What Does a Franchise Consulting Firm Do?
Typically, franchise consulting firm work with companies that have a franchise system in place. Franchise consultants essentially act as a middleman between franchise opportunities and potential franchisees. They charge a fee to help match candidates with the right opportunity and also earn a commission on any sales from the company they represent.
Some large franchise consulting firms offer a variety of services to both franchisors and prospective franchisees. These services can include developing a franchise strategy, writing the required legal documents, marketing solutions, and even financial projections. They may also provide assistance in finding capital to fund the initial investment and to help a new franchise grow to maturity and resilience.
Thriving Together: How a Franchise Business Consultant Can Elevate Your Ventures
Franchise consultants are also often able to empathize with those looking for change. Many are in second careers themselves, having left the corporate world for the freedom and lifestyle that comes with owning a business. In fact, the International Franchise Association predicts that more people will seek out opportunities in the coming years as they continue to look for financial independence and more control over their lives.
One thing to keep in mind when working with a franchise consultant is that they can sometimes be overly pushy. For example, let’s say you tell your franchise consultant that you like only two of the five franchises she has already presented to you. She might then start presenting you with more and more franchises, because she is getting paid for each one that you end up buying into.