Deciding to invest in a franchise can be an exciting moment in any entrepreneur’s life. There is the undeniable thrill of building an empire with the help of an established brand. However, like most business owners, there is the question of where to start. The answer is to work with a franchise consultant. A resource to be used often, these knowledgeable individuals are vital to your entrepreneurial success.
Together, let’s take a look at what it’s like to work with a franchise consultant.
What is a Franchise Consultant?
There are more than 3,800 franchises in 21 industries that operate in the U.S. and Canadian markets. Choosing the right one can be challenging; after all, not all franchises are created equal, and every franchise won’t be a perfect fit for you. This is where working with a franchise consultant comes in handy.
A franchise consultant is someone knowledgeable in all things related to the franchising process and the industry. They work with franchisors and franchisees alike, serving as a matchmaker, connecting aspiring franchisees and franchisors who share the same goals and values. But most importantly, they are there to help you learn more about what you want as an entrepreneur and find the best franchise opportunity.
At Hundred Acre Consulting, it’s all about why you want to become a business owner and then how a business will get you there. What that business does is the final detail to consider. My process is summed up in two words: “strategic planning.” I represent roughly 450 different brands, which means you have a host of options to choose from.
Unlike some franchise consultants, I primarily serve franchisees and focus on your lifestyle desires and financial absolutes that you want to achieve through franchise ownership. I will help you assess your goals, strengths, weaknesses, and your market. This allows me to gain insight into you personally and present you with opportunities that most align with your expressed goals and values, plus offer the best avenues for success.
Seeing if it’s a Match
Once we have narrowed down our list of franchise opportunities, the process of choosing one is relatively straightforward. You will have an initial call where a franchise representative introduces you to the business and goes more in-depth about the business model — more than your franchise consultant can. This initial call is your first opportunity to ask questions. Take advantage of it!
Your next conversation with your chosen franchise walks through more details concerning the business model, day-to-day expectations, how prepared you are for a grand opening, and what is still needed to make it a successful event.
Receiving the Franchise Disclosure Document
After that, if the franchisor determines that you are an excellent candidate to join their family and you decide that their business model is a promising venture for you, you will receive the Franchise Disclosure Document (FDD).
This legal disclosure document — often 225 to 300 pages in length and 23 Items and addendums — covers many things. Examples include the owner’s background, financial information, any litigation the business has, how territory is determined, and the names and contact information of anyone who currently or has previously owned a franchise. Take this time to read it thoroughly and form follow-up questions to ask.
Hundred Acre Consulting: Next Steps
Your journey to franchise ownership doesn’t stop here. This is only a sample of the things you’ll encounter when you work with a franchise consultant like me. The best part of this relationship is that I can help you find the perfect franchise and continue consulting and guiding you throughout your storied career. Armed with this knowledge, I hope you choose Hundred Acre Consulting to accompany you into this exciting chapter of your life.
Ready to work with a franchise consultant? Contact me today, and let’s get started!