McDonald’s, Burger King, Pizza Hut, Marriott, KFC, Dunkin’, 7-Eleven, Subway, Domino’s, Baskin-Robbins. What do these ten companies have in common? Perhaps they’re on your most frequented list of brands, or perhaps you’ve come to avoid them because they’re “chain restaurants.” Either way, you’ve likely engaged with them before, and when you have you may have heard the word “franchise” thrown into the mix. But what exactly is a franchise and how do they work?
A franchise is a business that has permission to use another business’s marketing concepts and model. Essentially, if you’re interested in starting a franchise, it’s a legal way to use another person’s ideas and expertise create an opportunity without needing to do a lot of the legwork that comes with starting your own business. Additionally, if you’re buying a franchise, it might even help to use a franchise consultant to make the process easier. Here’s everything you need to know if you want to venture down this path!
What are franchise consultants
Franchise consultants are experts in the franchise world. When you look to buy a franchise, they’ll be your go-to person for any questions you might have. Big or small, you can rely on a franchise consultant to link you to a variety of resources that can help get you the jump start you need.
How can franchise consultants help franchisees
Their role is a bit different depending on who their client is. For franchisees, or people looking to own a franchise, they help to discuss the various options. What franchise is best for them? What are their interest and skills that draw them to this possibility? Is one industry better than the other? What are their options and what are the factors at play? Since they’ve been through this process before, they know how all of the different elements can play out.
How can franchise consultants help franchisors
For franchisors or people who allow individuals known as franchisees to run a location of their business, franchise consultants also have a role. They help to provide ideas and advice on how they can attract potential franchisees. When you’re running a successful franchise, it can be difficult to objectively know your different options or to understand the benefits of allowing someone else to take control.
How to choose a franchise consultant
Choosing a franchise consultant, especially if you’re a franchisee and aren’t sure what you’re looking for can be difficult. Here are some factors to keep in mind when selecting who you work with.
- Results: The best indicator of future work performance is past work performance. If you know someone who has proven results with another franchise, they’re a greater chance they could be the right option for you.
- Experience: Look into their background and experience. The more your franchise consultant knows about the business, the greater chance there is that they can help you get where you want to be.
- Full-time: Is this your franchise consultant’s full-time gig? If it is, odds are that they are playing to win and have some real knowledge in the industry because they’re dedicating all their time to it. If they’re doing it as a side hustle, they might not be putting in the same time to finding the right opportunities for you.
- Reputation: How is your franchise consultant perceived within the industry? Do they have a reputation for being a good listener? For sitting down with you? For working a variety of industries? Or being the best in one? Listen to what others tell you from their own experience because it can be valuable.
While franchise consultants used to focus primarily on assisting franchisors, in more recent years they’ve moved towards all facets of the franchises. They assist individuals looking to get into the business and individuals already well within. Choosing the right franchise consultant for you comes down to getting inside knowledge. Don’t be afraid to ask someone you know already in the business. If they’ve successfully used someone, that can be a great way to get your foot in the door!