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I Think I Want to Buy a Franchise – Now What Do I Do?
July 29, 2021

Realizing that you want to buy a franchise is the first step on a new, exciting path. Type in “franchise opportunities” in Google you’ll get back about 38,000,000 hits. If you spent just one minute on each it would take up more than 70 years to evaluate all of them. And, as you probably have experienced for yourself if you’ve ever searched the Internet for anything, you’ll find a ton of information that’s not always easy to organize or understand or even accurate.

Investing in a franchise business is perhaps the second largest investment in your life and leveraging the right expertise can help mitigate risk in selecting the right franchise opportunity for your unique situation, interests, and experience. Abraham Lincoln said “a lawyer who represents himself has a fool for a client”, the same can be said for franchising. Each franchise business has its merits and strengths. There are opportunities in nearly every business category, and many have financing options to fit your needs. Some questions that a franchise consultant will help you answer are:

• What kind of franchise model would work best for you?
• What industry?
• Home-based or brick-and-mortar?
• What can you afford?
• What fits your personality?
• Do you want your weekends and evenings free?

Finding the right business is all about compatibility and leveraging your skills. A business that is right for one person is not necessarily a good fit for you. Just because you like taco’s doesn’t mean that you should own a taco store. This is where a franchise consultant can help.

Pros and Cons of Using a Franchise Consultant

A good franchise consultant can help you successfully navigate through the the selection, discovery, legal and also assist you with tools and resources that you generally not have at your disposal. Here are some benefits of using a good franchise consultant:

• Accurate Insider Information
• Shorten Your Research Time
• Get Prepared with the Right Questions
• Understand the Terminology and Processes
• Can Locate Red Flags in a Franchise
• Can Help You Find Funding

Using a franchise consultant is typically at no charge to the client, and if you decide to get the help of a franchise consultant, you should know franchisors pay consultants a variable commission rate depending on the franchise, their objectivity may be open to question. Before deciding on a franchise consultant you may want to ask yourself these questions:

• Do they fit my personality
• What’s their objective
• What’s their level of expertise
• Do they offer the tools and resources I need

Using a franchise consultant can be helpful in improving your knowledge and mitigating your risk and successfully achieving your objectives.

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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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