When shopping for a franchise, knowing how to separate the wheat from the chaff takes expertise. Consulting a franchise coach can help you ask the right questions and zero in on key issues that can mean the difference between success and failure.
While you will find a seemingly endless supply of information about franchises in any internet search, you can save yourself a lot of time and aggravation by consulting an expert who has made his or her career studying the ins and outs of what makes a great franchise.
And since one of the attributes of successful business ownership is having the wisdom to know when you should rely on the expertise of others, your first test comes during your research phase.
To be sure, there are some clunker franchises out there. But to understand how the best franchise operations work, you need to have some idea about what they should offer, and what your expectations should be. If you’re not careful, you could find yourself with a franchise with subpar training and worthless support that ends up costing you your business.
The bottom line: You want value for your money, and the costs can be significant. With the best franchises, the value far exceeds the cost.
A good franchise can provide you all the knowledge you need to have a successful business, unlike an independent startup, where you have to guess the costs and estimate the potential revenue stream. A franchise operation already has a proven system, developed over time with a successful network of franchisees who came before you.
Without exception, franchisors will tell you they have excellent training and hands-on support to help you with every facet of your new business. And some surely do. But their job is to sell you their franchise, so they may leave out the part about a recent turnover in their training staff that has left the program in disarray.
Of course, the best way franchisors can maximize their income is to create the best environment for their franchisees to succeed – spectacularly so. Unfortunately, this isn’t always the case, which is why the research phase is so important.
A franchise coach can help steer you to specific franchisors, based on a thorough assessment of hundreds of franchise operations over the years. Another important goal is to match a franchise to your basic skills and personal profile — so that you can make a good living and enjoy your work.
The Benefits of Tapping the Expertise of a Franchise Coach
A franchise coach can help you figure out:
- What type of franchise you should research — based on your interests, skills and personality
- How well the franchisees have been succeeding
- How to evaluate the FDD
- How to assess franchisees’ and franchisor operations
- How well the franchisor prepares franchisees in the set-up phase
- How good the franchisor’s training program is, which includes answering questions, such as: Do you connect well with the support staff? Do you like them? Are they hands-on? Do they know what they’re doing?
In addition, as you continue your research, a franchise coach can help you answer questions that arise along the way. And best of all their service is free to you since they are paid by the franchisor.
As in every endeavor, you want to capitalize on every advantage you have, so consult the experts and get the edge in your search for your perfect business opportunity.
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Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (215) 367-5349.
© Dan Citrenbaum 2015
This guest post is by Dan Citrenbaum, a Franchise Coach and Entrepreneurial Consultant who helps people achieve their dreams as small business owners. He offers free evaluations to find out what option might be the best for you. Find Dan at www.EnterpreneurOption.com.