Franchise consultants help expand and promote the success of your business. This means that a consultant’s role takes a number of forms depending on the state of the business. In general, a franchise consultant aids in the development and growth of a franchise system while being your guide.
The main role of a franchise consultant is to help you navigate the world of franchising. With all the rules and regulations, franchising can be a confusing and daunting process. Not to mention, if done incorrectly, a business can face legal issues. Think of a franchise consultant almost as your sherpa, guiding your business down the right path.
What is the role of a Franchise Consultant?
Firstly, a franchise consultant develops the franchise business model. This is a reflection of your current business yet documented so it can be duplicated by a franchisee. This includes developing Operation Manuals, Franchisee Training and Support, and on-the-job training for employees.
Secondly, franchise consultants work to ensure that you are protected legally and comply with federal and state regulations. Often times, this entails working with attorneys to register your trademark and ensure your Franchise Disclosure Document (FDD) meet the FTC standards. FDDs are given to potential franchisees to help educate them about your franchise program and includes all the necessary legal documents and financial statements along with a detailed report of your business’ operations and procedures.
Lastly, a franchise consultant should not “take over” or try to drastically change your business. Rather, a franchise consultant works to develop a franchisable model that is attractive to potential franchisees while still keeping the integrity and core values of your company.
Now, that you know the value of a “franchise consultant,” how do you determine if you need one? Well, first you need to assess whether or not franchising is right for you. Here are some questions to ask yourself.
- Is my business unique?
- Is my business financially successful?
- Can my business be duplicated in any market?
- Am I ready to take on a new role; the franchisee trainer and coach?
If you would like a more in-depth article about whether or not franchising is right for you, then click here.
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