The world of franchising is one of the best ways to get a foot in the door of the business world. And if you’re considering investing in a franchise, meaning becoming a franchisee and running a unit of a successful franchise brand, there are a few things you need to know before doing so. Among these is understanding that working with a franchise consultant or franchise broker to find the right franchise for you will save you a lot of time and money.
Another key point to remember is that franchises are awarded by the franchisor. The franchisor must be convinced that a candidate has the financial backing to invest in a franchise unit and is committed to the success of the brand.
There are thousands of franchise opportunities out there and finding the right one for you takes time and skill. That’s the job of the franchise consultant aka franchise broker. The role is essentially the same and there is no cost for a candidate to work with a broker or consultant.
Not every franchise is ideal or affordable for everyone. And when it comes to entering the franchising world, finding a broker or consultant is one of the best ways to identify the best opportunities for you.
Franchise brokers and franchise consultants work closely with prospective candidates to find a franchise that’s an ideal match for their talents and financial profile. It should be noted that these aren't salespeople; they’re intermediaries who assist prospective candidates in the process of buying a franchise. If you meet the criteria set by the franchisor, the broker will present you directly to franchisors, putting you at the front of the line.
Franchise brokers or franchise consultants are usually members of a franchise broker network. Franchisors pay a fee to partner with broker networks that represent their brand to potential candidates. Franchise consultants/brokers conduct a screening and qualification process before presenting a candidate to a brand. Simply put, their role is to connect candidates (potential franchisees) with the franchisors they represent.
Ask any business owner, depending on their level of experience, and they’ll tell you that time is the most valuable commodity. Finding candidates is a time-consuming endeavor. Working with either a broker or consultant who has vetted a candidate will save a franchisor a considerable amount of time in the selection process and potentially avoid a match that isn’t meant to be.
While brokers and consultants can be very pivotal in laying the groundwork for success, having the right one assisting you is what makes all the difference in the world. In today’s information age, finding out the experience and track record of anyone you want to work closely with is more accessible than ever before. The marketplace is constantly changing every year, and someone who has a grasp of insider knowledge will be the best ally you have if you’re thinking of entering the franchising world. Remember, this is a move that will either mean success or failure, so choosing the right individual to assist is just as important as choosing the right franchise.
Franchise brokers and consultants are major players in providing opportunities for success. And at FranSave, providing opportunities is what we excel at. If you’re looking to seize the perfect opportunity as a franchise broker or franchise consultant, or you are interested in investing in a franchise, isn’t it time you came knocking? We can help. Visit fransave.com for more information.
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your jurisdiction. Franchise offerings are made by Franchise Disclosure Document only.