While the internet may offer a tremendous amount of information, both on individual franchise opportunities and on franchising in general, anyone who is seriously thinking about becoming a franchisee will not be satisfied with that information alone. Opening a franchise requires an enormous commitment, both of finances and time, and only a fool would enter into such an undertaking without examining each of its aspects in advance.
What A Franchise Consultant Does
A franchise consultant can be one of the best means for providing the most recent information on the franchises in which you are interested. Your first meeting with a franchise consultant will focus on your financial situation, business experience, and expectations about running a franchise business.
The majority of franchise consultant companies have already examined the local franchise opportunities, and will be able to assess those which are the best fit for you. A franchise consultant will even be able to match your potential as a franchisee to franchising options of which you were not aware. And a franchise consultant will guide you in clarifying your business objectives.
Because a franchise consultant firm will have prior relationships with franchisors, it will be able to smooth the franchising process. Giving you a concise picture of the financing and business experience required by various franchisors, it will assist you in eliminating those opportunities which do not fit your profile.
Franchise consultants, through their existing relationships with franchise companies, make the entire franchising process easier. A franchise consultant is well informed about the finance and set-up requirements for different franchise outlets, allowing you to utilize his or her expertise to weed out franchise schemes unsuitable for your goals, experience and requirements.
A franchise consultant will have current information on the number of franchises a particular company already operates in your area, as well as the number of competing franchises. You will also get information on the failure rate of those franchises.
How To Choose A Franchise Consultant
You can find a local franchise consultant through an Internet search or from a franchising attorney–which you will also need–or franchisees in your area. When you get some names, find out if the franchise consultants have websites detailing their experience.
Look for the names of satisfied customers, or call the franchise consultant directly to ask about their qualifications. A franchise consultant who has successfully run a franchise would be far more preferable than one who has not.
Finally, get a clear understanding of the fees charged by a franchise consultant before hiring him or her. Some franchise consultant firms charge for a package of services whether or not you use them all.
Source: Start Franchise Help