Franchise Support Services: 5 Times to Turn to a Franchise Consultant
Franchise consultants offer free support services for both prospective and current franchisees. Unfortunately, franchise consultants are often an underutilized resource.
The following outlines 5 situations where franchise support services will come in handy.
1. When you need to find a franchise that’s right for you.
There are franchise opportunities abound in Canada. In most cases, we consider this to be a good thing since more options mean more chances to find the perfect fit. However, reviewing these franchise opportunities in detail is a massive undertaking. This is where franchise consultants come in handy.
For starters, franchise consultants help prospective franchisees identify their unique mix of skills, experience, talent, and values. This makes it easier to pinpoint what kinds of franchises would work for you, which is another service that a franchise consultant will provide. Once you’ve got a shortlist of franchise prospects, franchise consultants can help you ask the right questions during the investigation process.
2. When you need to find out how much investment capital you’re working with.
It’s important that your chosen franchise fits your personality and interests, but all that’s meaningless if it doesn’t fit your budget. Unfortunately, determining your available investment capital isn’t as simple as accessing your bank account. Accurate estimates of net worth, assets, and obligations require accountants who are well-versed in franchising. Franchise consultants can help you create a financially informed business plan that summarizes your current and projected finances, while also establishing timelines and goals.
3. When you need to accrue more startup capital.
Taking out a loan is a very common part of the franchise ownership process; surprisingly few franchise owners could afford to fund their businesses on their own. Don’t give up on your entrepreneurial dreams just because you can’t buy a franchise out of pocket. Franchise consultants can identify credible lenders, and help you through their screening processes. If you want to learn more about business loans, lines of credit, and business accounts, we can help. We can also advise you on how to secure the best outcomes in situations where you may be borrowing from family.
4. When you need to decode disclosure documents.
Franchise disclosure documents (FDDs) can feel like hieroglyphics to first-time readers, especially those with limited business experience. Understanding the FDD is vital; this document contains crucial information about the franchisor’s background, legal history, estimate start-up costs, and franchise agreement. Franchise consultants can help you make sense of it all, and will help you spot any red flags or items that may be open to negotiation.
5. When you need to protect your franchise location.
Before you sign on the dotted line, you’ll want to review the territory rights included in your franchise agreement. Territory rights reduce the impact of intersystem competition by limiting the number of franchisees that can operate within a given area. Territory right stipulations are sometimes confusing, but franchise consultants can help you make sense of them.
Franchise consultants come in handy once you’ve bought into the brand family, too. Some franchise advisers can help you develop a risk management plan or business insurance package. Additionally, franchise consultants can assist you with matters of franchise law, whether that means advising you directly or recommending a lawyer who can.
Find franchise support services
We invite you to learn more about our franchise support services. Please visit http://www.frannet.ca to browse free resources and find out how we can help you!
About FranNet Canada
FranNet is a 29-year-old company with roots in the U.S. Its purpose being to nurture every entrepreneur’s dream of business ownership. We actively employ a specific profiling and consultation method. This method is geared to each investor with a specific business model and based on franchise trends typically found in Toronto, Ontario, Vancouver, British Columbia, or Calgary, Alberta. The most lucrative Canadian franchise opportunities are waiting for you. For more details visit - http://frannet.ca/buy-a-franchise/canada-franchise-buying-process/
