Increasing number of newcomers are considering franchising as a career option
September 24, 2024
The Canadian Franchise Association (CFA) has shared compelling insights about the growing trend of newcomers in Canada exploring franchising as a career option. The association, a national, not-for-profit representing over 40,000 franchise business owners, finds that franchising has emerged as a vital sector in Canada, providing robust opportunities for immigrants seeking to establish themselves and contribute to their new communities.
Franchising is a business model where a company (the franchisor) allows individuals or other businesses (franchisees) to operate their own businesses using the franchisor’s brand, trademarks, system and methods. In exchange for this, franchisees typically pay an initial franchise fee and ongoing royalties based on their sales.
One in four businesses owned by immigrants
Canada’s welcoming environment and strong economic framework make it an ideal destination for immigrants, with about one in four businesses (23.7 per cent) owned by newcomers to Canada, showcasing their entrepreneurial inclination.
Profile of a newcomer Canadian franchisee
The percentage of immigrant owners who are science, technology, engineering or mathematics (STEM) graduates is considerably higher among newcomers than those business owners from the second and third plus generations, suggesting that the immigrant entrepreneurs have undergone higher levels of education than their Canadian counterparts.
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