As the world’s leading franchise directory and information centre, we have a big black book of franchise consultants.
But what do they do? If you have come across a franchise or business opportunity that has taken your fancy, and you have begun to imagine yourself making tea in a mug that says ‘Boss’, it’s time to think about what a franchise consultant could do for you.
Franchise consultants can offer a wide range of independent services, including general business advice, financial assistance, legal services, franchise seminars and marketing consultants.
Some of these consultants will work more with franchisors, potential franchisees can take advantage of the following:
As a franchisee, a core component your business will be built on is the franchise contract. In the UK, there is no specific legislation in place to govern the franchise industry, and therefore your contract will be governed by standard contract law. It’s vital that any potential franchisee seeks legal advice before signing the contract, as it is a legally binding document.
Although there is no franchise law, there are many solicitors and legal professionals who have built their career within the franchise industry, who would have specialist knowledge of how particular clauses can affect the day-to-day running of a franchise business.
The franchise solicitors can also assist you in negotiating with the franchisor, which occasionally happens.
Many potential franchisees will be approaching starting a business with only a portion of the minimum investment required. Whilst some franchisors can arrange franchising through high street banks, or can agree financing terms with the franchisor themselves, it can be valuable to seek the opinion of a financial professional. They can advise you if you could get better value financing from an alternative source. They can also help with initial projections and financial planning.
Business consultants can provide advice relating to specific industries i.e. the travel industry, and offer potential alternatives and ensure you’re entering an opportunity that suits your personality and individual requirements.
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