Sure, you can do endless searches for great businesses on your own, and you probably already have. Wouldn’t it be great to have a mentor or partner? A franchise consultant’s job is to work with you, discuss your interests and skills, answer your questions, and help determine what franchise best fits your needs. A good consultant saves you time and money.
The IFA (International Franchise Association) offers the following tips to make sure you’ve found a reputable consultant. They include:
• Franchise industry experience – Look for a consultant who has been a franchisee or who has experience with a franchisor’s executive team. I have over 20 years of experience in the franchising field, from starting my own business to helping people like you chase your dreams.
• Full-time, professional focus – Find an experienced professional with a successful track record of helping people like you. Guess what? Helping people has been my full-time gig for years.
• Industry reputation – A reputable consultant will spend hours with you asking questions and listening to your concerns before ever discussing which franchises would work best for you. Plus, I have won multiple industry awards through the years.
• Pre-screened franchisors – A good consultant will have a selection of pre-screened franchise companies to potentially work with. Think of it as the best of the best. Many franchises have contacted me asking for me to work with them specifically, but I fell in love with being my own boss, and I want to help you feel the same.
• Proven results – Ask the consultant about their experience and assess their matching process. As always, if you have any questions at all: ask, ask, ASK!
A great consultant will always work in your best interests. A lazy consultant will show 10 brands on repeat. Here’s what to expect with working with the former:
Complimentary consultation services – A consultant’s services do not cost you anything. Consultants are paid a referral fee by the franchisor when you buy a business. Franchisors are willing to pay us to find them pre-screened, qualified buyers who are a right fit for their business. Outsourcing this service lowers the franchisor’s advertising costs and means fewer in-house sales people (which saves them paying workman’s compensation, social security, health benefits, advertising fees, etc.). This is a very cost effective business model for franchisors.
The business price is the same for you –By federal law, the price of the business is exactly the same whether you work with a consultant or go directly to the franchisor yourself. You will not save any money by going directly to the franchisor or attempting to go “around” a consultant.
Saves you months of research – Consultants have screened hundreds of franchise companies and know from daily involvement which franchises are good investments and which are not. They know the initial investment required, the net worth you must have to qualify, whether it can be a home-based business or not, whether the market in your area is still available, what states the companies are registered in to be able to sell franchises, how long they have been franchising, what kind of candidates they are looking for and much, much more. Why waste your time when a consultant can focus your search to companies that are best suited for your requirements?
Helps you find the right franchise for your goals – When you go directly to the franchisor, they will try to fit you to their concept and brand. A consultant looks for a franchise that fits your needs and goals first. The franchisor is selling to you and they have only one thing to sell. A consultant is not selling anything and has a plethora of different franchise opportunities for you to choose from.
Guides you through the selection process – Consultants educate you on the franchise industry, analyze your qualifications and goals so that you don’t waste energy on franchises that are not right or that you are not qualified to purchase. They find the best companies for you to investigate and then hold your hand throughout the remainder of the process. They teach you what franchisors are looking for in a candidate, how to investigate a franchise, what questions to ask their franchisees, and much more.
Provides a network of resources – Consultants have many resources at their disposal, which can further assist you through the process and during your franchise negotiations (including access to financing and funding options, franchise lawyers and other industry resources).
Does working with a certified franchise consultant sound like the right plan for you? Call or email me today!