Franchising is about more than just restaurants. No matter what industry you're in, or expertise you have, there are likely suitable franchising opportunities available for you. The Canadian Franchise Association estimates as of 2011 there are approximately 1,100 franchise systems currently operating in Canada, and approximately 78,000 franchise units.

Franchises exist in Canada for almost any product or service that can be imagined. There are franchise systems in place for goods and services ranging from environmental products, pet care, tutoring, landscaping, wine making and much more.

There are many reasons to consider buying into a franchise. Generally, franchises have a lower failure rate than independent businesses, and they may carry less risk. This is not guaranteed, however, and there are very different risk-and-reward trade-offs between different franchises.

The best-known franchises are established national and international brands – such as McDonald's or Tim Hortons – which have built-in name recognition, well established products and proven formulas for success. However, you can also find many franchisors who are themselves in relatively early start-up phases. This could be an up-and-coming brand that is using the franchise concept to launch an accelerated expansion, or perhaps an entrepreneur who is looking for franchise partners to quickly get a cutting-edge concept to market before competition emerges.

The cost of each franchise can also differ dramatically. A franchise could be a 74,000-square-meter anchor tenant in a shopping center, a small kiosk outside its doors, or even a briefcase full of products and a territory on a map.

For more information on franchising opportunities, join Scotiabank Director of Franchising Programs John Dykeman for our new Get Growing for Business video series. Discover if franchising is the right option for you, and learn all of the basics that you will need to know when entering into a franchise agreement.