How can you use a franchise broker to maximize profits?

As a seasoned small franchise business owner, and a Franchise Broker, I have experience on both sides. That being said, any prospective business owner should always look at themselves introspectively prior to considering any business opportunity. A successful business owner is one that that has the passion and drive to succeed in almost any industry and has total self-belief. However, that person will not just go out and invest their hard-earned monies in any venture that comes their way. They need to fully investigate that industry, the opportunities within, the competitors and speak with the current franchisees already involved. Where a good Franchise Broker can assist is to match that person with the right franchise model.

5 reasons you should never rely on a commissioned broker: 1. Chasing $ Over Client Success: Many brokers are more focused on securing $ than ensuring your success. 2. The Unsettling "Sold But Not Open": An alarming trend when brands sell licenses that never open. The broker gets $ and you foot the bill. 3. Lack of Real-World Experience: A lot of brokers have never owned a business or created wealth. 4. Skirting Hard Questions: You need a broker who's not afraid to ask tough questions and provide you with the unvarnished truth about how your decision impacts your financial situation. 5. One-Size-Fits-All Approach: The ideal franchise for you depends on a wide range of factors – your skills, interests, lifestyle, financial readiness, etc.

As a seasoned small business franchisee and a current Franchise Broker, I feel confident of adding some value to this article. Although I agree, in general terms, with what is stated here, I do believe that a good Franchise Broker is one that is well connected with several Franchisors, has a very good grasp of all economy-determining factors, understands all aspects of operating a small business themselves, can help a franchise prospect to connect with franchise industry financial and legal experts and is willing for the Franchise Broker to find the exact best match for their skills, aspirations and financial capabilities. In my Franchise Broker role, I concentrate as much on the prospect as the opportunities out there.

Best Sources of Franchise Financing: - Start with the franchisor, they know how to secure funding for their concept, leverage their experience and avoid wasting time. - SBA Loans (Small Business Administration) - Conventional Loans - ROBS (Rollovers as Business Startups) - Home Equity Loans and Home Equity Lines of Credit, or HELOCs. - Securities-Backed Lines of Credit - Equipment Leasing - Franchisor Financing Some franchisors (very uncommon) offer franchisees financing in part or in whole. Just keep in mind that a franchise financing program isn't your only option, and you should compare the franchisor's offer with other funding sources.