What is a Franchise Consultant? How does she help you buy a franchise? And how does she get paid if her services are FREE to you? America’s TOP Franchise Consultant spills the beans.
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0:00 – What is a Franchise Consultant?
A GREAT Franchise Consultant should be many things to you as you explore franchising, including an expert guide to your due diligence process, someone who teaches you about the industry and the Franchise Disclosure Document, a resource to help you with financing and to find a good franchise attorney if you need one, and, ultimately, a cheerleader, a trusted advocate, and a supporter to help encourage you along the path.
0:57 – Franchise Consultant vs Franchise Broker
A Franchise Consultant is NOT a franchise salesperson. We do NOT have a license to sell a business. We are NOT business brokers. It’s not my job to give out specific information about the company.
1:43 – What does a Franchise Consultant do?
When you explore a franchise and say “yes” to the right franchise investment, you are buying a partnership, you are buying leadership, you are buying into vision and culture. The financials of the business will vary depending on the market, depending on the seasonality. So many factors come into play to determine exactly what it will cost you to open your business that I don’t know anything about, nor am I the expert to be the one to help you with that information. This is why a good Franchise Consultant should not be giving you that information because I think, ultimately, it could be confusing and even misleading.
Once I select my top three to five companies for a candidate, I encourage them to go on the “blind date,” which is the first round of calls with the franchisor so they become familiar with the concept, with the company, with the culture. I’m encouraging them to stay focused on the people and the leadership and how that makes them feel before they get too entrenched into learning the specifics of the toolbox and what’s going to be there to support them and help make them a successful franchisee. When you’re going through the due diligence process, and you’ve met the franchisor, you’re going to be able to go out, and you’re going to interview their franchise owners. This is where candidates learn the bulk of the information. You want to hear from people trying to sell you anything, how they’re doing, and if the numbers in that earnings claim have been achieved by a certain number of franchisees out there in the system. A good Franchise Consultant will help you feel competent that you’re asking the right questions so that you’re confident in your decision.
Learning from the franchisor AND the franchisees will help to complete your due diligence. The franchisors pay us because they want our help in bringing them the most qualified people for their opportunity. Our job is to find people like you who dream of owning a business and match you with businesses that align with your interests, skills, financial capability, and goals to bring the two parties together and then coach the process.
07:23 – Franchise Consultant vs. Franchise Coach
I had a candidate with whom I worked years ago who was turned down by one franchisor who felt that, culturally, this person wasn’t a good fit. However, my candidate put his ego aside, we went back to his model, and I found other companies for him to explore. His second process went faster because he already had the learning curve from the first process that now he could apply. Thus, giving him more clarity as to what was essential to him in a franchisor partnership. In the end, we found him a business, and when he looked back, he said, “I am so grateful that the first opportunity didn’t work out because had it worked out, I never would have ended up with this opportunity, with this franchisor.”
Things always work out as they should, and a good Franchise Consultant will be here to coach you no matter what happens in your journey. If you need the right Franchise Consultant to help you find the best franchise opportunities for you, your interests, skills, and goals, I would love to be your Daly Coach.
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And if you’re ready to start exploring a future in franchising RIGHT NOW, please reach out to me directly to start the conversation… my services are FREE! http://thedalycoach.com/contact
Read my recent blog on GOOD Franchise Consultants vs. GREAT ones: https://thedalycoach.com/what-does-a-franchise-consultant-do-2
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