The franchise market in India is growing by around 30 percent, and it is expected to exceed $20 billion in value by the following year. As an increasing number of Indians are investing in the franchise business, they are also facing the unique challenges that come along with it.
Starting a franchise outlet is tricky and requires an understanding of the strategic, legal, and monetary aspects of the business. Many times, unsuspecting investors have been duped of their money, and several businessmen have also fallen victim to franchise fraud. This explains the rapid growth of trusted franchise consultants and franchise solution companies that offer a wide range of services to reduce the risk of franchise fraud and help investors make the right decision. Let’s take a look at how a franchise consultant company in India can help your business.
What Are Franchise Consulting Companies? What Do They Do?
There are many advantages to opening a franchise business that can help investors establish a successful and profitable business in a short time. However, it is better to seek advice from a franchise consultant before investing, especially, if you are new to the business or industry. The term ‘Franchise Consultant’ usually refers to someone who helps potential franchise investors in finding the right franchise business opportunity and who helps franchisors in expanding their business. Thus, a franchise consulting firm can provide you with the right kind of knowledge, advice, resources, and network that can help you make the right investment decision. A franchise consultancy acts as a reliable and trusted partner during the entire process – right from helping you choose the right franchise to launch your outlet.
If you are a potential franchise investor, choosing the right kind of business that is most suited to your skills and interests is critical for success. However, new businessmen and entrepreneurs often struggle with the same. Franchise consultants provide invaluable insights and information at this stage to help you zero in on the best industry and brand that fits your investment goal and budget. They have extensive industry networks that help them procure reliable and genuine information regarding the franchisor. However, that’s not all; they also offer legal assistance as well. Franchise solution companies, like Frankart Global, provide comprehensive legal services to investors and ensures that the agreement they sign with the franchisor is fair. What’s more, most franchise consultants in India also provide real estate and rental services to help entrepreneurs select the best location for their franchise business.
On the other hand, franchise consultant companies also assist franchisors (a business that owns a franchise) in designing their franchise model, drafting the franchise agreement, finding the right investors, and expanding in new markets. Business owners who want to be franchisors can get help from franchise consultants in India, like Frankart Global, in finding the right investors for their business.
Thus, whether you are a franchise or a franchisor, a franchise consultant company can help you at every step. They can guide you so that you can successfully invest in the franchise that suits you the most and can also help in expanding your horizons while navigating the world of the franchise business. Their unique position helps them cultivate an in-depth understanding of the industry and assist franchise investors and franchisors alike in fulfilling their business goals.
What are the benefits of hiring a franchise consultant?
Benefits For Franchise Owners
Once you have decided to invest in a franchise business, we recommend that you consult a trusted and reputed franchise solutions company, like Frankart Global, to help you with the heavy lifting. Doing so will benefit you in the following ways:
- Selecting the right franchise business opportunity
Every franchise investor needs help in choosing the right franchise opportunity that aligns with their business goals. An experienced franchise consultant can provide all the necessary knowledge you need to select the right franchise opportunity that combines your interest, capability, and long-term business objectives.
- Networking in the franchise industry
A franchise consultant company can help you get in touch with a large number of franchisors. Their extensive network can ensure that you have multiple investment options to choose from. By providing you with accurate information on the investment amount, returns, break-even, margins, revenue, and profits, they can help you choose the most suitable franchise business opportunity.
- Legal assistance
Franchise consultants also help investors and entrepreneurs navigate the complex legalities and terms of the agreement by assisting them to understand and negotiate them better. Most franchise consultancies have a team of legal experts that help investors in vetting the franchise agreement and red flag any potentially unfair terms. This is critical for investors as it prevents them from agreeing upon terms that may be predatory, unfair, or biased.
- Setting-up and launch
Franchise consultants play a vital role even after the agreement between the franchise owner and the franchisor has been signed. Such companies advise businesses in finding the right location, renting the premises, setting up the outlet, and promoting it before the launch as well. For an inexperienced entrepreneur, this can be extremely valuable.
Benefits For Franchisors
Franchise solution companies assist businesses in launching their franchise business well. Here’s how they help franchisors:
- Designing the franchise model
As a franchisor, the process of starting and running a franchise business can be overwhelming. However, when you have a franchise consultant by your side, you much-needed advice and information at every step of the process. Since franchise consultants have relevant experience, they help businesses understand existing models and help design a partnership model with minimal risk and maximum returns. They also bring objectivity to the process, point out potential challenges, help you identify the potential of your business, and motivate you to make informed decisions based on the same.
- Finding new investors
Franchise consultant companies like Frankart Global scout new investors for new and established franchises. They connect the investor and franchisor by finding the most suitable partner, as per the business and industry. They also play an instrumental role in facilitating the agreement between the franchise owner and the franchisor.
- Expanding to new markets
Franchise consultants offer advice and services to help franchisors enter new markets. They assess the market conditions and local factors and offer business and industry-specific advice to the franchisor on the best way to expand in a new location.
How to select the right franchise consultancy firm?
Now that you know that the services of a franchise consultant company are critical, how do you go about choosing the right one? Keep the following points in mind while approaching a franchise consultant firm to attain help with your business:
- Experience and Expertise
When hiring a franchise consulting firm, experience is one of the most critical factors to look out for. Find out how long they have been in operation for and if they have an area of expertise. The company should have a team of experts from different industries and sectors with a wide range of knowledge and proficiency. It is advised that you go through their credentials thoroughly to understand their record and look at their existing clientele.
- Industry Presence and Network
Networking plays a significant role in the franchise industry and helps you reach a large number of potential investors, which might not be possible if you go about it alone. Thus, a franchise consultancy company must have an extensive network of investors and franchisors in different industries that you can leverage and benefit from.
A franchise consultancy firm usually charges a fee for its consultancy services. Make sure that the fee is as per the industry rates. Depending on the number of services you avail, this can vary – but make sure you consult different companies on their charges. Frankart Global offers some of the most affordable and competitive franchise consultancy services related to real estate, financial, legal, intermediate support, and market analysis to investors and franchisors. Please get in touch with us to know more about our services.
- Success stories
Make sure that the franchise consultancy company that you hire has a healthy record of success stories. Be sure to look at their history and talk to other investors if possible. A successful franchise consultancy will proudly display their network of investors and franchisors – so make sure you discuss it with them.
A franchise consultant company can guide entrepreneurs through the complex process of investing in a franchise and help businesses expand their franchises. No matter if you are an investor or a franchisor, having a franchise consultant on your team can help in minimizing the risks considerably. Therefore, choosing the right franchise consultant is important so that you get reliable support and assistance in helping your business grow. Frankart Global helps investors and companies in the franchise industry by providing them with the right information, support, resources, and network they need to succeed. Over the last few years, we have emerged as one of the best franchise consultant companies in India and helped several investors and businesses achieve their goals. Please get in touch with us to know more about our services and understand how we can help you in your franchise business.