01 Aug 4 Reasons to Hire a Franchise Consultant
Franchising can be one of the best avenues for growing a successful existing business. When done right, your business may just follow the likes of leading global brands such as McDonalds and Domino’s Pizza. But when it isn’t, franchising can become an entrepreneur’s worst nightmare.
This is why it helps to have professional support and guidance as you enter the world of franchising. One of the people you need to have on board to ensure your new venture succeeds is a franchise consultant.
To fully understand why you shouldn’t take matters in your own hands when franchising, below are some of the reasons why hiring an expert consultant is a wise option:
- They have specialised knowledge.
One of the mistakes entrepreneurs make when venturing into the world of franchising is thinking that because they have successfully developed a profitable business concept, then success in franchising will eventually follow. However, franchising is an entirely new and unique business. Various legal, operational and strategic processes are involved, and if you’re not very careful, you may easily find yourself lost amidst a sea of competitors and jargon. Hiring franchising experts will be beneficial as they know the ins and outs of the industry. They have the background and experience to provide you with practical franchise advice so you can make sound and informed decisions, saving you time, money and further headaches.
- They can objectively assess the potential of your business.
Having assisted various entrepreneurs in taking their business to the next level, franchise consultants understand which concepts or models have growth and profitability potential. A good consultant will not urge you to rush ahead into the franchising process without conducting a thorough review process of your business’ viability as a franchise, your goals and resources. They will assess your business concept based on a set of criteria, which includes its ability to be replicated, long term market potential, track record, and value to potential franchisees.
- They can assist prospective franchisors in developing a solid infrastructure.
One of the most crucial roles of a consultant is helping prospective franchisors develop a comprehensive program, which details the specific policies, standards, and procedures needed for a successful franchise business operation. The program shouldn’t only look good in theory, but also work well in practice. Working with franchise specialists will ensure that you will be able to come up with a strategic plan, and have the guidance and support you need when you move to the launching or implementation stage.
- They can help bring the right franchisees on board.
The success of your franchise depends not on the number of your franchisees, but on their quality. A good consultant will be able to advise you on the best methods for packaging your business as a fantastic franchise opportunity that appeals to the right type of franchisees. They can help you recruit, screen and select highly-qualified people who share mutual long-term goals. This helps ensure the success not only of the franchise unit, but of your brand’s reputation as a whole.
Franchising may appear complex and costly at first glance, but you don’t have to go through it alone—consultants from The Franchise Institute can help. Our team of professionals are experts in all areas of franchising, from franchise law and operations to marketing and retailing. With our assistance, you will be able to gain a solid understanding on the steps to franchising a business and help you tackle various challenges that may arise.
Let us provide you with the knowledge and tools you need to expand your business through franchising. Give us a call today, or take advantage of our free 30-minute consultation.