Do You Need a Franchise Consultant?
A franchise consultant tends to be an underused resource. This is a professional who helps you find the right opportunity and can guide you through parts of the franchise process. If you're having trouble finding your ideal Canadian franchise, you may want to consider using one, especially if one of the five scenarios below apply to you.
You just can't find the right fit
With all the brands in Canada today, it can be tough to find the one that will be the best match for your personality and lifestyle. If you have researched brands exhaustively and are still unsure, a consultant can step in and help guide you to ones that should be on your shortlist.
You're not sure about your budget
Finding the ideal franchise that is entirely out of your price range even with loans can be a frustrating experience. Determining what you have to invest tends to go beyond just looking at your bank account; you've got to consider your assets and your other investments, liabilities and debts. A consultant can evaluate your finances for you so you know exactly what you are working with and keep yourself in that investment range during your search.
You need more capital for your startup
Many franchisees take out loans to get their businesses, and this may be the right road for you, too. Don't give up just because you can't afford to buy a franchise out of your pocket as you may be able to get financing. A franchise consultant will find credible lenders and help you navigate their application and approval processes. This professional can also explain more about your financing options and the risks of each, including what may happen if you borrow from family or friends.
You need help with the disclosure documents
You can ask an attorney or a consultant for help reading your franchise's disclosure document. This document contains crucial information about your brand, so it is very important that you understand it completely before you sign onto anything.
You want to protect your location
Before you join a franchise, you'll want to know about any territory rights you're receiving in the franchise agreement. These rights limit how many franchisees can set up in the same area, reducing the impact of system competition on your location. Unfortunately, these rights aren't always clear in the disclosure document or your agreement, so make sure you fully understand them before you make a final decision.