What is Franchise Consulting?
Posted on October 28, 2010 by My Franchise Law
Franchise consulting is a new specialization in the franchise industry wherein consultants offer up their expertise to both franchisors and potential franchisees so they can make decisions on how to best pursue their franchise investment.
For potential franchisors, a franchise consultant can help them evaluate whether their business is ready for franchising, and can explain the ins and outs of the franchise process as part of a team along with a franchise lawyer and accountant. They can also assist new franchisors in finding reliable buyers ready to make a franchise investment, learning about marketing and building up a successful brand, training new partners, and strengthening their overall franchising business.
For potential franchisees, a franchise consultant is a valuable resource on current industry information, and can help with the initial legwork when it comes to choosing the best company to suit your franchise investment needs. They will have access to information on hundreds of available franchise businesses, and will have already weeded out the troubled organizations and any risky endeavors before you begin your search for a franchise. They can then work to match you with a franchisor with whom you will have increased potential for success, and help guide you through the franchise investment process from initial meetings to the signing of the franchise contract. In addition, they can give you information on the probability of being awarded a specific franchise opportunity, and give to increase your chances of acceptance.
With so much industry experience, franchise consultants should also know the right questions to ask any potential business partner, and they are well versed in the terminology used within the industry. Moreover, because of their knowledge of franchising standards, they may be able to get you a better deal for your franchise investment dollar during your contract negotiation than if you tried to go it alone.
When seeking a franchise consultant, check for industry experience and recommendations from other franchise executives. You may also wish to consult with your franchise attorney who may have recommendations of franchise consultants they have worked with in the past.