Think of the top athletes in recent history like Michael Jordan, Wayne Gretzky, and Serena Williams. Despite being stellar athletes, they continued to receive advice and training from a coach, because they understood that coaching was necessary for them to continue to succeed. In the franchise world, the small business consultant, like those available through FranNet Canada, are like those coaches. If you want to count yourself among the best then training and coaching are a must.
There are some who argue that you don’t need a small business advisor to get started with a franchise. Some say that you should just go with your gut and blaze your own trail. And while we certainly won’t argue that it is possible to do this and still succeed – we will say, that the odds are going to be much lower. Next time you watch a major sporting event, try to spot the athletes who don’t have coaches with them. It’s unlikely that you’ll find any.
The small business advisors from FranNet Canada add value to the would-be franchisee in these four ways.
1. Self Discovery
While you may know yourself well, one of the first jobs of a small business consultant will be to help you articulate who you are. After all, many franchisors are looking for a specific type of person and being able to communicate why you think you are a good fit is essential.
Through your consultation, you’ll talk about things like your motivations for wanting to open a franchise, or sell a particular type of product or service. You’ll discuss your business goals as well as your strengths and weaknesses. If it sounds a bit like a job interview, that’s because it is. You certainly don’t want to get stuck in a position where you’re doing something you dislike or are not well suited for.
2. Financial Assessment
Starting a franchise can be very rewarding. But it can also be a big investment. Your FranNnet Canada small business consultant will conduct a financial assessment in order to determine what size of investment you can handle.
Much like being pre-qualified for a mortgage, this initial assessment will give you a good idea of what kind of franchises you can afford. After all, there is no point in doing a lot of research on a particular franchise only to discover later that it is out of your price range.
Also keep in mind that in addition to the initial investment, there will be other expenses that will occur before you earn that first dollar. A business advisor will help you to keep all of this in perspective.
3. Finding a Franchisor
Once your FranNet Canada small business consultant knows a bit more about you, what you are looking for and what you can afford, they will go through their inventory to identify franchisors that might be a good fit.
After discussing possible options with you, your advisor will refer you to your selected franchisors. Since the franchisors in the FranNet inventory value the opinion of our consultants, having our referral can be a real advantage.
4. Due Diligence and Signing Your Contract
Once you have a franchise in mind that you’d like to purchase, you need to do your due diligence in order to be confident of your choice. Your small business consultant can give you some direction in this but the responsibility is yours.
If you decide that the business is right for you, you can go ahead and sign the contract with the franchisor. If on the other hand, the business is not right, simply get in touch with your FranNnet Canada small business consultant and review some other possible choices.
At FranNet Canada, we want you to be successful in your new franchise venture. That’s why our small business consultants take the time to find the right fit for you.