July 11, 2024

Choosing the Right Franchise Consultants for Your Growth

Franchising your business is a significant step toward substantial growth and expansion. When working with advisors like SMB, choosing the right suppliers and franchise consultants helps ensure an efficient and successful transition. Here are the key factors to consider when selecting various franchise consultants and suppliers (financial, legal, marketing, public relations, training and technology) for your growth:

1. Industry Experience

Prioritize consultants and suppliers with extensive experience in the franchising industry. Look for companies that have worked with franchisors and understand what franchisees need. This practical experience ensures they understand the intricacies of both sides of the franchise relationship, making them well-equipped to guide you through the process.

2. Reputation, References, and Proven Results

Take the time to understand your goals and needs. Look for consultants and suppliers with a history of successful client engagements and positive testimonials, reflecting their ability to help businesses transition into franchising and grow their brand. Checking references and asking for recommendations from past clients can provide additional insights into their effectiveness and reliability. You can gain valuable insights from a supplier or consultant’s references. Select partners who will effectively support your franchising journey by assessing reputation, references, and proven results.

3. Ethical Standards

Franchising involves significant financial and personal investment for both the franchisor and the franchisees who join a brand. Therefore, it’s critical to choose companies that operate with high ethical standards, do what they say and stand by their word. They should be transparent about their deliverables, process and fees while helping you make decisions that benefit your brand over the long term.

4. Comprehensive Support

Offering comprehensive assistance throughout the franchising process – from initial advice to supporting you, your team, your first franchisees and beyond – should be a priority. Suppliers and consultants should be able to provide support in their areas of expertise facilitating profitability, efficiency, compliance, and growth. All of this goes a long way toward earning trust of your franchise team and in turn, achieving the goal of positive franchisee validation.

Additional Tips and Considerations

  • Interview Multiple Companies: Don’t settle for the first option you come across. Interview several to compare their experience, approach, and fees. This will give you a better sense of who is the right fit for your needs.
  • Look for Specialized Knowledge: If your brand operates in a specific industry, such as health and wellness or education, look for suppliers and consultants who have experience with franchisors in those verticals.
  • Assess Their Problem-Solving Skills: Franchising often comes with unexpected challenges, so it’s crucial to select partners who demonstrate strong abilities to think critically, adapt, and effectively resolve problems.
  • Evaluate Their Communication Skills: Effective communication is essential. After you have chosen your partner (but before you sign a contract), ask to meet your direct point of contact and company representative. Ensure this person is also a great communicator. They will need to keep you informed throughout the process to help implement your goals. They should not only be able to deliver on the salesperson’s promises, but also be empowered to make decisions.

Carefully consider these factors and take the time to thoroughly vet potential suppliers and consultants who will help you develop your franchise. The right partners will provide the support you need at each stage of your growth. Forming strategic partnerships can significantly enhance your chances of achieving long-term success in the franchising world​​​​​​​​​​. You can also refer to the International Franchise Association on this topic as well.

At SMB Franchise Advisors, we believe it’s all about the relationship™. We provide access to our extensive network, including top-tier franchise attorneys, sales brokers, marketing agencies, product and technology suppliers, as well as other franchisors. We host networking and educational events (scroll down to SMB in the moment to find the networking galleries) to foster these connections virtually and in person. Our network becomes your network to achieve growth and success. Reach out to our team for the guidance, support and advice you need in your brand’s development at every stage of your franchise growth.