As an increasing number of businesses move into the franchising space, marketing and growing have become more challenging.
Fortunately, you can get advice and guidance from experienced franchising consultants to develop and grow your business. Today, several consulting firms offer these services in Australia and with good reason.
Why You Need a Franchise Consultant
Consultants are experts in specific fields and advise those who wish to venture into that sector. Franchise consultants consult prospective franchisors and franchisees through the modalities and technicalities of setting up a business in this space. There are several benefits to using their services, such as:
When you have an expert to answer the relevant questions about franchising and how to make it a success, it can help you hit the ground running. Besides, potential franchisees may not always be aware of what they want, steps to take to get there, and exactly how and where to start. Franchise consultants help with all of these things and more.
These professionals should not be confused with franchise brokers. The latter actively work for franchisors and try to sell franchises for them (somewhat like realtors representing the seller of a property).
How a Franchisor Can Benefit From Hiring a Consultant
A franchise consultant’s primary job is to work with franchisors to identify effective ways of doing business and expand it. They help in several ways, such as:
If you are a business owner considering franchising, you must have a well-developed business system that is ready for expansion and which others would benefit from. Regardless of how successful your business is, franchising is far removed from what you are currently doing. You need to learn the skills, art and science of franchising, and an experienced consultant will help you develop those skills.
A credible consultant will never urge you to dive into the franchising process without thorough research and reviewing your business standing to become a viable franchise. They will review your resources and goals and assess your overall business concept depending on certain criteria. This includes whether your business model has long-term market potential, can be replicated and is of value to potential franchisees.
Your business might be profitable currently. However, will it stay that way once you start operating through franchises? A knowledgeable franchise consultant will conduct financial modelling to help establish the answer. They are experienced in the costs and returns of creating a franchise structure and then market the business and recruit franchisees.
If you find the solution viable and decide to move forth, the franchise consultant will help manage various aspects such as marketing and recruitment of franchisees. They will get you in touch with website designers to create a business website and assist in developing a media plan so you can make optimal use of various advertising and marketing mediums, including print media, portals, and exhibitions.
Some consultants will also track visits to your website while handling telephone interviews and other enquiries. This helps ensure that you ultimately meet qualified prospects.
They will also work with you to develop the franchise agreement and operations manual and guide you every step of the way.
As a franchisor, you would need several other services, like an introduction to becoming a member of the franchising association, funding from banks, etc. Well-established consultants have close business relationships within the broader franchising community, which helps ensure you are in good hands.
A skilled and experienced franchising consultant will have a detailed discussion with their clients, discuss their business expansion ideas and plans and provide concrete, doable solutions. They help them at every stage, guiding them and being there to offer their valuable advice. They will show you how to attract potential franchisees.
How a Franchisee Can Benefit From Hiring a Consultant
These professionals also offer professional consultation services to franchisees. During these consultations, they will help individuals looking for opportunities to understand the practical details involved, helping them make smarter decisions about the type of franchise they would want to invest in.
The services that franchising consultants offer go a long way in helping franchisors and franchisees succeed in their business ventures.
For more information, feel free to call the experts at The Franchise Institute. You can call us on 1300 855 435 or fill-in this contact us form, and one of our experts will contact you as soon as we can.
Thanks for reading, The Franchise Institute Team 1300 855 435