For most entrepreneurs, choosing the right franchise can lead them to their dreams of becoming a successful business owner. Working with a franchise consultant can help you get there easier. Also, it can help you avoid potential heartbreak and financial disaster. In this article, we will highlight the benefits of working with a franchise consultant.
Getting the Right Help
Working with a franchise consultant can help you in multiple ways to find the perfect franchise opportunity for you. That being said, here are some discussion topics you should have with your franchise consultant.
- Pros & Cons of Owning a Franchise: Some pros of buying a franchise are brand recognition, the established systems and business models, the support and training and many more. However, there are some downsides to buying a franchise. This includes high upfront fees, build-out costs, ongoing royalties and sometimes misguided expectations.
- Personal Reflection: Working with a franchise consultant can help you better understand yourself. You will gain a better idea of what franchise will best suit your needs based on your personal reflection.
- Financial Capacity & Goals: The biggest deterrent for someone to buy a franchise is the investment level. However, by working with a franchise consultant, he or she can narrow down your search to franchises that are within your budget.
- Strengths Abilities & Passions: As mentioned earlier, working with a franchise consultant will help you assess your strengths, abilities and passions. This will help you determine which franchises will be most suitable for you.
- Franchise Opportunity Matchmaking: Now that the franchise consultant has a good understanding of your personality, he or she can propose to you a selection of franchises that would be ideal for your scenario.
- Franchise Review & Due Diligence: Now you have a selection of potential franchise opportunities, the franchise consultant review them with you. The consultant will narrow down your search until you find the perfect franchise opportunity.
Questions to Ask a Franchise Consultant
Before working with a franchise consultant, you should ask some questions to gauge their experience, knowledge and get an idea of the services they will be able to provide to you. That being said, here are some questions to ask your franchise consultant.
- How much franchise consultancy experience do you have?
- Do you have a list of references from your previous clients?
- What is your background that led you to become a franchise consultant?
- Do you get paid by franchisors for bringing prospective franchisees to them? If so, which ones?
- Are there franchise lawyers that can vouch for the quality of your work?
- Are you able to provide unbiased advice?
- Can you help with business plans?
- Are you a member of the International Franchise Association (IFA)?
- What qualifications and training do you have?
- Can you offer further assistance after I purchase a franchise?
One of the main franchise consultant services is to manage expectations. By managing expectations, a prospective franchisee will be able to better narrow down their options and have a better chance of achieving their business goals. In addition, managing expectations is realizing that there are no, low risk, low investment, no work needed, guaranteed-income franchises on the market.
In conclusion, knowledge is key. With the guidance and assistance from a good franchise consultant, you will be able to take the steps towards becoming a franchise owner and a successful one to boot.