When looking at buying a franchise most people will consult an attorney or a CPA or both. However there is one other professional that can help locate the right franchise for you and that is a franchise broker or franchise consultant. A franchise consultant can help find franchises that meet your needs or even help you find a franchise that you may not have known about before. Additionally, a franchise consultant can provide the prospective new business owner guidance throughout the entire process. Listed below are a few reasons to use the services of a franchise consultant.
1. The services of a franchise consultant are free to the prospective franchisee. The franchiser covers the consulting fees and the use of a consultant does not add any additional cost to the purchase price. The prospective franchise owner pays the same published price regardless of if they use a consultant or not. The consultant helps franchisers by bringing them qualified prospects and saves them time and money, so it is a win – win situation for everyone.
2. The consultant works hundreds of franchises, in dozens of different industries, including full-time, part-time, new units, and re-sales. When most people think of franchising they tend to think of feast food restaurants but franchising actually cover around 70 different industries. Some of those industries include: financial, automotive, business to business, home based and more. To go through all of the opportunities could take several months, but by using a consultant you can cut that time down to days and you will more than likely be presented with options that you didn’t even know about.
3. A consultant compiles a profile of the prospective owner that includes your experience, interests, and goals in order to match you with the best opportunities.
4. They can assist you in looking at various types of financing options.
5. Investigation into the most suitable opportunities that are available is done by the consultant.
6. The initial contact with the franchise representatives is part of the service.
7. The prospective business owner saves time and money and aggravation by having the consultant perform research on franchise opportunities.
8. The consultant works with the prospective franchisee through the entire process. The consultant not only helps you locate potential options for your review, but they also contact the franchise on your behalf, help you locate information in the Franchise Disclosure Document (FDD) and help you prepare for your discovery day visit to the headquarters, if you get to that point.
Overall, a franchise consultant will help you determine if franchising is right for you and what type of franchise best suits your experience and interest.