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Ways franchise consultants can help you

How can a franchise consultant help YOU?

How can a franchise consultant help YOU?

Working with a franchise consultant can save you a lot of time and money. Whether you want to start, sell or buy a franchise business, consultants can borrow you the expertise they have gained over years of experience. They can advise you, guide you, and help you each step of the way.

This article will introduce you to ways franchise consultants can be of use from both a franchisor’s and a franchisee’s points of view.

How can consultants help a franchisee?:

Provide you with specialized knowledge: Consultants specialize in providing professional franchise services. They know the current trends and needs, and can assist you with inside information that may not be available to you otherwise. The franchise industry differs a little from the business industry in general. Consultants can give their unbiased professional opinion on which to base your choice. Many times, their services are free for franchisees; they are charged on franchisors’ bills. 


Profile you: A professional can profile you accurately and can advise you on what kind of franchise will fit your profile. Consultants could also direct you to some specific companies that sell franchises that might be suitable for you. 


Do the research for you: As we said, consultants can assist you with contacting suitable franchisors. They have the contacts of companies that are currently selling franchises and are acquainted with the franchise services and track records of each one of them. Be alert for malicious consultants who will offer you only their clients’ franchises. Having access to just their database would make them rich but will leave you limited in making a decision. 


Proofread legal stuff with you: Consultants know how franchise FDDs and agreements should look like. They also know legal and financial advisors whom they can consult in case they need to. That will surely save you lots of money and headache.

 

How can consultants help a franchisor?:

Prepare your business for a franchise: If you are considering becoming a franchise that means you already have a successful business model. Standardization is the key to the franchise business model. If you have initiated full standardization of your business, franchise consultants can contribute with some additional ideas and advices. Have in mind that your business should be easily implemented by franchisees. 


Help you design your business’ franchise concept: Designing a franchise concept is a personalized service provided by franchise consultants. Each business has unique franchise conditions. Professionals can guide you in determining the type of franchise you want to sell, the training and support you provide, how much in fees and royalties you receive, and everything else there is to consider. The more unique the concept, the better the chances of finding perfect franchisees.


Help you lay down your ideas: Consultants can help you design the franchise manual and prepare the business plan for your franchise. Creating a business plan is essential for franchised businesses as for any other one. You probably have an idea what your agenda is concerning the franchise. You are not just shooting in the dark but rather you have a plan and you know how far you want to go with it. Consultants are there to help you reach that goal. The franchise manual should be understandable and easy to read. The harder it is to understand, the harder it is to implement.


Recruit the right franchisees: As your franchise concept is unique, it can not fit every entrepreneur’s personality and business plans. Some of the candidates who are interested in doing business with you will not be suitable for it. If you deal with the wrong candidates, you might find yourself in an unpleasant situation where the franchisees want to quit a few months after they started or even sue your company. Consultants have experience and can tell in advance whether a candidate is suitable for a franchise concept and vice versa. Franchise consultants can also introduce you to some entrepreneurs they find a right fit. 


Revise your franchise program: Franchise consultants can be of great use to companies that are already in the franchise business. They can revise your franchise program and improve your performance. Single franchise programs can be upgraded to multi-unit programs. If you plan on going international, a consultant can help you research and adapt your franchise concept to the new markets.