How to Hire a Franchise Consultant

If you are going into business for yourself and are considering buying a franchise, you may want to consider hiring a franchise consultant, who will help you choose the right franchise for you. These specialists are often aware of opportunities and can help you decide what is the best match for you. They can also assist with the application and start-up process. Because purchasing a business is a major decision and one you'll live with for many years to come, it's wise to make it very carefully. Read on to learn how to choose and hire a franchise consultant.

Difficulty: Moderately Challenging

Instructions

1. 
    
   Check with International Franchise Association

   ~ Know Where to Look ~
   
   Before you can hire a franchise consultant, you'll have to find one. Because these consultants work in a specialized, and relatively small field, you aren't likely to find them in your local yellow pages. Start by checking the internet. You can also talk to current franchisees. Contacting the International Franchise Association for a list of consultants is a good idea as well.

2. 
    
   List Your Needs

   ~ Evaluate Your Needs ~
   
   Before you start interviewing, write down a list of your needs. You have to know what you expect from a consultant in order to know what questions to ask during the interview process. Have a list of your goals so that you can share them with potential franchise consultants to assure they'll be able to assist you.

3. ~ Begin the Interviewing Process ~
   
   It's time to start talking to potential consultants. Make sure that you ask them specific questions about their experience, education, and knowledge. Share your list of needs and goals to be sure that they can help you meet them. It's wise to interview more than one person if possible.

4. ~ Request References & Contact Them ~
   
   Yes, it's true that people will always give you a list of references that will say nice things about them, but you can learn about the personality of anyone you are considering to assist you by taking the time to talk to people who have worked with them in the past.

5. 
    
   Get Proposals

   ~ Get a Proposal ~
   
   You'll want to have a proposal from any franchise consultant that you are considering hiring. The proposal should lay out cost in a manner that's easy for you to understand. You should either expect to pay a flat fee or an hourly rate with a not-to-exceed amount. The proposal should also lay out the services that are included as well as specific deliverables that you can expect with a time line.

6. 
    
   Make a Deal

   ~ Sign a Contract & Pay a Retainer ~
   
   With any professional service provider, you can expect to pay a retainer up front. It should not be the entire fee, but it should be a fair amount and it's widely accepted throughout the field of consultants.

Tips & Warnings

• Always make sure that each parties expectations are laid out clearly so that there are not misunderstandings later. If you have questions about your proposal or contract, make sure they are answered before you commit to anything.