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Reaching Out To A Reputed Franchise Consultancy for Growth: An Option or A Necessity.
| Guest post by: Amit Nahar |
Article Overview: My answer came in an instant. ‘Well get a reputed franchise consultant on board and get started with a proper initial franchise consultation exercise for your business or your idea. Your business will get there faster than you ever dreamed, more effectively than you ever thought and will be ready to take exponential growth in the coming years. Now that is the rosy part. The trickier part is that it is going to be extremely challenging and will test you and your business in every possible way. It will make you go through a grueling regimen…worse than some of the most difficult military exercises, as it will not only drain you physically, but even mentally and financially. But that’s exactly what it takes to make a great business, a great brand or a great franchise.’
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Reaching Out To A Reputed Franchise Consultancy for Growth: An Option or A Necessity.
What is the surest way to have 100 units of my business across the country? Somebody asked me after one of my speeches at those franchise networking seminars, during the open session.
My answer came in an instant. ‘Well get a reputed franchise consultant on board and get started with a proper initial franchise consultation exercise for your business or your idea. Your business will get there faster than you ever dreamed, more effectively than you ever thought and will be ready to take exponential growth in the coming years. Now that is the rosy part. The trickier part is that it is going to be extremely challenging and will test you and your business in every possible way. It will make you go through a grueling regimen...worse than some of the most difficult military exercises, as it will not only drain you physically, but even mentally and financially. But that's exactly what it takes to make a great business, a great brand or a great franchise.'
Next was the turn of an entrepreneur, who promptly put out his stand point, questioning as to why should they hire franchise consultants and how should they evaluate a franchise professional. Also what if he looked at becoming a franchise consultant, how should he choose the right franchise consultancy to partner with. I choose to answer this in the following paragraphs.
Budding entrepreneurs can greatly benefit from the help of a professional business consultant from franchise consultancy firms. Their advice will be helpful while setting up their own business. For promoting one's business, a consultant can provide new ideas for franchise business opportunities and help in goal-setting and effective strategies and give you responses from the industry and the companies track records. Franchises are one of the easiest ways to earn serious profit because business owners are taking on the responsibility of managing an already successful product or service. Many people are aware of the benefits of investing in a franchise. Moreover, the owner is spared from spending too much time and money on training employees and marketing, when one owns a franchise. Hence you should be able to get a proper evaluation of all of these factors from a franchising Consultant.
The process the franchise consultancy will take you through should be similar to the steps that follow, assuming you are working with a reputable consultant company. Your initial call with a consultant will allow you to judge the ability as a consultant and the consultant's expertise in franchising. At the same time, the consultant will ask your questions to determine if it is the right career option for you and he/she will be assessing your interest in franchise ownership. One of the most important decisions you will ever make is finding a franchise business to own.
Choosing poorly can cause you endless headaches and financial distress, while choosing the right franchise can make your business ownership dreams come true. Let your consultant know so that they can prevent any future conflicts of interest, if you are working with more than one consultant or if you have started the process with a franchisor but have decided to research other options.
A franchise consultancy is there to offer solid guidance and advice where you need it and to make your job a hell lot easier. As you make your decision, look for a consultant that will be your advocate in the research process and guide you. You will need to be serious about this process and be prepared to do your own due diligence, as you would about searching for a new job.
It is good to know that with franchise consultancy firms; there are businesses that work in partnership. With attractive franchise's opportunities that match their goals, skills, and interest perfectly, these firms have professional consultants who can provide budding entrepreneurs. Moreover, for ensuring the success of their franchise, consultants can also help their clients formulate effective business goals and strategies. There is a lot to choose from, with thousands of franchise companies in over 75 different industries.
You could also choose to become a franchise consultant. However, it is an extremely difficult industry and will need proper dedication from you. Some individuals still do not get enough profit and even go out of business, although a franchise consultancy has the potential to be extremely lucrative, in the long run. Oftentimes, this is the result of hasty decision-making or poor planning. On the day that the franchisee decides to invest in a business, the success of a franchise may very well be determined. It is more likely for a business to prosper and become profitable by being careful about choosing which franchise business opportunities are ideal ahead of time.
The process is different if it is a business owner who wants to franchise a business that already exists and wants to create a franchise company. The franchise consultant, evaluates the entire business, initially from a franchise readiness perspective and then from an action plan of how to franchise the business and then to set clear operational, technical, marketing, and financial systems in place. All of these have to function like well-oiled machinery, well synchronized and properly delegated. The franchise consultancy will then plan the franchisee profile, and then a franchise marketing plan, after which franchise recruitment starts. Once the franchisees are on board, then franchise trainings take place, after which there is ongoing franchise support function in place.
Hence with entrepreneurs literally getting free services from franchise consultants and companies getting a tried, tested, and most effective formula for quickly expanding their business, it is but imperative for one to hire a reputed franchise consultancy before beginning their franchise journeys, if saving money, time and effort is a necessity and not an option.
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Related Forum Posts
Re: Enticing Franchises - Top 9 List
- All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers...
- [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there.
To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1]
Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published.
I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee?
- Dear Colleague
There is no easy answer to this question. Things to consider:
[list=]
The sizeof the Franchise
Clent base
Expected Turnover
Intellectual Property costs (recoup)
Number of Franchises
Number of employees
Original Set up costs
Franchise admin costs
An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc
The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000.
Hope that this gives you some idea
Take care
Ian[/list]
Re: Franchise Surveys
- Another good tool to researching a franchise is to speak with their existing franchisees.
This contact information is included in most Franchise Disclosure Documents. In order to get a Franchise Disclosure Document or FDD as it is often referred to, you will have to complete a basic franchise application.
The franchisor will then usually provide you with the FDD at that time. Included in that book of information is a list of the existing franchisees, the contract, the investment information etc...
This information is required by Federal Law to be disclosed to your prior to making a purchase.
So be sure to do your research and start with the Franchise Documents to get the initial information.
Re: Info for would be franchisers...
- [quote="Sebastien":2gam0klq][quote="BuzzAroundBooks":2gam0klq]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to.[/quote:2gam0klq][/quote:2gam0klq]
That is really what I look for in any industry publication. We lead busy lives and when people fill their magazines with fluff, not only does it benefit no one, but it makes us truly appreciate those that don't. Thanks!
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