A Franchise Coach operates as a guide to assist your search for the perfect franchise opportunity match. You benefit with a sounding board between you, the potential franchisee, and the prospective franchisor as you search and explore together. The definition varies between a franchise coach, consultant and advisor. Depending on experience and knowledge, an expert franchise broker should be all 3 of these. They should be able to coach, consult and advise you, without bias, throughout the franchise discovery process.
Knowledge is at the forefront of the process when you work with a franchise coach that is an expert. The coach’s goal is to guide potential franchisees to discover business opportunities that best fit their income goals, lifestyle desires, and investment budget. Business ownership and the entrepreneurial journey is not for everyone and therefore a strong assessment is needed to see if you are a match. The focus needs to be on ‘You’, your needs and desires, during the process. A franchise coach should never pressure you to choose a franchise opportunity. Their service should always be free to you. An expert franchise coach offers a structured system to educate you about franchising and where you might best fit within it.
An Expert Franchise Coach’s System Includes:
- Pre-qualification personal assessment tools used to build your ‘Perfect Fit’ business profile.
- In-depth knowledge of a wide variety of franchise industries and opportunities within each.
- A large, vetted, portfolio of franchise opportunities. Additionally, the ability to work outside their portfolio.
- In-depth knowledge about franchise financing, FDD reviews, franchisee validations, discovery days, and legal review process to educate you.
- On-going coaching provided whether you do or do not choose a franchise opportunity.
- Free consulting service offered to you. A coach works similar to an executive recruiter. The franchisor pays them if you choose to invest in a franchise opportunity.
The Qualities an Experienced Franchise Coach should have are:
- Business ownership experience, especially in the franchise industry.
- A solid record of verifiable, franchise matches awarded with past clients.
- Personal experience within the franchise industry giving the ability to relate real-world examples to your needs.
- The ability to listen to you and be a trusted sounding board.
- The understanding that this is your journey and they are privileged to travel it with you.
The franchise industry consists of approximately 4,000 franchisors. Not all franchisors are created equal. Many franchise systems offer proven systems and profit ability to their franchisees. But, sub-standard franchisors exists. Regardless of the quality system, a franchisor is not a match for you if they do not fit your lifestyle and needs. A franchise coach should represent a large portfolio of at least 400+ franchisors. The franchise coach uses ongoing education in order to ensure the franchisors they represent remain vetted for quality. A franchise coach should also have the ability to work with franchises outside of their portfolio, should there be a better match for you. Learn more about the 5 things the perfect franchise should offer.
You gain the benefit of a 3rd party when you work with a franchise coach. This benefit helps protect you from scenarios of working directly with franchisors who may not be as interested in your needs and just want to add you as a franchisee. Your coach works as your advisor as you go through the discovery and possible investment cycle of becoming an entrepreneur.
Do your homework when choosing a franchise advisor. Just as they vet franchisors, you need to vet them. Verify past clients and research your franchise coach online. Strong testimonials, such as these for Scott Diener, are a great start. Not all advisors are created equal, it’s important to make sure you get the opportunity to work with one who has years of experience in the industry, ideally from both the corporate side as well as the from the owner’s perspective.