A lot of potential franchisees wonder what it is that franchise consultants do for them. Do you need one? Can you make a successful investment without one? The answers are “no” and “yes”. You don’t HAVE to have a franchise consultant, but it can definitely help you avoid a lot of potential problems and save a ton of time. You absolutely can make a good investment without help, but when you’re investing what may very well be your life savings, wouldn’t it be nice to have a second opinion?
So what’s the process like? Most franchise consultants use a process that’s something like this one:
- Initial Consultation – Where you discuss your goals, budget, and timeline.
- Franchise Matching – Where a consultant makes recommendations based on what you discussed in the initial consultation.
- Introductions – Where you’re introduced to contacts at the franchises that most interest you.
- Franchise Document Review – In this phase, you’ll get help reviewing disclosure documents that franchise systems are required to provide.
- Current Franchisee Interviews – Here, you’ll talk with current franchisees to validate claims made by the franchise system.
- Discovery Day – This phase involves a visit to corporate headquarters to meet the corporate team and get a little more information before taking the plunge.
- Agreement & Purchase – In this stage, you’ll sign final documents, make payment, and set up your business.
When it’s all said and done, you’ll be the proud owner of a new franchise business. It’s not necessarily so linear for everyone, though. You might uncover information you don’t like at any stage before the final agreement, and at that point you might have to go back a few steps and pursue a new opportunity.