It’s important to know who you are working with when you work with a Franchise Expert.
As with any profession, there are some great franchise consultants and then…well there are others. How do you find the good ones? Most people that start looking into franchise opportunities have no prior business ownership experience and also do not have any significant franchise knowledge. So any franchise consultant can sound knowledgeable even if they just know a little more than you do! So how do you find someone that will really be useful in finding a good franchise for your unique skills, talents, values and goals? How can you be sure they will provide useful information as you go through the process of research and investigation? Check to see that the broker you work with meets the following criteria:
- Knowledgeable of the Franchise Market – does the advisor understand the Franchise market you will be opening your franchise in, whether locally or across the country? Different concepts work differently in different areas. And some are sold out in some areas with wide open territory in others. A consultant will know far more than someone who is not familiar on how different franchises work.
- They are selective in who they take as clients – not everyone is right for business ownership and a good broker will screen who they take on as clients.
- Have a proven system of success – in the same way that franchising works because there is a proven model of success, there is a system to finding a franchise. Is the broker’s system proven and well defined? Does the broker have experience?
- Acts as an Advisor & Coach – an advisor can provide advice while coaching their clients to clarify their goals and to help them reach their goals using proven techniques.
- They take time to get to know what you are really looking for – would you want to work with a broker who fans out some brochures on their desk and asks you what you like? What help is that? You might as well get back on the internet and start hunting on your own. A qualified franchise consultant will spend time working with you to develop a business model of what is important to you and what your goals are. Many times a franchise consultant can help a client spell out what they are looking for and get it much more clearly defined and focused than a client could have outlined it for themselves.
- Trust & Conviction – at the end of the day, do you believe the broker can act as your coach and help you achieve your goals? Do you feel comfortable talking to them and can you be honest with them.
Now that you’ve found a great franchise consultant. One final word to the wise. You still need to invest your time in the research process and do your own due diligence to make sure the franchise will be a good fit for you, that you have the skills necessary to make it successful, and that you believe it will get you to your goals. Follow your coach’s system to make sure you’ve gone about the decision-making process in the most effective and efficient way so that you minimize your risk and maximize your return. But don’t take anyone else’s opinion in making the life changing decision to become your own boss and invest in a franchise. You want to become your own expert on the system you invest in.