Why We Chose To Franchise: The CADMEN Perspective
There are a number of reasons why here at CADMEN we chose to take the route of opening our business up to franchise opportunities, from a desire to expand to a want to provide hard working employees with an opportunity to curate their own place of business that they can be proud of to call their own. When it comes to starting a new business there can be many risks involved but starting a franchise provides franchisees the support, structure and mentorship they need to succeed in their new role. According to Ian Almasi for LinkedIn 80% of businesses fail whereas 75% of franchises succeed, within the first 5 years most businesses see failure whereas franchises can see success. This makes it a great choice for us as business owners because the chance of our brand being able to franchise and expand successfully is high and for employees it provides a greater success rate than opening their own business .
Expansion
As our business began to grow and attract more talent, media attention and clients we wanted to make sure we used that to our advantage to keep the business booming. As such we began to expand the business, opening a second location in Toronto, and eventually adding a clinic as part of that location. Now we are opening a new clinic and barbershop in Markham soon, as well as offering education courses and an apparel line, but we aren’t stopping there. The next step is franchising, which I am happy to announce that CADMEN is officially a franchise and we are offering the opportunity to any members of our team who want to broaden their horizons in business and own their very own CADMEN Barbershop and Clinic. Franchising gives us the opportunity to continue to expand our business whilst giving back to our team and our community who have supported us.
Culture and Quality
When we knew we wanted to expand, something we took into consideration was that we want to keep the culture and quality of CADMEN alive no matter what, that's our foundation. The way to do this is to have someone in charge of the location who has a passion, desire and drive to succeed, they have skin in the game and treat the brand as their own, to represent it proudly and effectively. The only way to ensure this is by making sure the person running the location is in fact the owner of that business/store and will treat it as such, putting their heart and soul into running it as best they can and aligning with CADMEN values. Additionally as the overhead brand and company we have chosen to take a small profits cut from each franchise location in order to keep up the quality of service and experience that clients have come to expect from CADMEN. By taking a percentage of profits we are able to provide the franchisee with proper equipment, resources, tools, training, mentorship and guidance to nurture and foster the CADMEN brand within their location as well as to build their own personal business skills, knowledge and abilities.
Overall, there are pros and cons to both owning a franchise and starting your own business, for example when it comes to Franchises there are less risks involved than with starting your own business from scratch and from the ground up. When it comes to starting your own business you get to keep more of the profits and you have more freedom with the direction you take it in, so there are trade-offs either way. But no matter how you slice it, franchises are more likely to succeed within the first five years than other businesses, and CADMEN is proud to officially be a franchise now!