There are two important questions people should ask themselves about becoming an entrepreneur. One is whether starting a business is right for them in the first place. The concept certainly offers advantages over a corporate job: autonomy, flexibility, and earnings based on how hard you’re willing to work.
The second big question is how they find the right business model for them. For most, the answer is to work with a consultant.
I’ve been a franchise consultant for over 30 years. My job is to help someone determine whether business ownership is right for them and then find the right franchise opportunity. If you’re going to work with a franchise consultant (and I hope you will), here are some questions to ask before you choose them:
How do you get paid? Some consultants charge retainers, but most don’t. We’re like realtors: we work for free until you decide and sign with a franchisor. That’s part of our incentive: we only want to present you with opportunities that are a good fit and that we believe you’ll succeed at. We don’t waste your time with anything that doesn’t meet those criteria.
The franchisors pay us out of their marketing budgets when a new franchisee signs up. They pay us to find a motivated owner who’s the right fit for their brand and their business model. They also increase their geographic reach by having consultants across the country. Trying to find and sort through hundreds of prospects is hard work. We save them time and resources by presenting only owners who are serious and the right fit for them.
How long have you been doing this? What’s your track record of success? With decades of experience working with hundreds of franchisors, I help you organize and process your options. I’ve seen what successful franchisees have in common, and I know how to help them understand what success in a particular franchise will take. Ask your consultant to share some success stories from franchisees whose skills and situation mirror yours.
Here’s how I define success as a consultant: 90 percent of my clients who became franchisees have built a successful franchise business. Many of them have gone on to grow the business and sell it later at a profit when they were ready to retire. In other words, I define my success by your success.
Tell me about your career and your business ownership experience. You want your consultant to understand both parts of your career path: working for an organization and owning a business. They should have been through some of the same experiences and understand what it takes to succeed in both environments. They can speak from experience to the pros and cons of working for someone else and becoming your own boss.
Tell me about your process. This is how you determine if this is the right consultant for you. Not only should they have a well-defined process that stays focused on your needs and criteria, but they should also be able to communicate it clearly. Look for personality traits that will make them a good fit for you. Patience, organization, focus, and the ability to pay attention to and explain details.
Look for someone who sees you as a whole person, not just a fee. They should be independent enough to challenge your assumptions and give you advice you can trust. If I think an opportunity you’re considering isn’t the right fit for you, I’ll tell you. I’d rather lose a fee than have you unfulfilled and unhappy in the company you choose.
My process starts with helping you understand yourself and your motivations. I have developed an assessment that helps people determine whether they are the right fit to own a business. You can find it here: https://whatthefranchise.com/the-entrepreneur-test/
Whatthefranchise is a Strategic franchise consulting firm that has helped people for over 30 years to find the best franchise via proprietary assessment tools.
In 2024, he was honored as a Marquis Who’s Who based on his accomplishments, position, visibility, and expertise in franchising.
Marshall’s background includes over 41 years of business ownership, sales, marketing, and consulting experience. His first endeavor as an entrepreneur was as an independent contractor for the southeastern United States, with the Optyl International Eyewear company based in Austria. During his tenure with Optyl, he was awarded the Consultant of the Year for the United States. Marshall parlayed his success with Optyl into a successful partnership of optical retail superstores in Jacksonville. His company also worked as an outside consultant for Vistakon, a Johnson & Johnson company. To contact Marshall, call 904.249.1820 or email Marshall@whatthefranchise.com.