been awarded an excellence prize by the South Shore Chamber of Commerce and Industry for its development and quality of human resources. This distinction highlights our innovative practices and avant-garde methods, ensuring the satisfaction of our employees, clients, and, of course, our franchisees, like you.

An Exceptional Business Opportunity

By becoming a Bien Chez Soi franchisee, you not only embark on a journey for a healthier society, but it is also an exceptional business opportunity.

• 91% of seniors want to stay home as long as possible.
• The population aged 65 and older will double by 2050.
• Bien Chez Soi’s retention rate is 50% higher than that of the industry.

A Bien Chez Soi Franchise?

Want to launch your franchise in Quebec? Why not do it with us? Discover the home care services you can offer and explore the opportunities to build a successful business right away.