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Do You Actually Have a Right to Disconnect From Work in Ontario?

Guest Post | Nov 20, 2022

Pexels Ketut Subiyanto Kids disturbing remote working mom - Do You Actually Have a Right to Disconnect From Work in Ontario?

Image: Pexels/Ketut Subiyanto

You might have heard the news or read the headlines in late 2021 that Ontario's provincial government was about to make it a law that workers in the province would have the right to disconnect from work after their shift was over. Considering the context, that many employees were working from home and starting to feel that they were always on duty, the announcement received a lot of attention.

But if you dug a little deeper or spoke to an employment lawyer in Toronto, you would have learned that there was no new "right to disconnect" coming, that the only new right you will have as an employee going forward is the right to have your employer write a policy regarding disconnecting from work and to have access to that policy.

Let's take a closer look at what the new law says.

What the New Law Actually Does

With the new law coming into effect at the beginning of 2022, every employer with 25 employees or more is now required to have a written policy on disconnecting from work in place by March 1, 2022, and every subsequent year. The Employment Standards Act defines "disconnecting from work" as:

"not engaging in work-related communications, including emails, telephone calls, video calls or the sending or reviewing of other messages, so as to be free from the performance of work."

To meet the 25-employee requirement, the employees include full- and part-time workers on staff as of January 1st of the calendar year, regardless of if the employer loses staff over the course of the year. Conversely, if, as of January 1st, an employer has less than 25 employees and hires more staff over the year, they would not have to draft a 'disconnecting from work policy.'

Other guidelines include the following:

  • An employer can have different policies for different departments/types of employees (i.e., managers and IT staff.)
  • Employers must provide a copy, or make it accessible online, to every employee within 30 days of its writing.
  • An employer must also provide a new employee with a copy of the policy within 30 days of their hiring.
  • If an employer makes changes to the 'disconnect from work' policy, they must provide their staff with a new copy of the policy within 30 days.
  • Employers are required to keep a copy of each policy for at least three years after its expiration.

Maintaining the Status Quo

The Government of Ontario's written policy on disconnecting from work says this regarding an employer's 'disconnecting from work policy':

"The ESA does not require an employer to create a new right for employees to disconnect from work and be free from the obligation to engage in work-related communications in its policies. Employee rights under the ESA to not perform work are established through other ESA rules."

See:  5 Useful Tips For Successfully Shifting To Remote Work

In other words, if you were hoping that the Ontario government was 'stepping in' to prevent your employer from requiring you to be available after hours to answer calls, emails, etc., that is not what the new law says. In fact, despite the way it was framed, the new law allows things to remain exactly as they were, except now your employer must put it in writing.

Speak to an employment lawyer if being on-call forces you to work more than eight hours per day or doesn't provide you with at least eight hours off between shifts.


NCFA Jan 2018 resize - Do You Actually Have a Right to Disconnect From Work in Ontario?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Tax Reporting Behaviours That Can Lead to a CRA Audit of Your Business

Guest Post | Nov 19, 2022

Pexels Mikhail Nilov Women holding calculator - Tax Reporting Behaviours That Can Lead to a CRA Audit of Your Business

Image: Pexels/Mikhail Nilov

As a business owner, it can be tempting to play up your expenses and tamp down your income to “help” reduce your payable tax amounts. While many Canadians round up or down here and there, entering false information on a tax return is against the law and can lead to more trouble than it’s worth.

As the experts at Taxpage will tell you, the CRA has a lot of data it relies on when processing returns and software designed specifically to catch and flag anomalies. The list below contains some of the more common ways business owners draw the wrong kind of attention to themselves.

Things You Can Do To Get Your Business Audited

While there are no rules written in stone about what triggers a tax audit, and many are simply random, doing the following can put you at risk of a CRA audit.

Drastic Changes in Income Reporting

Sudden changes in your revenues, expenses, credits, deductions, etc., especially those that significantly impact your total payable or owed, can get noticed.

Constantly Losing Money

Losses at startup are normal and expected, but if it’s years down the road and you’re still losing money, the CRA might want to know how you’re still in business.

Out-of-Whack Expense Reporting

When you file your taxes under the appropriate industry code, just assume that your return is being compared to industry averages. If you think the CRA is unaware of what your expenses should be, think again.

The same is true if you operate a home business and try to write off all of your monthly bills, home renos, new tech and home furnishings.

Income Underreporting

Again, industry codes give the CRA information on average profit margins in your industry. Underreporting your net income may get you flagged.

Charitable Donations That Don’t Make Sense

If your charitable donations represent a significant-to-large percentage of your net income, this obviously looks suspicious.

Not Reporting Your T-Slips

If you’ve received a T slip such as a T4, T4(OAS), T4(p), T5, T4A, etc., you can rest assured that the CRA has received it too. Not reporting it will only cause them to investigate whether it was you or your employer that didn’t properly report.

Unpaid Loans to Shareholders

If you or another shareholder in your corporation takes a loan from the business and doesn’t repay it within a year or is taking a loan every year, this can very much look like unreported income on a personal tax return that should be taxed at a higher rate.

Discrepancies Between Your Income Tax and HST Returns

Yes, these two returns are checked against each other, so if you report different revenue numbers on each, you can reasonably expect a tax audit.

The Bottom Line on CRA Audits

If you are notified of an impending CRA audit, don’t waste any time or try to represent yourself at the audit; hire a tax lawyer right away. The CRA is out to prove that you made a mistake (or worse) and is going to look at the numbers through that accusatory lens.

See:  Before receiving your salary in crypto you should consider these things

If they ask you questions, you must answer, and any answer you give, they will use to try and incriminate you further. You need an advocate on your side who will keep them honest, protect you from yourself and potentially save you large amounts of money on a reassessment.


NCFA Jan 2018 resize - Tax Reporting Behaviours That Can Lead to a CRA Audit of Your BusinessThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Payment Technology Solutions for Online Casinos

Guest Post | Nov 18, 2022

Image Unsplash Dmitry Demidko Crypto payments - Payment Technology Solutions for Online Casinos

Image: Unsplash/Dmitry Demidko

The popularity of casinos brings many questions to the table. Most of them are concerned with the overall security of all the platforms and their accessibility. One of the best features of online gambling websites is the opportunity to offer every single person the best possible experience. We all have specific preferences when it comes to payment solutions. Some still prefer using old-fashioned credit cards, while others transfer easily to the market of cryptocurrency. Depending on your choice of solution, you must find the best available platform. At this platform, you need to ensure that there is a wide variety of digital wallets and traditional banking options to satisfy your needs. We selected the best payment solutions for customers and developers alike.

Why Payment Solutions Are Crucial

The first answer we wanted to bring up concerns the importance of payment solutions. If you were wondering why they are crucial, we have several reasons. Nevertheless, before we get to the aforementioned reasons, you have to understand that choosing the best payout online casino will only maximize your experience. It might take some time to do proper research, but using the linked website will help you a lot in the search.

Besides, as you will learn, using a proper payment solution can also increase your payouts. Now without further ado, here are some reasons we all need to use appropriate payment solutions:

  • Improve experience
  • Maximize profit
  • Increase security
  • Develop fast payouts
  • Decrease stress levels

Overall, there are many reasons why we should all be mindful of the platforms we are choosing. Whether you like poker, card games, electronic sports, or slot machines, your experience will only be better with a proper banking method.

Cryptocurrencies

Cryptocurrency is an umbrella term, but it still can function as a proper payment solution. Interestingly enough, there are many advantages and disadvantages to using cryptocurrency for your gambling activity. First and foremost, the cryptocurrency market is volatile. Therefore, you will have to consider that you may double or lose your profit. Cryptocurrency, in some ways, is just like gambling. However, if you are willing to take risks or get to know this market properly, you will have a chance to increase your payouts and get fast payouts. The majority of cryptocurrency wallets can get you your money within an hour. It is one of the fastest ways to receive your jackpot in this industry. It is also one of the safest options because you’re not directly putting your personal information on the casino platform. Even if you are using the safest casino in Canada or any other country, you must stay cautious.

PayPal

PayPal is one of the best choices for the majority of users. Remember that this particular platform may not be available in every country. Therefore, you still have to research whether you can use PayPal. Most importantly, check whether you can actually withdraw money from PayPal to your bank account or create a PayPal credit card. Besides, PayPal will take longer to process your payment than a normal cryptocurrency wallet. With that being said, it is still one of the safest solutions out there. Like our previous option, you’re not putting your information directly into the gambling database. Therefore, PayPal, one of the most reputable platforms out there, he’s responsible for your money. This is yours if you want to stay on the safe side of things.

Payment Center

Since we are talking more about technologies than actual payment options, we have to mention the payment center. This particular technology is rather new. It was created back in 2013 specifically for the market of online games. It was initially licensed in Europe and spread to the United States and Asia because of its popularity. The company owners guarantee that your money will be protected, and you will easily monitor all the transactions. Even though it is not the most popular technology out there, it is definitely one of our favorites.

Neosurf

Neosurf, at this point, is a classic. It was founded almost 20 years ago for users who preferred to utilize their credit cards but do so through a reputable platform. It is also one of the easiest platforms you can use from our list. Additionally, just Like our previous option, it was specifically developed for the entertainment industry. Therefore, it still remains one of the most reliable solutions you can choose on the market. Finally, customer satisfaction is through the roof, and she will also get access to much faster payouts.

Praxis

Praxis is the lost technology we wanted to discuss with you. It is a platform also partially dedicated to the entertainment industry. It is mostly a European company, and you can use it no matter where you are located or the purpose of the aforementioned usage. Many celebrities and sportsmen appreciate it because the company itself guarantees security and anonymity. We also consider this company to be somewhat of a local business that supports the environment and has headquarters in Ukraine, Spain, and many other European countries. Therefore, if you are not necessarily looking for online casinos in Canada, this can be your option.

Bottom Line

Here you can find several best solutions for online games and fast payouts. The majority of them combine security, the ease of use, and they have an immaculate reputation.

See:  Crypto Payments Report 2022: How digital currencies are revolutionizing commerce, corporates and culture

You always have to keep in mind that not every single platform is available in your particular country. So make sure you research all the legal aspects before you start using these platforms. The good news is that Canada has access to almost every popular solution. You also have to consider whether you want to deal with cryptocurrency, traditional credit cards, or a secure digital wallet. Make a wise choice, and don’t forget to play responsibly.


NCFA Jan 2018 resize - Payment Technology Solutions for Online CasinosThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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How Much Money Should a Beginner Invest?

Guest Post | Nov 18, 2022

Pixabay nattanan23 Investing - How Much Money Should a Beginner Invest?

Image: Pixabay/nattanan23

It is often difficult to start investing because of the pressure and uncertainty. Beginner investors are reluctant to begin investing before they accumulate the right amount of capital to start with. However, deciding which amount of cash is enough to make the first investment is another issue. Some people think that you need a few hundred or even thousands of euros to be eligible to invest. In reality, you can start investing and testing the water with just a few euros.

The Perfect Amount to Start Investing

While some articles claim that you need at least 500 euros to begin investing, the real answer is not as clear. In reality, the perfect amount of money for investing is different for each person. The number can change based on your income, time limits, the ultimate goal for saving, etc. To settle the amount of cash you want to invest regularly, go through these few steps first:

  • Deal with your debts – it might be tempting to invest money and expect some revenue from it while you are still in some kind of debt. However, debts usually have higher interest rates than you can receive from investments as a beginner. After paying off the debts, you will be able to invest more confidently and expect great income over time.
  • Plan your budget – carefully planning your budget is essential to feel secure with your income and have enough cash to put aside for investing. See how much you earn and how much you spend each month. List your expenses and see which ones are essential, such as your bills, medications, etc., and which ones are for entertainment. This way, you will be able to see if you have spare money to invest regularly.
  • Plan for emergency expenses – emergencies always happen when we least expect them. You have to consider some unforeseen expenses when you invest money. If you invest in certain plans that do not allow withdrawing money before the necessary time passes or there are fines if you do so, you will need to spare some money to put into a saving account as well. If your investments can be easily retrievable when you need the money urgently, this works too.

Ultimately, this comes down to how much money you specifically can spare for making an investment. Managing your finances properly will help to put aside a fixed amount of money regularly and gradually increase it to meet all your goals.

Investment Solutions

While it is possible to find investment options for every budget, some solutions are more fitting for beginners than others. If you are interested in where to invest money online, here are some routes you can take as a beginner investor:

  • Investment funds – this is a great solution for beginners as it is less risky than investing in stocks or other assets right away. One of the alternative investment services in this category is Quanloop. There, you can invest any amount based on your capital and withdraw it every 24 hours if you need to. In addition, you can try investing just one euro to test things out. This is the lowest investment you can find.
  • Stocks represent ownership of a part of the company you buy them from. The prices for stocks can differ tremendously. To invest in shares efficiently, you should do thorough research on a business to see whether there is a potential for this company to succeed. If the business goes bankrupt, its shares lose their value.
  • Cryptocurrencies – this solution is not for everyone, but a popular option to invest money online today is crypto. Digital currencies are considered a good investment by many, especially if you are interested in technology and blockchain. With virtual currencies, it is also possible to invest in various tokens to have a diverse portfolio and purchase cheaper cryptocurrencies at first.

See:  Retail Investors to Drive Growth in Private Assets Under Management Expected to Reach $18.3 Trillion by 2027

When you decide on a specific amount of money, online investment options will be more clear. As a beginner with a lower budget, you can try solutions that allow small investments and convenient withdrawals, like investment funds. The risks are still involved, but with convenient risk plans, you can adjust your strategy based on your budget and the sum you are willing to invest.


NCFA Jan 2018 resize - How Much Money Should a Beginner Invest?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in Canada

ISED | Release | Nov 17, 2022

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Effective and up-to-date competition law and enforcement are necessary to promote a competitive marketplace that favours prosperity and affordability for Canadians. The Competition Act plays a critical role in protecting consumers and promoting dynamic and fair markets that benefit consumers, businesses and workers alike.

  • Modernizing Competition Law:  In February 2022, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced his intention to undertake a review of the Act, beginning with immediate, targeted improvements, followed by further consultations to consider broader changes.
    • Several amendments to the Act, introduced in the Budget Implementation Act, 2022, No 1, came into force with royal assent in June 2022, as a first step to modernizing the Competition Act.

See: 

Canada’s Competition Consultation Continues (thanks Senator Colin Deacon)

Canada’s Competition Problem: 7 Reasons

Is productivity, wealth creation and competition at the forefront of Canada’s growth agenda?

Ipsos Survey: Most Canadians Say (88%) We Need More Competition

Matthew Boswell, Commissioner of Competition, Pushes to Modernize the Competition Act

C.D.Howe Report: Canada’s Weak Business Investment Threatens Prosperity

Nov 20, 2017: NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector

  • Public Consultation:  Now, the Government of Canada is undertaking further consultation to canvass Canadians for their views on the future of the Act and its enforcement, potentially leading to further measures to update Canada's competition law and policy framework for the modern economy.
    • The Government of Canada welcomes your perspective and comments on a wide range of issues, including how to ensure the law and its provisions remain effective in serving our national interest, and how to improve or protect competition in emerging data and digital markets.
    • These ideas are outlined in:
  • How to participate:

The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, made the following statement:

"Maintaining an effective and up-to-date competition law is key to building a growing and innovative economy, which will result in not only more competitive prices and product choices for Canadians but also fair markets for workers and businesses."

Continue to the original release --> here

Submit your comments to the 'Future of competition policy in Canada' --> here


NCFA Jan 2018 resize - ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in CanadaThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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CB Insights: FTX ‘Bagholders’ — Investments and M&A Portfolio Map

CB Insights | Nov 18, 2022

CBInsights FTX bagholders - CB Insights:  FTX 'Bagholders' -- Investments and M&A Portfolio Map

Continue to the full article --> here


NCFA Jan 2018 resize - CB Insights:  FTX 'Bagholders' -- Investments and M&A Portfolio MapThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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How Do Franchises Work?

Nov 18, 2022

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If you want to launch your own business and sell goods, you may have thought about becoming a franchisee. Finding franchise opportunities can be an excellent way to connect with an audience that wouldn’t buy your goods otherwise, and it creates an immediate sense of trust in the consumer’s mind.

For instance, brands with a reputation for being green have more chances to attract customers, and these customers are willing to pay more for sustainable products. So, if you’re interested in joining a franchise to offer such products, allow us to show how being a franchisee works.

Starting Operating a Franchise

Franchises exist for any kind of business providing customers with goods or services. The first examples coming to mind are fast-food restaurants such as McDonald’s or Burger King. However, it’s possible to join a franchise to sell other alimentary products like groceries, jewelry, or apparel.

As a franchisee, you’ll have to pay a fee to the franchise to get the right to use their brand name and sell their products. In most instances, the franchise can ask the operator to adapt their facility or invest in machinery to offer the products with their exigence in quality.

Is It Lucrative For The Franchisee?

If you didn’t know, franchises have generated over 827 billion US dollars in the US in 2022, and it employs over 8.5 million people every year. Once you’ve paid all you’re due, including paying for the goods, advertisements, and the various fees and royalties linked to the franchise. Then, the rest of the recipes go to paying your employees, facilities, and, finally, your operating company.

Moreover, franchises have started to partner up with innovative payment methods like XTM to offer customers more convenience. These payment solutions usually boost sales by providing incentives or crypto payments.

How Much Does It Cost?

The cost of a franchise varies depending on the brand and type of products and services you intend to offer. In some instances, the initial investment can reach upwards of $21,000 to get started. You’ll have to pay the franchise fee, permits, insurance, supplies, promotions, furniture, and legal procedures.

You may also have to invest in hardware and pay for professional software solutions to run the business. Additional fees may apply depending on the nature of the operation. like delivery and training expenses. So, it’s a profitable venture if you already have the initial funds to get it up and running in a matter of months.

If the franchise you intend to launch is more luxurious, like a resort, the initial investment is in millions. and most of these businesses require seeking investors with enough money to pay for everything.

Are There Low Investment Options?

Even though the most prestigious franchises, like Hilton, will ask for a tremendous price upfront due to the quality of the brand and the crowd it attracts, it’s possible to get started with a franchise for far less money.

For example, paying for a fitness franchise is one of the most profitable investments. You’ll have to pay for the hardware, machines, and professional coaching, but the franchise is relatively cheap. Furthermore, this will attract pre-existing customers to your venue.

Unsplash Taylor Grote Smiling Man - How Do Franchises Work?

Image: Unsplash/Taylor Grote

Is It Always Profitable?

For a franchising business to be successful, you must be ready to invest the required amount of money. However, it can fail for a number of reasons. Before buying a franchise, you need to get legal advice and do a business survey. For instance, opening too close to similar businesses can lead to your business not making enough. Still, if your facility is too far removed from a city center or places of interest, no one will know it’s there. It’s all about finding the right balance to attract the right customers.

See:  Your Conventional Business Must Modernize in a Post-pandemic World

Furthermore, the franchise will review your application to ensure you can provide the quality of service expected by the brand and its customers. Nowadays, this process can be made easier if the franchise is an online service.


NCFA Jan 2018 resize - How Do Franchises Work?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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