What is the difference between a Franchise Broker and a Franchise Consultant?
The simple answer is it depends who you ask. According to Wikipedia, a broker is an individual person who arranges transactions between a buyer and a seller for a commission when the deal is executed. Wikipedia states, a consultant is a professional who provides expert advice in a particular area. At FranDecision we are both.
Why not go directly to the franchises instead of going through a broker?
Franchise Systems are trying to sell you their franchise and only their Franchise. At FranDecision we want to make sure that the franchise is a good fit for you. We use our decades of franchise industry experience to give you all the information you need to help you make your decision. We start our consulting process by getting to know you so we may discover what opportunities are a good match for you as a franchise owner. We know which franchises are considered safer, more successful, and most profitable in the industry. We also know which are available in your area. Most importantly, we will make sure you research the franchise from the perspective of a potential franchise owner which can be challenging if you are only used to looking at franchises as a customer. Because our fees are paid by the Franchisor and only when we find a great match- we save you time, money and the stress of going it alone on this important decision.
What will it cost me to use a broker/consultant for my franchise purchase?
Nothing, our fees are paid by the franchisor. You pay the same price for the franchise just as if you had gone directly to the franchisor. The franchisor absorbs our fees into their marketing costs. The franchisors respect the processes we follow and recognize the quality and fit of the clients we refer to them after our consultations are complete. We are uniquely able to provide a win-win scenario for the investor and the franchisor.
Is there financial assistance available?
Yes, and I have a lot of experience in getting franchise owners funds to start and run their business. We can introduce you to funding sources for your franchise. Part of our consulting process is to explore what options might be best for you and to help prepare you for applying to those sources. Most importantly, we want to make sure you are considering franchises that are within your financial reach and comfort level. Remember, the number one reason small businesses fail is because they are undercapitalized so this is a critical part of the FranDecision consulting process.
What are the benefits of buying a franchise?
When the right franchisees are matched with good franchisors there is a mutual desire and focus for success. In franchising they say, “you are in business for yourself, but not by yourself” which means you get training, tools, support and most importantly mentoring from your franchisor and fellow franchisees. If you wrap all of what comes with a great franchise opportunity, there are a lot of benefits.
Do I need specific industry experience to buy a franchise?
The quick answer is no; however, it is really important to explore your experience and skills to make sure they are in line with what the franchisor is seeking in a successful franchise owner.
Interestingly, there are “Entrepreneurs” and there are “Franchise Entrepreneurs”. It is important to identify that you are a Franchise Entrepreneur. Please ask us about the difference.
Does FranDecision offer consulting for franchise re-sales as well as new franchises?
Yes, at FranDecision we also have a wealth of experience in franchise re-sales (the sale of existing operating franchise units). Maybe you prefer the idea of buying an existing business instead of a start-up. This is a franchise decision often overlooked or not offered by all franchise brokers. Franchise re-sales inherently involve more people as you have the Franchisor, the franchisee selling, business broker, CPA’s, attorneys and more. FranDecision can help you explore resales and ensure it is the right decision for you.
Does FranDecision offer consulting on Biz Ops?
Absolutely, some entrepreneurs are better suited to a Biz Op than a Franchise Opportunity, so it is important for us to explore this as part of our FranDecision process.
How do I know you will have my best interest in mind?
Franchisors are selective when it comes to granting franchises. Great franchises only want to sell to great candidates. Therefore, it is in our interest, as well as yours, to only introduce you franchises that could be a great fit.
How soon can I get started?
This is up to you. FranDecision is ready to help you whenever you are ready. Our goal is to help you identify a great franchise. After you select the business that is right for you and depending on the size and scope of the franchise, it can typically take anywhere from 1-6 months for your actual business to open.