Franchise consultants and experts weigh in on must-knows for prospective franchisees
If you’re in the process of considering different franchise opportunities, you may find it difficult to navigate the many industries, business models, and brands to choose from—and to know when you’re ready to make the leap!
A franchise consultant can be a valuable resource for anyone hoping to find some direction and expertise when evaluating franchise investments, and can help match you with opportunities that fit your budget and your vision of business ownership.
To learn what prospective franchisees need to know, Franchise Canada reached out to consultants and other franchising experts to get their tips and advice for those starting their franchising journey!
What is your best tip for a prospective franchisee who is unsure of which industries to consider?
“Your job isn’t to find a ‘good’ franchise—it’s to find the right fit. Focus less on the brand’s marketing and more on alignment with its values, leadership, and support, because that’s what will determine your long-term success. Achieving this means going deep in your due diligence, asking a lot of tough questions and asking a number of different people across the organization before you commit to anything. Be wary if you are ‘steered’ towards talking with a select few individuals—transparent organizations will be happy for you to speak with anyone.”
– Nick Empson, Level Up Business Coaching & Consulting (nick@levelupbcc.com)
“Don’t start with the industry, start with yourself. What do you actually enjoy, what are you good at, and what kind of lifestyle do you want? Get that right first, then find a sector that fits, not the other way round.”
– Scott English, Elite Franchise (scott@cemg.media)
What’s the most important question to ask yourself when considering possible franchise opportunities?
“ ‘Do I see myself doing this every day for the next 5–10 years?’ Only YES is the answer to proceed to the next step.”
– Joel Friedman, Southbrook Business Development Group (joelfriedman@southbrookbusiness.com)
“If you answer ‘yes’ to these questions, you may be ready to buy a franchise:
- Are you prepared to work long hours?
- Are you a self starter?
- Do you aspire to be part of a structured system?
- Do you have the financial resources to make the investment to buy a franchise?
- Are you willing to retain a lawyer experienced in franchising to help you understand the documents?
- Does the industry associated with the franchise interest you?
- Do you relate well to prospective customers?
- Finally, do you understand that while you may not always agree with your franchisor, you cannot deviate from the system?
I wish you well on your journey!”
– Frank Zaid, FRANLegal Support Systems (fzaid@frankzaid.com)
What’s the most important question to ask a franchisor when considering possible franchise opportunities?
“ ‘Can I speak directly with your franchisees about their experience?’ This is the most important question to ask because it will tell you whether the franchisor lives up to its promises. A franchisor who is confident in their system will welcome this conversation. If they resist, consider it a red flag.”
– Corey Nicholson, Cadence Franchising (corey@cadencefranchising.com)
What is your top piece of advice for someone who is looking into various franchise opportunities?
“Never ghost people. If you’re no longer interested, just say so. It’s a small world, and how you exit a conversation is just as important as how you enter it.”
– Joel Friedman, Southbrook Business Development Group (joelfriedman@southbrookbusiness.com)