A franchise consultant offers expert advice and insider knowledge to entrepreneurs looking to enter into the varied world of franchising.
They will help you to either set up your own franchise as a growing business or aid you in finding the perfect franchise to invest in.
Franchise consultants bring you their expert skills and knowledge, allowing you to set up a business quickly and efficiently, and in the long run, make as much profit as you can.
In this article, we take a look at what a franchise consultant does and when you might need one.
What is a franchise?
Let’s quickly define what a franchise actually is, to give us a broader picture of when you might need to hire a franchise consultant.
A franchise is essentially a lease or authorisation that’s provided by a company that allows an individual to open up a separate branch, outlet or ‘franchise’ using existing and proven business models and branding.
Franchises are a great way to get into an existing industry, offering a relatively low-risk investment, but they also offer growing businesses the chance to expand and enter new markets.
As you can see, there are a lot of potential opportunities when it comes to franchising, which is why you might need expert help in the form of franchise consultants UK-based.
What is a franchise consultant?
Simply put, a franchise consultant advises on the process of buying a franchise or setting up a company to sell franchise opportunities. As already noted, they offer expertise and advice and should be able to provide you with a good level of insider knowledge.
A franchise consultant should be experienced in the world of franchises, of course. Ideally, they will have experience running their own franchise or they should be on close terms with business owners that offer franchising.
You should thoroughly check out a franchise consultant’s background, their work experience and their business interests before hiring them. You want them to be impartial and not have vested interest in a company you might be considering, for instance.
Many people can claim to be a franchise consultant just by owning a franchise, but what you’re really looking for is someone that you can work with to improve your own business – someone who can mentor you to go beyond your current business position.
You should always ask for testimonials or references to hear firsthand their success, and perhaps even their past failures.
When might I need a franchise consultant?
There are several scenarios when you will need to consider hiring a franchise consultant to improve your chances of success.
You are entering a new industry
The great thing about franchises is that you can franchise out into any industry with little experience needed.
But that comes with risk, and while the head office will provide you with training and their own expertise, you might want the experience and help of a franchise consultant who has worked specifically in the industry you are breaking into.
You are franchising a business out
The best franchise consultants will be able to help you if you are asking, ‘can I franchise my business out?’
For small businesses, this can be a great way to expand and to enter new markets, but for many business owners, it’s going to be uncharted territory.
There’s a lot to consider, and expert advice will definitely be needed when you start selling franchises opportunities for your own business.
Your franchise is in trouble
You should also seek out the help of a franchise consultant if you’re getting into financial trouble.
With fresh eyes, they can take a look over your franchise and give you their independent opinion, which could help you to turn things around and become profitable.
You can employ a franchise consultant if you have franchised a business that is now failing, or if you have multiple franchises that you’ve sold and need a more profitable model, for example.
The British Franchise Association
There are many franchise services and franchise experts UK-wide, but the franchise association bodies such as British Franchise Association and Quality Franchise Association are well respected when it comes to franchise consultancy. Franchise associations aim to provide an ethical and independent governing body in franchising.
Companies are able to sign up for accreditation through associations like British Franchise Association and Quality Franchise Association, which gives them a much higher level of legitimacy. These organisations also provide consultants and can help you through the process of buying a franchise or turning your existing business into one.
Many an independent organisation, they also offer impartial advice and expertise if you need it.
Ultimately, a franchise consultant is a great way to learn more about the franchise industry, as they provide you with expert advice and insider knowledge. They can help you to start your franchise business and to turn around a profit quickly, making franchise consultancy a valuable service.