According to franchise industry experts, many people who don’t work with a consultant / broker become interested in a franchise concept because they are attracted to the product or service it provides. That’s not a bad place to start, but it’s not enough. You also need to evaluate what the day-to-day life of the owner would be like and whether that business would suit you and meet your needs. Once we go through that process, we find that most of our clients end up purchasing a different concept than the one they initially thought they were interested in. In addition, if you go directly to the franchise development team (salesperson), they can’t help but be biased toward their concept as they will not be paid if you choose a different company. A franchise consultant / broker can therefore help you be more objective during the due diligence process and make the choice that’s best for YOU.
The consumer doesn’t pay for the services that a franchise broker offers. You will pay the published price for any franchise just as if you had gone directly to the franchisor. So, it’s a true win-win-win. You get the support you need to decrease your risk and make the best decision for you. The franchisor gets a candidate that is more prepared to succeed. We get to do what we love best – support people in achieving their dreams!
We start with a scientifically validated assessment that helps to identify the types of businesses that would be the best match for your values, competencies and work style. Here are a few additional questions we’ll need to consider:
- Why do you want to own your own business?
- Have you owned your own business before now?
- How many hours and what time of day do you like to work?
- Is there a certain location you desire?
- What kind of capital do you have available to start your business?
- Are there partners involved?
- Do you want to have more than one business?
- When do you want to open your door for business?
- Will you be available full-time or part-time?
Owning your own business puts you in control of your own future. But it’s also difficult to do by yourself. When you buy a franchise, the franchiser offers support, experience, and knowledge to all aspects of the business. They have been there, so they know what challenges will arise and the best way to overcome them. Franchisors provide you all the tools to be successful. They will train you prior to your opening. They give you advertising and marketing support that builds your business. Most importantly, they reduce your risk because the system has already been proven to work. Their training and support insure that you will be able to handle whatever comes up along the way. With some franchise models, that proven system can help you develop an organization that can be run by a professional manager, leaving you more time to develop additional units or pursue other business or personal goals. And if selling your business is part of your long-term strategy to build wealth, that brand name and added support can be a tremendous value-add for your potential buyer.
Funding your purchase of a franchise is nearly always a major consideration for business owners. Too often, businesses simply don’t have enough capital to help them start-up a new business. We feel it is critical to discuss financing issues early so any problems can be addressed during investigation and research steps of the process. See your Funding Options page for more information about funding and links to some of the funding experts we recommend. Another possible resource for financing options is the franchisor. They have solved this problem in the past for themselves and for other franchisees. The will have a good idea of what works for their type of business and will likely have options that make the most sense.
It varies. If you are motivated (and not distracted!), you can usually complete the franchise consultation process in a few days. Most clients can find a great opportunity in anywhere from 1 to 3 months. Once you have purchased your opportunity, it can range from as little as 2 weeks up to 6 months to get the business going.
Absolutely not… In fact, most franchisors prefer that you have no experience in the industry prior to owning the franchise. Franchisors want people that can use their transferable business skills to motivate employees, close sales, and manage efficient operations. They want their owners to focus on running the business. Typically, in this equation, the franchisee is the manager and hires others to do the labor.