Take It To The Experts

As you follow the course of analyzing, purchasing, financing, and running your franchise, you may find it necessary to consult with experts. Ideally, you and the franchisor will have most areas covered, but that’s rarely the case. Don’t be afraid to consult professionals in your work. It may seem an unnecessary expenditure, but experts are called experts for a reason, and they can usually save you a bundle in the end.  

Just a few of the professionals whose services you may require are: 

·  Financial Advisors 

 An investment advisor is a person or firm that advises people about investments. They offer both financial advice and asset management services. If you decide to consult a  financial advisor, be cautious about the type. Seek out an independent financial advisor.

 These individuals are in practice strictly for the purpose of advising clients. Other types of financial advisors are paid to steer you away from your own goals and towards products and services offered by specific companies. 

·  Business and Franchise Advisors 

These are individuals or firms specifically designed to offer advice about small            businesses.

You’ll find some specifically targeted at franchising, while others may have a more  general  focus. Unlike financial advisors, who can advise you on business purchases but  focus  more on your general finances, a business or franchise advisor exists specifically to help you make choices about purchasing and running businesses or franchises.

·  Business Brokers

You’re more likely to encounter a business broker employed by the franchisor than ever   hire your own, but they’re worth being aware of. A broker is a person or company that     acts as an intermediary during the purchase process. Business brokers assist franchisors  by handling initial sales inquiries, screening processes, and interviews. They can also     work to your advantage as they can provide objective outside views about a franchise,    helping you decide if it’s right for you. 

·  Solicitors 

A solicitor isn’t an absolute necessity, but it’s a very good idea. Unless you’re quite familiar with legal jargon, you’ll probably find the franchise agreement somewhat        overwhelming. A solicitor with past experience in franchise law can assist you by           looking over the document, making sure it meets all legal and ethical requirements, and advising you about the purchase. Remember, the franchise agreement is a binding contract, so it’s well worth the time and cost to make sure you’re fully informed regarding its contents.

·  Accountants

If you have a background in bookkeeping, you may be able to skip this step. Otherwise,  you can avoid a lot of financial headaches by hiring an experienced accountant. They will  not only be able to help you manage your money, but if they’re experienced in working with small businesses (and they should be), they will help you find deductions and places to cut expenses. An accountant eliminates much of the stress and worry involved with  managing the financial end of the franchise. They are also an excellent resource when compiling your business plan.

·  Advertising Experts 

Depending on your experience and the level of support your franchisor offers, you may    find yourself in need of marketing and advertising advice. For a fee, these firms and individuals can assist with writing ad copy, finding marketing opportunities, and choosing the most valuable places to advertise. 

·  Other Professionals:

While those are the main people you will encounter in the franchise field of professionals, you may find yourself working with other professionals. They may include:           

·  IT support, especially if you’re unfamiliar with computers

·  Editors and writers (to help polish your documents, especially the business plan, and give them a more professional look)

·  Government personnel -- for example, if you run a food services franchise, expect to see the local health inspector sooner rather than later

·  Local media personnel -- cultivate excellent relations with these people: they are your marketing keys 

There are many professionals and experts poised to help you. Use your judgment, but don’t feel like you need to do it all yourself!