Build Your Franchise Support Team
Behind every successful franchisee is a group of franchise professionals, each with specific know-how. As with any business, it’s important to seek assistance and advice from the experts; with a franchise business, it’s vital to not only search out people with specific skills and knowledge but also to ensure that they are familiar with the ins and outs of franchising as well.
As a franchisee, you’ll want to add professionals to your franchise support team, such as:
- A franchise lawyer – He or she will ensure all legally required information has been disclosed to you by the franchisor and assist you in fully understanding all the documentation involved in the franchise investment process.
- A franchise accountant – He or she can help you to analyze your finances, create a business plan and cash flow and prepare you to meet with lenders.
- A franchise banker – He or she will review your business plan, finances, and assets, and can provide a range of financial products, programs, and services as you start and grow your franchise business.
- A franchise consultant – He or she can help you evaluate your interests, skills and experience and assist you in exploring the franchise opportunities available to you.
- A franchise insurance broker – He or she can assist you in creating an insurance package that meets the needs of your franchise business.
The support services required will vary from franchise system to franchise system and franchisee to franchisee. This is by no means an exhaustive list of the expertise you might require. The Canadian Franchise Association’s (CFA) franchise support services members provide products and services that not only offer expertise in their diverse fields but also specialize in assisting franchise businesses.
Related Resource Articles: