Choosing a Franchise Broker: What Franchisors Should Know
A franchise broker (sometimes called a consultant) focuses on helping franchises to expand their business by matching them with potential franchisees. So it’s important to know how to pick the right consultant for your needs.
For franchisors, this means finding someone whose goals match yours. They’ll be a partner in this expansion. Go forward prepared with these tips for choosing a franchise broker for your business.
Search for a broker or consultant who has been a franchisee or otherwise involved in many franchises. You’ll want more than just the talk; you’ll need someone who knows the industry and who knows your business. Potential franchisees will be looking for experience and knowledgeable answers to their questions. After all, they need to know every detail of how the franchises run before they make a decision. Someone who knows franchising will be better at getting the right franchisees into your company.
Keep their focus
Franchise brokers work with multiple companies to help them expand their business. If they’re good at what they do, they can balance these needs. However, you’ll need to ensure that they’re going to give your company the attention and care it needs to grow. Check out their track record to make sure they can handle multiple companies and that they will promote yours fairly.
Check their results
Always check out your potential broker’s results. Do they make good decisions for their franchisees? Are the franchisors they work with satisfied? If they are a good broker, they should have helped a large number of people come together within a franchise, and be poised to do more in the future.
Make a connection
As with franchisees, the most effective way to choose the broker who will help your business is to build a relationship with them. If they genuinely care for you, they’ll care for your business. They won’t try to line up just any potential franchisee in order to earn a commission. Instead, they’ll be invested in the future of your business and work to make your dreams–and the franchisee’s–come true.