Yes, I think that would be wise, but you need to make positive that you are compatible. Basically finding someone with executive management experience who has worked in a large franchised organization may not be appropriate for a balls-to-the-wall, kick-ass entrepreneur. Those are different character types, and they usually clash. Further, it may not make sense to hire someone with an MBA that doesn't have a whole lot of business experience, or has seldom been in the franchising industry. The franchising sector is different from all other types of businesses and corporations, there is much difference, and you need someone who is done it before.
Well, as a former franchisor I am often asked by startup entrepreneurs various questions about entering the franchising industry. Often they run a tiny business, or have a tiny chain of stores that they would now like to Franchise, as they are working well, making funds, and plenty of of their customers have inquired about opening a similar business, with their identical business model in another city. Now then, here is another important question; is it important to hire a franchise consultant in case you are thinking of franchising your business?
When looking for a solid franchising consultant to franchise your business, you should not compare prices, you ought to look at their experience, and make positive they have experience in your general sector, as well as a decade or more of franchising experience. For example in case you are franchising a retail store, you need to discover a consultant who has worked with other franchisors which are also in the retail sector. And hopefully the franchise consultant has been a franchisor historically and offered franchise opportunities in the retail space.
All right so, what ought to you expect to pay for a franchising consultant to help you get your franchising business up and walking, and prepared to start offering your business model as a franchise business opportunity? Well, you ought to expect to pay a lovely chunk of alter, along with the services of a franchise lawyer, a manual writer, a trademark attorney, as well as a lovely franchise salesperson. If someone is charging less than $5000 to help you in the first three to 6 months as you get the ball rolling, chances are they are working cheap because they don't have the proper experience.
To reply to your question; do I need to hire a franchise consultant to franchise my business? The answer is definitely affirmative, make positive you get the right, otherwise you could be paying someone to give you advice. Indeed I hope you will think about all this and think on it.
Well, as a former franchisor I am often asked by startup entrepreneurs various questions about entering the franchising industry. Often they run a tiny business, or have a tiny chain of stores that they would now like to Franchise, as they are working well, making funds, and plenty of of their customers have inquired about opening a similar business, with their identical business model in another city. Now then, here is another important question; is it important to hire a franchise consultant in case you are thinking of franchising your business?
When looking for a solid franchising consultant to franchise your business, you should not compare prices, you ought to look at their experience, and make positive they have experience in your general sector, as well as a decade or more of franchising experience. For example in case you are franchising a retail store, you need to discover a consultant who has worked with other franchisors which are also in the retail sector. And hopefully the franchise consultant has been a franchisor historically and offered franchise opportunities in the retail space.
All right so, what ought to you expect to pay for a franchising consultant to help you get your franchising business up and walking, and prepared to start offering your business model as a franchise business opportunity? Well, you ought to expect to pay a lovely chunk of alter, along with the services of a franchise lawyer, a manual writer, a trademark attorney, as well as a lovely franchise salesperson. If someone is charging less than $5000 to help you in the first three to 6 months as you get the ball rolling, chances are they are working cheap because they don't have the proper experience.
To reply to your question; do I need to hire a franchise consultant to franchise my business? The answer is definitely affirmative, make positive you get the right, otherwise you could be paying someone to give you advice. Indeed I hope you will think about all this and think on it.
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