Finding the right franchise in the right industry is a science. Franchise consultants break down features that make franchises tick.
The urge to ‘Be Your Own Boss’ nags at you daily, but the risk of making a transition is great. If you can find the right franchise business, then you can improve your life. But choosing the wrong fit can rock your world in a bad way. Enter the franchise consultant (aka franchise broker, franchise advisor) to help find you the right franchise business.
How does a franchise consultant help you find the right franchise business? They do so by learning about and educating you on career options. Next, they introduce you to quality, vetted franchise business opportunities to reduce your risk of becoming an entrepreneur. Franchise consultants find you the right type of franchise business in the right industry, saving you months, if not years, clicking on Google and fretting over businesses to quantify their validity and quality. In addition, the franchise consultant offers you access to their network of resources.
The franchise industry is not static nor consistent from one franchise business to the next. Management, marketing, sales, operations, and the use of technology vary greatly. Franchise consultants break down features that make franchises tick and compare systems, thus letting you focus on what matters to you. Finding the right franchise business in the right industry is a science. The starting point begins with a franchise industry information discussion.
Franchise industry Information
- What is a franchise business? As basic as this may seem, it’s a good starting point for discussions about possible franchise business ownership.
- Day-to-day roles and responsibilities of the franchise owner. Variation of day-to-day responsibilities for 1) full-time, 2) semi-absentee (aka part-time – keep your day job), as well as 3) passive ownership.
- Business ownership benefits and challenges. Often people see long lines at restaurants and think owning a business is easy. Franchise business ownership is all about relationships with customers and employees. The franchisor has the responsibility to train their system to the franchisee. Business ownership is not easy, but franchise ownership can reduce the pain. Partnering with a vetted franchisor using a proven system offers franchise owners the ability to achieve their goals and financial freedom faster than going it alone.
- Characteristics of a strong franchise organization. Your franchise consultant discusses what makes a strong franchisor’s organization successful and the tools they use to vet these organizations.
Franchise consultants learn about you to find you the right franchise business
An open exchange of information about you is critical. Your franchise consultant creates a roadmap containing your background, skills, talents, personal interests, motivations, and financial capabilities. This process is like working with an executive recruiter as your franchise consultant advocates for you. They help navigate life-changing connections on your entrepreneurial journey to the right franchise business for you. Your franchise consultant uses a variety of tools, such as a ‘Business Builder ASSESSMENT’, to learn about you. They then combine these tools and insights received as they research your potential franchise matches.
After your franchise consultant completes their initial discovery, they consider your information as they review the tools provided by you. Next, they schedule a ‘dig deeper’ meeting to develop your franchise industry roadmap. The goal of this meeting is to solidify, clarify, or challenge your needs and wants regarding your desired work-life balance as a potential business owner. You will be challenged regarding your likes, dislikes, realistic expectations, and conflicting ideas about different industries during this meeting. The roadmap meeting has many turns and twists as it evolves. The goal is to discover new business industry ideas as it becomes clear that the franchise industry is not just made up of fast-food franchises like Subway.
What is your perfect day?
Once the introspective experience is completed, it’s then time to circle back to you and your life needs and goals. Your franchise consultant wants to know what your perfect day might look like. This is a great time to reiterate your quality-of-life vision relating to franchise business ownership. The perfect franchise business might be imperfect if it does not help you achieve your future vision. Becoming ‘your own boss’ is an exciting experience when done with confidence. It is important for your franchise consultant to circle back to you and reconfirm what makes you happy.
At the end of this meeting, your franchise consultant will schedule a follow-up call, usually about a week out, to conduct the brand presentation.
Finding a proven system starts with a proven franchisor leadership team, not just flashy marketing
The brand presentation
Initially, this process may feel a bit like speed dating. The goal is to touch on a variety of brands vetted for you, including territory availability. The brands presented should be relevant to you, but some may stand out stronger than others. Keep an open mind about the brands. During the presentation, learn ‘why’ your franchise consultant picked the brands presented. Some brand matches will be obvious and others a bit surprising. Ideally, a nugget or two are uncovered that’s worth exploring. Your franchise consultant will provide you with research tools and brand collateral throughout the brand presentation process. Above all, finding the franchise brands that have the right characteristics for you is the goal.
Franchise brand characteristics need to be right for you
- Is the brand emerging or mature? Some prefer a ‘young’ brand because it’s a ground floor opportunity with a seat at the table. Alternatively, others prefer mature brands to reduce risk, realizing the systems are tightly controlled.
- Is the brand open to passive ownership, semi-absentee ownership or require full-time franchisees only?
- How much does the franchisor aid in the start-up phase to get the doors open?
- Does the brand have the right amount of support after initial training?
- What is the financial strength of the franchisor?
- Does the franchisor have a strong acceptance by their franchisees?
- Does the franchisor have skin in the game operating their own locations or territories? Finding a proven system starts with a proven franchisor leadership team, not just flashy marketing materials.
An experienced franchise consultant is invested daily in franchise brand research. This research includes updating business performance, operations, and management interviews to stay current on franchise brands’ metrics and goals. Quality franchise brands are responsive to information requests and eager to share what makes them ‘hot’.
How do franchise consultants get paid?
There should never be a fee to work with a franchise consultant. Franchise consultants offer their services to franchisee candidates for no cost. This is a huge benefit to you! So how do franchise consultants get paid? Like executive recruiters and real estate agents, they earn their money from commissions paid by the franchisor after a franchise purchase is completed. That amount is fixed and does not affect your purchase price. Your franchise fee is the same amount whether you go direct to a franchise organization or get referred by a franchise consultant. It’s nice to have an advisor by your side when making a life-changing investment decision.
What happens when you find the right franchise business?
What happens if the stars align, and your consultant finds the right franchise business for you? The next step is to make the opportunity become reality. Your franchise consultant’s heavy lifting places you on a level platform to learn more. At this time, you are ready to dig deeper into the company specifics.
- Franchise terms
- Your role as an owner
- Legal and brand qualifications
Franchise discovery day
If all matches up after digging deeper into the company specifics, then it’s time to meet the team. Your franchise consultant then prepares you for discovery day to meet the franchise brand leaders. Discovery day is the time for the franchisor to show-and-tell what makes their brand strong and undoubtedly how it will profit you.
The fear of becoming your own boss is reduced and managed when you have the right information and research provided by a qualified franchise consultant. Moreover, your consultant provides valuable resources and guides you through the process and will help manage your expectations. You receive an unbiased opinion of the franchise concepts that match up well with your work-life preferences, experience, goals, and income potential. Finally, your consultant can also be a great sounding board throughout the process, increasing the odds of business ownership success.
Finding the right franchise business for you is the magic of a skilled franchise consultant. Learn how to qualify a potential franchise consultant before taking the leap to work with one.