If you’ve made the big decision to become your own boss as a franchise owner, then you’ve already answered one of the hardest questions on your path to business ownership. The next big challenge is finding the right franchise opportunity.
Some people choose to handle this step on their own. After all, who knows what kind of business you want better than you? But the truth is, there are around 3,500 to 4,000 franchise options available today. These cover dozens of industries and hundreds of different types of businesses.
Are you sure you can sort through all those choices and find the one that fits you best? Are you ready to make the necessary contacts? Do you have access to legal and accounting professionals who understand the franchise world and can help you review important documents? Do you know how to contact current franchise owners in the brands you’re looking into? Have you already secured your funding? Finally, are you prepared for the franchisor’s Discovery Day, where important decisions are made?
These are big questions, and answering them on your own might be harder than you think. That’s where a franchise consultant or broker can help. They offer expert guidance through the entire process—at no cost to you. These consultants are paid by the franchisors once a sale is completed, not by you.
To better understand how they can help, here are six key reasons to consider working with a franchise consultant or broker:
1. Your Franchise Coach
Franchise consultants and brokers are not salespeople. Their role is to guide potential franchise owners through the research and decision-making process from beginning to end. This is a no-cost, no-pressure relationship where they serve as both a coach and a guide. They bring their experience to the table and offer informed advice every step of the way.
2. Helping You Understand Yourself
You might think you know what kind of franchise you want, but that idea could lead to a business that doesn’t suit you. Early on, a franchise consultant will work with you to figure out what you truly want from business ownership. They’ll look at things like the level of flexibility you want, how much money you need to make, and how much financial risk you’re willing to take. They usually start by having you complete a personal assessment to better understand your goals and preferences.
3. Focused on the Facts
Franchise consultants don’t push specific franchises or go into the process with personal opinions. Instead, they focus on facts. Their goal is to match your preferences and work style with franchises that are likely to be a good fit. Many consultants use data and tools to filter out options that don’t suit your background, goals, or personality. What you’re left with are real, well-matched franchise opportunities based on your unique situation.
4. Franchise Matchmakers
Once you’ve narrowed down your list of possible franchises, your consultant will introduce you to the right people at each brand. Usually, that means franchise development managers, who are in charge of finding new franchise owners. As you continue through the process, you’ll also meet other important people from the brand’s leadership team.
Your consultant will help you get ready for each meeting or call. If you need legal or financial professionals, they can connect you with experts in their network. In short, they act as a matchmaker—bringing together the right business and the right owner.
5. Your Guide Through the Documents
When you start seriously looking into a franchise, you’ll be given a Franchise Disclosure Document (FDD). This legal document, which follows federal rules, has 23 sections explaining the franchisor’s business in detail. It can be a lot to take in.
Your franchise consultant will walk you through the document, helping you understand each part. They’ll also help with the franchise agreement, which outlines what both you and the franchisor are responsible for. Having someone by your side who understands these documents can make a big difference.
6. Getting Ready for Discovery Day
Before you sign any contracts, you’ll likely be invited to the franchise’s Discovery Day—sometimes called Meet the Team Day. This is when you visit the franchisor’s main office, meet the staff, ask questions, and decide if the brand is the right fit for you. The franchisor also uses this time to decide if you’re a good fit for them.
Your franchise consultant will help you prepare for this important step. They’ll give you advice on what to expect, how to present yourself, and how to approach this final decision-making stage with confidence.
Many franchise consultants have earned the title of Certified Franchise Executive (CFE), a certification from the International Franchise Association that recognizes high industry standards. To get started, you can look through lists of top franchise brokers or schedule a meeting with a trained advisor.
You may also want to speak with a career ownership coach for extra support. In the end, working with a franchise consultant can save you time, money, and stress by helping you avoid mistakes during the process of becoming a franchise owner. Their help can guide you toward a better and more confident business decision.
