If you are a newcomer, starting a franchise in Canada can open many doors. Your opportunities can be endless with the right financial partner to help navigate all your options within the Canadian franchise market.

According to the Canadian Franchise Association, Canada is home to some 78,000 franchises; the marketplace is growing and is active in every part of the country. With so many choices, it can be tough to know where to start.

"Opening a franchise can seem daunting if you're unfamiliar with the Canadian business market," says Camon Mak, director, Cultural Markets, Royal Bank of Canada. "Proper advice and knowledge from a financial advisor can make the process much easier by providing direction on financing, market analysis and the basics of doing business in Canada."

Mak offers three tips to help start your franchise:

Do your homework:
The federal government offers services and support designed to help you become a successful business owner in Canada, including the Canada Small Business Financing Program and Service Canada. For franchise--specific information, visit the Canadian Franchise Association at http://www.cfa.ca/.

Know your financial incentive options:
For example, The Hong Kong Government announced that for 2011, it was providing $6000 HKD (approximately $730 Canadian dollars) to every Hong Kong permanent resident, including those in Canada, who are 18 years of age or older. Canada Revenue has confirmed that this would be considered tax--free money.

Partner with the right bank:
A financial advisor can be an invaluable partner, offering not only financing tools, but also guidance on Canada's banking system. Visit the RBC Commercial Advice Centre (http://www.rbcroyalbank.com/commercial/advice/industry-expertise/franchise/index.html) for tips, tools and access to franchise specialists.

Understand your financing options:
Depending on your business plan and resources, your financial advisor will help guide you to options that best suit your franchise and financial goals.

By working with the right franchisor advisor, you can help ensure that your Canadian business dreams are set to succeed.

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