There's a lot to know when it comes to buying a franchise, and it can help to work with a franchise consultant before you buy. At The Franchise Academy, we are dedicated to expanding your knowledge about the franchise industry and helping you find the perfect franchise opportunity for your lifestyle. There are thousands of franchise opportunities to choose from, and finding the right opportunity for you is critical to your success.
Buying a franchise is an important investment that has the potential to pay off considerably down the road. However, there are a lot of unique circumstances associated with buying a franchise, and it can help to have someone with a deep knowledge of the ins-and-outs of the business to whom you can turn.
Below are four reasons why you should work with a franchise consultant before you buy.
Do you know which brand you want to commit to? In the beginning, many future franchise owners are unsure as to which brand they want to go into business with. This often results in an exhaustive search through thousands of potential brands and listings in an attempt to figure out which one will be the ideal fit. What makes it even more difficult is that you're constantly being pitched by brands claiming to be better than the rest, which can further muddle your decision-making process.
When you work with a franchise consultant early on, your consultant can put you in touch with a franchise development team (and sometimes even the CEO of the company) so that you can bypass the sales teams and their tactics entirely.
Navigating the franchise process is complex, and it doesn't end with all of the communications you're going to receive from sales reps hoping to sell you on their brand. Once you've narrowed down your search to a specific franchise, the work really begins.
It starts with a 150-page document known as a Franchise Disclosure Document (FDD), which is usually presented to people looking to buy a franchise to make the company as transparent as possible. Its length and language can be intimidating, and the information it contains is extremely important. If you do not read and, more importantly, understand the information this document provides, it could lead to problems down the road.
As things move forward, you may be invited to watch a series of webinars or to attend some form of orientation to familiarize you with the brand further. After that, you'll be given the franchise agreement –more lengthy documents that can be difficult to review if you aren't intimately aware of the subject matter they contain.
We, at The Franchise Academy, have deep knowledge regarding all of the paperwork you'll receive. We are not franchise attorneys, however we've owned and operated franchises in the past and we pride ourselves on knowing not only what's contained in these documents, but also being able to explain them to you so that you know exactly what they say and what you're agreeing to.
One of the best reasons to work with us is that we'll be behind you every step of the way. Our team will educate you on each stage of the process as you face them and advise you regarding what's coming next.
We'll be there to help you with the jargon, research, and more as you navigate the process, searching for the right fit and the right business for you.
Choosing the right franchise opportunity may bring up a lot of questions you didn't originally expect. Questions such as “does this franchise align with my core values and what I want in a lifestyle?” For some, it's simply a matter of dollars and cents, while others are searching for a franchise that, in running it, will provide them a certain lifestyle that fits their wants and needs.
A franchise consultant can be incredibly helpful in these situations because, after learning what drives you and where your true passion lies, we can provide you with advice that franchise sales reps or brokers can't (or won't). Sometimes you'll run into folks who need a commission and will try to sell you. We work to help you find the franchise that's right for you.
There are more than 4,000 franchise concepts that span over 90 industries. Attempting to sift through them all by yourself can be a herculean task. The work doesn't end once you've finally selected the brand you want to work with, either. You'll receive hundreds of pages of documents and information regarding that franchise, which you will need to read and understand in order to know exactly what you're getting into.
At The Franchise Academy, our job is to give you the best runway to enable success as a business owner and franchisee. We want you to be sure that you're buying into a franchise for the right reasons. Our guidance and research are pointed to that end, and that end alone. If you're interested in learning more about what we can do for you, contact us today. 516-322-1435 or