With over 775,000 franchise establishments from nearly 4,000 franchise concepts spanning over 300 different industries and business formats, the franchising industry in the U.S. is huge. Despite the growing size and popularity of franchising, the industry and available opportunities are a mystery to many people.
For those considering franchise ownership, the sheer number of opportunities and the steps involved in becoming a franchisee can be overwhelming. A franchise consultant can help conduct research and guide prospective owners down the path to becoming a franchisee.
What is a Franchise Consultant?
A franchise consultant’s job is to help potential entrepreneurs navigate the journey to franchise ownership. They bridge the gap between the franchisor and the franchisee.
Franchise consultants are not salespeople. They are trusted advisors who leverage their franchise knowledge and experience to help aspiring business owners research potential franchise opportunities and educate them about the franchise process.
Similar to realtors with home sales, franchise consultants have become a standard part of the franchise buying process.
Investing in a franchise is a significant, life-changing decision. It’s important to find the right franchise consultant who can guide you, support you, and give you the knowledge to make an educated, informed decision that’s best for you.
Benefits of Working with a Franchise Consultant
While it is possible to complete the franchising process on your own, a franchise consultant can be an incredible asset to help you find the ideal franchise opportunity. Working through the franchising process with a consultant also provides benefits such as:
- Time savings.
- Objective feedback and opinions.
- Finding the right franchise to fit your lifestyle, priorities, and goals.
- Avoiding costly mistakes by investing in a franchise that is not the right fit.
- Understanding the franchisor relationship and how it will impact your business.
- Resources such as reputable lending institutions, franchise attorneys, CPA’s, merchant services, insurance, marketing services, etc.
What to Look for in a Franchise Consultant
It is important to work with the right franchise consultant who is compatible with you and makes you feel comfortable, confident, and motivated throughout the franchising process. Here are some qualities and characteristics to look for in a franchise consulting partner:
- Someone who is on your team.
- Someone who has franchise or business ownership experience.
- Someone who will educate and teach you how to do the research.
- Someone whose personality complements your own.
- Someone who listens and takes the time to get to know you.
Franchises are not the right opportunity for everyone. A consultant can help you determine if a franchise investment is right for you and how to pursue franchising to achieve your goals. You should never feel like you’re being sold a franchise.
You should always feel comfortable to say “no” and you should receive support from your franchise consultant even if you say no. Because this isn’t a sales pitch; franchise consultants help people make life-changing decisions.
When meeting with a potential franchise consultant, be sure to ask for:
- Testimonials and/or proven results of their work.
- The cost of their consultancy services.
- An explanation of how the process works.
From franchisor to franchisee, Melissa Lewis has experience from all sides of the franchise industry. Her expertise will help pave the way for your future business. Additionally, all of the Franchisologist’s services are free. Learn more about the Franchisologist 4-step process and what it’s like working with Melissa.
There is no downside to working with a franchise consultant. We are here to help you with a smooth transition into franchise ownership so you can start off on the right foot as you pursue being your own boss, having financial independence, and achieving the work-life balance you have always wanted.
If you’d like to learn more, talk with Melissa to find out if franchising is the right path to achieving your dreams and goals.
