Franchise Consultants: Finding a Good Match
When an organization decides to make the transition into the world of franchise development, it is typically recommended that the organization retain franchise consultants to assist and guide the company through this process. What should franchise consultants provide to a company once they have been contracted?
1. A solid franchise business plan for the new company. This should consist of several key elements:
Primary Research on the marketplace and the franchise competition that a new offering will encounter. This research should include the acquision of UFDD’s, franchise marketing materials and overall franchise information such as franchise fees, royalties and market penetration.
The franchise business plan should develop a solid foundation and structure for the franchise organization. This includes the development of the franchise fees, royalty fees, advertising contribution fund and the critical business elements involved in building a franchise program that makes sense. Franchise Consultants should focus on issues such as territory analytics and training programs that will provide for a sound and logical franchise business model.
2. Franchise Legal Documentation.
Franchise Consultants should either refer you to a franchise attorney to develop and document the UFDD or they should provide the document which should then be reviewed by an attorney. The Uniform Franchise Disclosure Document will mirror the business elements that were built in the business planning phase of the franchise program. It is important that franchise consultants bring a business background to these documents and that they are something which can be sold to a franchisee.
3. Operations Manuals.
Franchise Consultants should document and write operational manuals that correctly define and document your business practices. These manuals should be written in a way that would allow a franchisee to learn the business they have bought into in addition to legally defining the operations standards for the franchise model. Franchise Consultants should provide efficiency consulting and operational insight as to what will make the concept more easily replicated.
4. Franchise Marketing Program.
Franchise Consultants should provide and develop a realistic and logical franchise marketing program. This program will consist of a marketing plan, franchise collateral materials and the needed documentation to offer a franchise to a prospective candidate.
Franchise Consultants come in many shapes sizes and formats, in the end, it is important to choose a franchise consultant like you would a partner, carefully. There are intangible elements that must be considered as well such as personalities and work format, make sure that you match up with a franchise consultant in all aspects of your business so that you feel most comfortable and you will most likely acheive better results.