Why is a franchise consultant’s services free? If they are paid by the franchisor, do they have your best interests in mind? What’s the catch? Watch and learn!
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In my two decades as a Franchise Consultant, I’ve come across some common misconceptions about WHAT a Franchise Consultant actually does for YOU. Here’s the truth about Franchise Consultants and Coaches!
0:00 What is a Franchise Consultant?
A Franchise Consultant guides you through the franchise buying process. Their job is to help their candidates identify what kind of franchise would be the right business for them, based on looking at their background, interests, skills, finances, and goals. They look at candidates personally, professionally, and financially. This process fosters the opportunity to gather the information they need to build their ideal franchise business model. Once they gather that information, they can figure out which opportunities are up and coming and which ones are out there based on the risk tolerance characteristics identified. It’s the franchisor’s business to award the candidate based on this mutual evaluation process. So, what does that imply? It implies that franchisors look for candidates with certain qualities before they just award anybody a franchise. The franchisor consultant also evaluates you during this whole process of dating a franchise or leading to this. Hopefully, this marriage opportunity takes about one to two months during the back-end coaching process. Franchisor consultants teach about the franchise disclosure documents, financial resources if they’re looking for any kind of funding, i.e., a 401(k) rollover or if they’re looking for an SBA loan or any other type of funding. And I’m here to coach, guide, support, cheer. Candidates need franchisor consultants to guide them on their path of exploring a franchise and trying to figure out if owning a business is right for them. Franchise consultants get paid by the franchisor to do all their dirty work and prospecting. They prepare candidates mentally, financially, and physically for what’s about to happen. They set expectations, and this enables candidates to come to the process that much more prepared.
6:20 If you work with a franchise consultant, are you limited to a certain number of franchisors?
The answer is yes and no. It’s your investigation. We are here to help you make the right decision for you. If there’s an opportunity out there that you’re in love with—that I know nothing about—you can bring it to the table, and we will hold that franchisor to the same standard that we hold. Partnership relationships are what keep doors open, cultures of abundance, and leadership. That’s what will make you feel like a successful business owner more than investing in a widget that you think your community needs or that you’re in love with. Bringing opportunities to candidates means bringing them extended relationships with companies with strong cultures, great leadership, and have good toolboxes. Here’s what my great friend Lance had to say about the value of working with an experienced Franchise Consultant.
9:43 Franchise Consultants are not brokers.
We don’t have a license to sell a business. We are here to be your guide, resource, and cheerleader. We’re here to teach you the process so that you can feel competent in the due diligence that you’ve done and therefore confident in your final answer, whether that answer is yes or no.
10:16 How do you select the right Franchise Consultant?
It’s like choosing a personal trainer, right? There are varying levels of backgrounds, knowledge, and personalities. Some people are more motivating. Some people are more serious. You want to find somebody with which you connect. If you’re going to be spending multiple hours with this person, you want to find somebody you enjoy. You want to find somebody from whom you can learn. You want to find somebody who inspires you to want to reach your goals. While the same is going to be true in selecting the right Franchise Consultant for you, the process is the same. Instead of talking about fitness, we’re talking about franchising and owning a business. Find somebody who has the experience that you feel resonates with you. Our services are free, but good Franchise Consultant advice should be priceless to you. If you’re ready for a free consultation, I’d be honored to try and help you. Please leave a message in the comments below, or feel free to email me right now!
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