The Question Comes Up Frequently when interacting with business owners who are considering franchising a business, why should I hire someone to help with this....aren't I the one who knows my business best?
The Answer is Yes, as the leader of your company, you do know your business best. Franchise Consultants are like any service provider. They bring expertise and specialized focus in a particular field of work. In this case, franchise development. The reasons that businesses hire specialists are many, but in any particular case, there should be a cost vs. value proposition analysis by the business owner in hiring a franchise consultant. If the cost or investment is lower than the value proposition, the strategic partnership should be formed...if not then it may be best to go it alone. Franchise consultants will not know your business better than you do, but they should deliver valuable insight into how to package your business as a franchise opportunity.
Franchising is a unique process. It has been proven to be extremely effective in expanding many different concepts for over six decades throughout the United States and even moreso today throughout the Globe. It is a very regulated process, a business owner launching a new franchise system should be aware of the regulations and rules they must abide by to be considered compliant as a franchise organization. In addition, like any new venture, franchising has it's own industry processes and methods to it that can only be discovered through experience.
How to sell a franchise? How to walk a potential franchisee through the FDD? How to file the FDD with a state? How to determine franchise fees and franchise structure? These are just some of the key elements that can make or break a franchise system as a success or failure. Typically, by having a qualified franchise consultant working with a new franchise organization, these issues can be alleviated and the opportunities can be brought to the forefront.
For more information on How to Franchise Your Business or Franchise Consultants, Contact Us: [email protected]
FMS is a team of expert franchise consulting professionals based in Canada that provides solutions for franchise development, franchise consultation, and expansion of businesses globally.