@Tinu:
My apologies; I do not have the other thread bookmarked. My advice in terms of business and investing is that do not invest in a business/market if you do not understand the business and market trends; you may be better off putting you money in the bank with some guaranteed interest rate. The fact that a business looks good from the outside does not mean it's operating at a sustainable level. In Nigeria, my understanding is that most business owners do not do their homework properly; they just throw money at any business idea that looks good. In Nigeria, the risks are fairly high and so are the profit margins. However, several businesses still fail or are not sustained because they are not developed properly.
With this in mind, I cannot really tell you which franchise you should purchase. Firstly, any franchise location has its price tag. For instance, the price of a Mcdonalds in downtown Toronto will be definitely higher than some rural joint. Also, most of these franchises are regulated...so you have to make several contacts to understand the requirements and commitments involved. Based on the location you are shooting for, you have to do your market assessment...if it has not already been done. Some good strategic planning and marketing has to be done. One thing I can tell you is that the margins in the restaurant business are very tight...so thread very carefully otherwise you'd just end up pissing hard earned away.
On the other hand, there are business opportunities in every city/province. You just have to look hard to find the gaps to explore. Business here in Canada requires hard and dedicated work....not just the buy and sell in Nigeria; I'm sure you know this. If you are bent on buying a franchise or business, make sure a Chartered Accountant goes through the numbers; that way, you can get a true value of the enterprise. Sometimes, you may be lucky to buy out a business from individuals with a large clientele who are retiring and underselling.
There are always legal issues with any business.
All businesses are also registered with Canada Revenue for tax purposes. As a business owner, you may do well to understand the tax laws and how you can benefit from them as a business owner. Depending on the size of the business, you may have to employ an accountant to do your taxes.
Post any specific questions...if/when i get sometime, I may float some ideas.
