How Franchise Brokers Can Jumpstart Your Dream To Be Your Own Boss - Iridium Partners
How Franchise Brokers Can Jumpstart Your Dream To Be Your Own Boss
General News

Tuesday, 4 October 2022

How Franchise Brokers Can Jumpstart Your Dream To Be Your Own Boss

If you are looking to be your own boss and define success on your terms, it may be that you have considered owning a franchise. If not, it is a worthwhile consideration if an established brand, team support, and mentoring appeal to you. Buying a franchise is giving yourself a head start in entrepreneurship. A franchise broker can assist you on this journey by providing industry insights.

What Is A Franchise Broker?

A franchise broker will help get a foot in the door for candidates wanting to invest in an established franchise business by matching them with a suitable brand. Franchise brokers work solely within the franchising sector, and the best brokers have an extensive work history that supports their expertise and portfolio of brands they represent.

Besides knowing the sector, the brands and the businesses within it, the key role of the franchise broker and what sets them aside from a traditional business broker is their role in matching a potential buyer with a brand and opportunity which suits them

Director at Iridium Partners, Nathan Bonney

What Are The Key Advantages Of Working With A Franchise Broker?

Why use a franchise broker? Nathan, Director here at Iridium Partners, shared insights from his 20-plus years of experience in New Zealand franchising to answer this question. He emphasises the need for franchise brokers to conduct in-depth conversations with potential candidates. Iridium is unique in its approach when placing franchisees by looking at it from a recruitment lens rather than a sales lens. The focus is to facilitate relationships between high-quality candidates with complementary skills and their ideal franchise brand. 

It is important that we have a good understanding and get to know both well so we can ensure we are providing our clients (Franchisor or Franchisee) with the most appropriate people, at the right time, for the right opportunity. – Nathan, Iridium Partners.

Director at Iridium Partners, Nathan Bonney

More Ways A Franchise Broker Can Help:

  • Reducing research – There are over 590 franchise brands in New Zealand. Knowledge of the sector and specific brands. That’s a lot of brands and initial research to do. However, we can also help with self-directed research. Read our article How You Should Research Buying A Franchise for more. 
  • Evaluating opportunities – We provide recommendations based on both aspirations and constraints. For example, you may have your heart set on a restaurant or café, but your budget means you would be better starting smaller, with less debt to repay and the ability to add value and capital gain. There will be more benefits to your business goals in the long term. 
  • Insights into the New Zealand franchise market – Iridium knows the brands in New Zealand and works intimately with their teams. This kind of access gives valuable insight that allows a match to be as successful as possible based on knowledge and not guesswork. 

What To Prepare For Your Meeting With Your Franchise Broker

It is beneficial to create a wishlist for an ideal franchise match before meeting a broker. Consider your skillset, financial capacity, and values. For more information on how to do this, read about How To Find Your Perfect Franchise Match.

Questions your franchise broker will want to know to best assist purchase the right franchise business opportunity for you:

  • Understanding your background and skill set
  • Target or capital spend
  • Lifestyle goals
  • Some general information like where you live, where you want to purchase
  • Don’t be surprised if they want to know personal details, like family situation, who will be involved in the business, and what interests you have outside of work. 

For more information on franchise brands, Iridium Partners represents and opportunities available across N.Z, head to our Franchise Opportunities page.