Franchising

Difference in Objectives:

Unlike the franchisor whose objective is to sell you his franchise if you qualify, the franchise consultant should have no bias toward any specific franchisor or franchise type. Rather, his sole objective should be to assist the franchise business buyer in making and executing the best decision to satisfy his or her requirements and qualifications.

Franchise Consulting Services

As a fundamental step, a franchise consultant should help you determine if running a franchise business is really right for you. For example, some consultants provide a test that profiles your aptitude and commitment against those of other highly successful entrepreneurs.

The franchise consultant should then guide you through an objective self analysis to help you determine your financial, lifestyle, and business objectives.

That information should serve as the basis for pointing you to the best franchises that meet your requirements out of the thousands of options available, and he should assist in your selection process.

He should guide you through a thorough due diligence process, covering all the potential snags such as local licensing requirements with which the franchisor may not be familiar. He should assist in formulating the right questions to ask both the franchisor as well as other franchise owners.

If financing is an issue, the consultant should direct you to potential sources. He also should help you find well qualified legal and financial advisors who understand the nuances of owning and running a franchise business.

He should be there to support you and to serve as your mentor until the franchise deal is closed.

Benefits of Using a Franchise Consultant

In summary, engaging a reputable franchise consultant can save you big time in several ways.

1. First, by establishing a clear process and guiding you through the maze, you can save weeks if not months in completing the selection, evaluation, due diligence, financing, and closing process.

2. The anxiety associated with fear, uncertainty, and doubt about making the right decision is eliminated.

3. By objectively guiding you to the best decision and execution, you can avoid costly mistakes.

The franchise consultant's primary objective should be to help you become the owner of the best and most cost effective franchise business that meets your objectives.

And the great thing about using a franchise consulting service is that the service may be totally free to the franchise buyer. Because the service provided is of great value to both the franchisor as well as the franchisee, most franchisors are happy to pay franchise consultant's expenses.

The value of engaging a professional franchise consultant is one of the things you need to know before you buy a franchise business.