by Todd Moster, FRANCHISE SOLUTIONS GROUP
Your boss has made one unreasonable request too many. So, you’re looking for the escape hatch. Or, you’ve watched one of your friends run a successful business and want to try entrepreneurship yourself. Or, perhaps, you simply want to be your own boss, with the freedom to increase your income by starting and growing a business.
Whatever the reason, you’re ready to take the big step and become an entrepreneur. Just the thought is exciting and empowering. But there’s apprehension as well. You’re loaded with common sense, but don’t have much experience in business. And you know most new businesses fail. What do you do?
If you’re like the thousands of successful business people who came before you, you decide to buy an established, successful franchise. Why? Most new businesses in the U.S. fail, whether started from scratch or resulting from someone buying an independent business. But that’s not the case with franchises. As the U.S. Bureau of Labor Statistics observed in its report on Entrepreneurship and the U.S. Economy “It’s generally accepted, because of their established, proven business practices, that franchises have higher success rates than independent businesses.”
When you buy into a successful franchise, you’re getting a business-in-a-box. Signing on the dotted line not only instantly nets you the franchise’s tradename and intellectual property. It will also provide you with a proven operational and marketing plan, a software system that will handle every aspect of the business from inventory to payroll, a comprehensive training program designed for both experienced business people and novices alike and, most importantly, a team of partners behind the scene who will instruct, mentor and support you for as long as you own the franchise.
So, when you become a franchisee, you’re in business for yourself, but you’re not by yourself. You’ve got a team behind you. In return, you pay the franchise a royalty on a weekly or monthly basis. As the thousands of successful franchise enterpreneurs who have come before you will attest, it’s a pretty good deal.
But where to start? Well, if you do a Google search for franchises — be it “franchise opportunities,” “top franchises,” “best franchises to buy,” “top franchises for veterans,” or the search term of your choice — and you’ll find thousands of franchises. Just exploring and contacting them could take several lifetimes. How do you find the franchise opportunity that’s right for you? That’s where a good Franchise Consultant comes in. Here are the Top 6 Reasons for using a Franchise Consultant:
- EDUCATION AND GUIDANCE: Let’s say you want to tour Yellowstone National Park, which is one of the most beautiful national parks in the United States. Yellowstone spans nearly 3500 square miles. It covers an area larger than 2 of the U.S.’s 50 states. You can certainly just drive in one of the entrances and tool around randomly. But chances are, you’re going to miss some of the most beautiful and profound attractions the park has to offer. Instead, if you’re like most savvy visitors to Yellowstone, you’ll secure the services of a park ranger or an experienced guide to ensure the most efficient and rewarding experience.
That’s what a good franchise consultant is. S/he is a trained tour guide who will methodically navigate you down the trail of franchising, helping you avoid pitfalls and false starts along the way. S/he will also educate you about the new world you’ll be entering, explaining the rules and laws everyone follows, and cluing you in on the terminology used in the franchise community. - PERSONALIZED ASSISTANCE: Top franchise consultants are natural listeners. They’re professionals specifically trained to help you, the person looking to start a business, find the franchise opportunity that’s right for you. So, prepare to be hit with a ton of questions. They’ll ask you about your employment history and work experience. They’ll inquire about your personal background, including your special skills, hobbies and passions. They’ll ask you about your income expectations. They’ll quiz you about the budget and financial resources you’ll bring to the new venture. They’ll try to get a sense of how well you communicate, and how effective you would be managing employees. And most of all, they’ll help you figure out whether you’re really cut out for the responsibility, and endless potential, of becoming an entrepreneur through franchise ownership.
- FUNNELLING AND MATCHMAKING: Once your Franchise Consultant knows more about your personality, background and preferences, s/he will start combing though the thousands of franchises out there to find the ones which best match your capabilities and goals. Think of this special adviser as essentially a funnel. S/he will comb through the endless franchise opportunities out there that could literally take years of your life to understand, and narrow the field down to a small number of franchises that will make the most sense for you. This key benefit will not only save you time; it may just preserve your sanity.
- PRESENTING AND PROMOTING: A good Franchise Consultant is an Educator, an Advisor and a Confidant. S/he’s also a Recruiter. Once your Franchise Consultant is convinced you have the skills and personality to be successful in a particular franchise, s/he’ll go to bat for you. S/he’ll contact the franchise itself to introduce you and explain why you would be a good candidate for them. Chances are that if your consultant has a good reputation in the industry and has effectively made your case, the franchise will follow-up with you directly to set up an introductory phone call.
- MENTORING AND SUPPORTING: Once your Franchise Consultant has introduced you to a good franchise, s/he’ll continue to mentor and support you as you work with the franchise executives to learn more about their brand. S/he’ll explain any paperwork or terms you don’t understand. S/he’ll refer you to whatever lawyers, accountants and funding professionals you need to ensure that you’ll have the ability make the most informed decision possible about whether to move forward.
- THE PRICE IS RIGHT: Believe it or not, good Franchise Consultants will not charge you for their services. They will be paid a commission by a franchise if they’ve done their job in bringing them you — a high quality, capable candidate who has the desire to succeed. In other words, there is absolutely no downside to using an experienced Franchise Consultant. Or, as your grandmother might have put it, “What’s not to like?”
Business, like life, is full of adventure and danger. If you’re embarking on a safari in a beautiful jungle, you want to make sure you have a guide to help you avoid hungry animals and quicksand. Starting a new business requires no less vigilence. If you’re looking for a franchise, be sure to engage a skilled Franchise Consultant as early in the process as possible so that you can avoid falling into any holes and enjoy the journey on the way. You’ll be glad you did.