Although it’s possible to turn your company into a franchise on your own, it can be more effective and efficient to work with a franchise consulting team. Franchising a business is not a small feat. Having a group around you to help you avoid common pitfalls, organize your company and simply take the intimidation out of the process can be priceless! So, what exactly are some of the benefits of not going it alone and, instead, working with a franchise consulting team or advisor?
Well for starters, a franchise consulting team is comprised of individuals with specialized experiences and skills. Though you may only deal with one particular niche in an industry based on the product or service you provide, a franchise team has worked across multiple industries. They know how to properly advise you in order to take your single company into a national one. Having this breadth of knowledge and tenure in varying aspects of business can be invaluable to the expansion of your very own.
But not only is it important that your franchise team has specialized insight and skills, another benefit is that they are able to educate you. You can conduct a lot s of research on franchising your business (which we highly suggest), but it is unlikely you will learn everything an experienced franchise consultant will have. Franchise feasibility and evaluation, strategic planning, dealer/distribution, operation manuals; these items can potentially make or break your chances of having a successful franchise. Are you familiar with how to go about tackling the items listed that apply to your company? Are you familiar with which ones apply to your company? Your franchise consultant does! It’s not only their job to make these items easy to review; it’s their job to teach you the significance they carry in what you do.
What about once you are legally able to franchise your company? Do you have the sales skills to convince aspiring or fellow entrepreneurs why they should buy into your brand? The truth is no matter how well structured your company is for franchising, if you don’t have franchisees you aren’t a franchise. For example, if you have a car wash, how are you able to set your company apart when those potential investors review your company’s offerings? Your consultant can help in that department. In the long run, the goal is to make your business not only capable financially or structurally to replicate itself successfully, but also to shape it as attractive as possible for others to consider buying.
The reality is, there are many things we can learn or do alone, but franchising shouldn’t be one of them. Can you imagine if you or a friend would have been learned to drive for the first time alone? That would have been highly terrifying and completely unsafe, but still not impossible. When learning to drive having a parent or a friend present reduces the learning curve and accelerates your ability to drive independently faster. In our opinion, the same rule applies to franchising your business.
Franchising can be a daunting task. By working with a franchise consultant team, not only are you limiting personal risk, you’re saving yourself a lot of time and gaining a ton of wisdom along the way. Interested in learning more? We’d love to answer any questions you might have to help you determine to best move for you and your company!
