Benefits of Working With a Franchise Consultant
What are the benefits of working with a franchise consultant?
In an age of information on demand we can learn a lot about the various franchise opportunities available to us with a simple Google search, so why would someone work with a franchise consultant? There are many benefits of working with a consultant, here are just a few.
Their services are free! Most franchise consultants are paid by the franchises they represent so rarely, if ever, charge a fee to their clients. It is up to you whether you take their advice or not so as a prospective franchisee you really have nothing to lose.
They know of brands you may have never heard of. When most think of franchises they tend to think of brands like McDonalds and Subway but in truth there are over 3,800 different franchise opportunities in the US alone serving dozens of industries. A franchise consultant may have some very interesting and lucrative ideas you have never heard of, much less considered.
They can save you time and legwork. It is one thing to have a great franchise in mind but is that brand available in your market? Do you meet their qualifications? When searching for a franchise on your own you can quickly find the process frustrating for reasons like this. A good franchise consultant can handle this legwork for you saving you hours of research only to be told, “we are not available in your area” or “you do not meet our requirements for a potential franchisee”.
They can get you put at the top of the list. Good franchise consultants are not just knowledgable but are also industry insiders. Since most franchisors have a greater success rate with clients introduced by a consultant they tend to place these people at the top of the list and give them top priority as the consultant has made sure they are more than just a tire kicker.
A great education. Many first time franchise owners are overwhelmed at what is involved in going through discover with a franchise. Remember it is a two way street, not just a “OK I’ll buy it” type of process. A good consultant can not only help prepare you for the process but can also assist you in many steps along the way.
An honest assessment. There is no such thing as a perfect business as all businesses, including franchises have challenges. A good franchise consultant can share with you the challenges of one particular business vs another right up front potentially saving you hours of due dilligence only to learn that business may not be the right fit for you.
Since a franchise consultant’s services are generally free, come with no obligation and never mean you pay more for the franchise due to using them a prospective franchisee has nothing to lose by seeking the advice of a consultant or even multiple consultants.