Picking the Right Franchise Consultant
Franchise consultants can be a great resource in helping you to pick the right franchise business opportunity. With 4,000 brands out there, it is really hard to navigate the franchise world on your own. Some have many years of experience. Not all franchise consultants are the same. Look for the following qualities while choosing a consultant:
The more experience the consultant has, the more likely they will find the right business for you. Ask them the following questions:
- How many years of franchising experience do you have?
- What kind of experience do you have?
- Have you been a franchisee in the past?
For example, some consultants have never owned a business themselves. The consultants that have owned businesses in the past tend to have a better idea of which companies to refer you to. Some consultants have used franchise consultants in the past. This allows them to empathize with you because they went through the same search that you are now going through.
How Much Will They Really Support You Through The Process?
Some franchise consultants are “part-time” consultants. If someone has too many balls they are juggling, they might not have enough time to focus upon you. If the consultant is part-time, they might not know which brands are the best. Some brands work exclusively with top consultants. If you work with a part-time consultant, they might not have access to the hottest brands. Engage a consultant with industry experience who can dedicate all their energy to you.
The franchise investigation process is time consuming. One needs to explore franchise disclosure documents, financing, existing franchisee validation, franchise systems and franchisor discovery days. How involved will your consultant be in this process? The best consultants are coaches who are with you throughout the whole process.
Reputation matters. You trust certain brands. You trust that Orange Theory will give you a good work out and that Chick-Fil-A will always provide a delicious meal. Pick a franchise consultant with a good reputation who you can trust. Consultants with the best reputations spend more time with their candidates. Your chances of finding a great franchise are higher when you choose the right consultant.
Investing in the right franchise is a life-changing and complex decision. By working with a great franchise consultant, your chances of finding the right franchise fit are higher. Not all franchises and not all franchise consultants are the same.