Exploring franchise options can be overwhelming.
Which ones are the best ones? Which ones are right for you? Which ones are available in your area? Which ones fit within your financial portfolio? Which ones fit your business personality? Which ones fit your lifestyle goals? The list goes on and on. Bottom line, there are many franchise options available today but only certain ones are right for you.
So here’s the real skinny on how “a good franchise consultant” can help you.
#1. A good franchise consultant…. will spend time getting to know you.
Let’s be honest. This process is about you, not about the consultant. And the value a consultant brings is its expertise in the franchise business. What is most important is finding a business opportunity that is perfect for you and your family. No matter your “why”, a good consultant will spend time up front getting to know you and what your long term goals are to help guide you in the right direction for you.
#2. A good franchise consultant…. will pre-qualify you for an investment.
Time is valuable. As a result, we respect your time. So knowing early on in the process whether you have the financial means to invest in a business, is critical. It would not be fair or professional if a consultant were to take you through the process of exploring business ownership opportunities, only to find out that you were not financially qualified. A good franchise consultant will spend time in the initial call, after getting your permission, to ask you a few critical personal questions. These questions will include how much liquid cash you have available, your net worth, and your credit score. This information alone will aid the consultant in being able to give you feedback at the onset of the process.
#3. A good franchise consultant…. is unbiased.
What does this mean for you? Well, one of the major perks of working with a franchise consultant is to be able to explore various options that will fit your lifestyle and financial needs, prior to ever having to introduce yourself to the franchise system. Therefore, the Franchise Broker Association and its consultants will only present you with franchise options that fit your needs with no hard selling of any one option. FBA brokers work as independent consultants. Now, this doesn’t mean that we won’t have some favorites, but the favorites will be based upon sound rationale and will only be presented if they fit your profile.
#4. A good franchise consultant… will only present good franchises.
All things are not equal. And this includes franchise systems. There are some that just rise to the top based upon their support of franchisees, proven financials, leadership, low turnover ratios and so on. Those are called “good” franchises. But how do you know the good from the bad when you are searching online? This is another area where good franchise consultants add valuable insight. We have access to tools that can grade franchise systems and provide insight that the general public does not have access too. These are independent, unbiased evaluations of hundreds of systems that can provide you with valuable insight during the research process.
#5. A good franchise consultant… knows how to read & understand the Franchise Disclosure Document (FDD).
An FDD is essentially the bible of the franchise system. It outlines everything a prospective investor needs to know about the franchise system and includes a lot of legal, financial, and business disclosures. It can be in excess of 250+ pages and for those unfamiliar with it, it can simply be overwhelming. That’s where a good franchise consultant can help you. We can walk you through the FDD and help prepare you in advance of a discussion with the franchise system. We’ve been trained to do so.
#6. A good franchise consultant… will be there for you throughout the entire process.
I’ve read articles recently stating how a franchise consultant will “pass you along” to the franchise system and then become disengaged. A good franchise consultant will not do that. They will be there for you throughout the entire process and celebrate your successes with you in the end. There does come a point in time where the franchise system becomes the lead in the process, but a good franchise consultant will stay engaged and continue assisting you throughout the process.
Finding a franchise consultant that has strong accreditations, such as being certified by the Franchise Broker Association (FBA), is an excellent place to start. And this is the foundation of what Fusion Franchising is built upon; we are here to help you find good franchises that are right for you!
As an independent franchise consultant, I want to experience the brands that I am most passionate about & give an independent endorsement of those that I think are worth the investment. I know first-hand that investing in a business is a big step and one that should not be taken lightly. Any brand-specific blog is 100% an independent experience & review; one that is not endorsed, nor initiated by the franchise brand.
Author: Stacie Shannon, Founder & CEO, Fusion Franchising