When franchising your business it is important to take your time and get things right from the outset.
Franchising is not an out of the box solution. Every business has its own intricacies and requires specific, bespoke advice and documentation for the business to be franchised properly.
It is essential that you do your research when engaging a franchise consultant.
Listed below are some particular points you may wish to consider:
- Can you work well with the consultant? You will be spending a lot of time with them and sharing the secrets of your success. A good and trusting working relationship is very important.
- Will you be dealing with the consultant herself/himself or will the work be delegated to other staff?
- Ask for a reference and follow it up!
- Obtain a detailed written proposal for work which sets out clearly the scope of works, how much it will cost, a time frame for completion and when payment is required.
- Find out any other costs for work which may need to be undertaken by other experts such as legal, accounting and web page development.
- Get more than one proposal and understand the differences between them. The elements and principles of franchising do not differ much between businesses. It is the type and complexity of different businesses which create the differences in the work required.
- Be careful to look if there is an opportunity for termination as a result of non performance or substandard performance.
Does the franchise consultant engage other professionals to complete the franchising process? (Accountant to complete Financial figures etc) and is this included in the cost?