Think Outside of Your Short List of Franchises to Better Serve Candidates

8 Ways Franchise Consultants can Learn More about Franchise Brands

As a Franchise Consultant, you play a critical role in guiding entrepreneurs towards ideal franchise opportunities. However, relying too heavily on your short list of favorite franchises can limit the options available to your candidates and potentially reduce their chances of success.

With literally thousands of franchise brands out there, Franchise Consultants should always be on the lookout for great opportunities to present to candidates.

Why Overreliance on the Short List is Problematic

All consultants have their own biases and preferences that influence the franchises they recommend. It is important to acknowledge that you have these biases and work to overcome them. Your short list is usually based on the franchisors you have previously worked with, but don’t let that stop you from branching out to other brands. 

Every franchise is unique, and your experiences with one franchisor may not be applicable to others. Furthermore, a franchisor’s performance can change over time, so you should always check in for updates.

How Franchise Consultants Can Become Familiar with Franchise Brands

From attending networking events and watching webinars to visiting corporate headquarters and franchises in the area, there are many ways for consultants to become familiar with franchise brands.

Here are 8 ways for Franchise Consultants to learn more about franchise brands. 

Attend Networking Events

A great way to connect with franchise pros is by attending conferences and trade shows. These events are fun, educational, and provide networking opportunities that could help build long-lasting relationships. For example, the International Franchise Professionals Group (IFPG) hosts an Annual Retreat filled with speed networking, panel discussions and more. These events give consultants an opportunity to learn about franchise brands and ask questions face-to-face. 

While it may be tempting to only recommend established brands that have a longer track record of success and more validation, it could be beneficial to consider emerging brands, as well. If the brand is still establishing itself, this gives your candidates an opportunity to grow with the business, secure a great territory, and be one of the first to invest in a new product or service.

Take Advantage of Webinars

You may not have the time to travel and attend specific events in-person. In those cases, webinars are the perfect substitute. The International Franchise Association (IFA) and Small Business Association (SBA) regularly host webinars to provide resources and allow franchise pros to tell their inspirational success stories. 

During special events like Black History Month and Hispanic Heritage Month, you can learn how to support entrepreneurs as well as learn about brands and access resources. The IFA also educates franchise pros about how to increase DEI initiatives.

Listen to Podcasts

Listening to podcasts about franchising is another great way to get information about franchise brands. Whether you’re traveling on a plane, going on a long drive, or working out at the gym, you can listen to a podcast about best practices and successful brands in the industry.  

With a quick Google search, you can find dozens of franchise podcasts that touch on topics like funding, best practices, and scaling a business. Leaders of brands are also interviewed to discuss the business’ benefits.

Keep Up on Franchising News

Actively visiting franchising news sites allow consultants to get to know brands that they can recommend. News sites like FranchiseWire provide information about franchisors, franchisees, and can have resources for veterans and other franchise pros. These stories are told in digestible, informative articles that you can show your candidates.

Visit Franchises in Your Area

You don’t have to go far to become familiar with franchise brands. All you need to do is look around your own area. By simply going to a local fast-food or automotive franchise, you can get a better understanding of how the business functions and the demand for services in the area. Go in and introduce yourself to the owner or manager and be sure to ask questions. 

Visit Corporate Headquarters 

Before making the decision to leap into franchise ownership, candidates typically attend franchisor Discovery Day and visit corporate headquarters to meet with the leadership team and current franchisees. As a consultant, you prepare candidates for Discovery Day by telling them what they can expect from the event and questions to ask the franchisor and franchise owners in the system. You can visit a franchisor Discover Day on your own, before you ever introduce a candidate to a brand.

SBA’s Directory of Franchises

By looking at the SBA’s Franchise Directory, you can find brands that are eligible for SBA financial assistance. Not only can you broaden your scope of brands to offer candidates, but you can see which franchises will offer financing options. 

IFA’s Interactive Search Tool

With the IFA’s interactive search tool, you can see which franchises are available and help candidates focus on brands that are geared towards their passions, goals, and budget. With more than 792,492 franchise establishments in the U.S., this tool can help candidates hone in on brands that are ideal for them.  

Think Outside of Your Short List of Franchises to Better Serve Candidates

Top Franchise Consultants take the initiative to find out about new and different franchise opportunities. By relying too heavily on your short list, you’re doing your candidates a disservice. 

To learn more about brands, you can attend conferences, watch webinars, listen to podcasts, visit franchising news sites, and visit corporate headquarters and franchises in your area. As you help candidates determine if franchise ownership is right for them, thinking outside of your short list is a great way to increase the likelihood of success. If your candidates succeed, you succeed.