Author Box
Articles Categories
All Categories
Articles Resources

Should I Consider Becoming a Franchise Consultant?

February 22, 2012 | Comments: 0 | Views: 199

As the economy experiences ongoing turbulence we are seeing more people reaching out to careers that offer stability at the forefront rather than simply high earnings or appealing lifestyle perks.

Fortunately - the career of a franchise consultant can offer all three.

It is estimated the franchise consulting field will grow from just 5% to over 70% by 2016. As there are hundreds of thousands of franchises sold each year this represents a strong opportunity for anyone wishing to become a franchise consultant.

The sputtering economy also provides virtually limitless potential franchise clients ranging from downsized executives to folks who can no longer afford to retire. Many people are realizing their best safety net is really to rely on themselves. A franchise offers a good way for people to start their own business within the safety of an already established and successful system.

For those who might be unfamiliar with the role a consultant plays in the process let us begin there. The franchise consultant provides similar services to a Real Estate agent however rather than presenting and showing homes the consultant shows franchises. As most franchises don't yet have a physical location the role can be conducted virtually via webinar or telephone showing and discussing franchise concepts rather than brick and mortal locations.

A good consultant will take their client under their wing and become familiar with their budget, strengths, weaknesses and life goals, and present a number of potential franchise choices. Most franchise consultants will be associated with a major franchise broker and have hundreds of options to choose from.

After a few franchise concepts are presented and the pros and cons discussed if the client is comfortable with one they are then introduced to the Franchisor. The client is guided through the process with both the franchisor as well as the consultant who acts as a neutral party. The client is provided with the FDD (franchise disclosure document) which will outline many key points regarding the company. Most franchises will also provide contact information of existing franchisees and the prospect is encouraged to contact them.

If at anytime the client feels uncomfortable or has any questions the franchise consultant is a great unbiased resource to consult with. If at any point the client decides the franchise is not for them they can gracefully back out. There is also a chance the franchisor may not accept them if they are lacking in some key areas. If you have done your job as a good consultant and understand both the prerequisites the franchise and the strengths and weaknesses of your client this is unlikely to happen. In either case the franchise consultant can open up their portfolio again and begin the franchise selection process anew. That option is not available when dealing directly with a franchisor.

To become a franchise consultant one should also have prior business experience, negotiation skills, sales skills (although there is no selling involved) as well as the willingness to constantly learn about the franchises they represent.

The high point of the career is when a client is placed into a great franchise which they love to operate, become enormously profitable, and you make a nice commission in the process. Commissions are very healthy in the franchise consulting world allowing practitioners a comfortable lifestyle while helping clients achieve their dreams.

The best place to start your search into becoming a franchise consultant is to speak with an existing franchise broker. Most will offer training, support as well as a portfolio of the best franchises to represent. There are fees involved in becoming a qualified consultant for training, business tools, ongoing support and in some cases royalties on sales. The initial fees can range anywhere from $4000-$29,000. It is also possible to become a franchise consultant for free, however not having any franchises to represent, any training, or any knowledge of the franchising process in general is a tough way to get started. Some brokers will give you a "referral" fee if you have a potential franchise buyer. It is best to call them first to ask as not all do.

Some brokers will charge a royalty for each franchise you sell, some do not and each brokerage will have their own benefits. Find the one most suited to your needs, ask a lot of questions and if the broker thinks you are a good match you can generally get started quickly. Your initial franchise consultant training will take anywhere from a few days to a couple of weeks, although ongoing learning is crucial in the industry

To learn more about how to become a franchise consultant please visit our website.

Robert P Edwards is a professional franchise consultant as well as the founder and CEO of the Seagus Corporation, a full service franchise brokerage and franchise consulting firm. Robert has over 25 years of business experience with an assortment of specialties including brand management, franchise development, web 2.0 marketing as well as general business consulting.

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

How To Become A Franchise Consultant


Franchise Consulting Career

In India, employment opportunities are set to grow by a good margin in the coming year, a phase which was started in the turn of the second decade of the 21st century. organisation, candidates with

By: Sarkariexam l Business > Careers Employment l April 01, 2013 lViews: 11715

Sometimes it is amazing to see that certain jobs can precipitate huge turnouts in the recruitment drives. It is as if thousands of people were waiting for the vacancy advertisements and the moment

By: Sarkariexam l Business > Careers Employment l December 30, 2012 lViews: 690

In recent times, jobs in healthcare segments have grown tremendously. It is anticipated that this growth curve will continue for the times to come. Various factors are responsible for this

By: Sarkariexam l Business > Career Advice l December 27, 2012 lViews: 449

Are you in a dilemma whether to choose web based CRM or not? If yes, don’t worry. You aren’t the sole person having this doubt.There are numerous firms trying to make out whether investing in a

By: Reneta Vasileva l Business > Customer Service l December 23, 2012 lViews: 410

If you think about it you will realize the fact that each business has its own set of risks that are involved in it.The trade secrets that you have and the information related to the business is what

By: brumbrum1 l Business > Risk Management l December 23, 2012 lViews: 264

As the time is changing, concierge management services are now growing despite the slowing economies of the world. The main reason of it is the need that is highly specific to the people who like to

By: willsmith10 l Business > Management l December 23, 2012 lViews: 334

Explore some of the top reasons you might want to consider starting a medical related franchise business today. This includes detailing info about top advantages including high growth industry,

By: Ray Haiberl Business > Franchisingl April 16, 2012 lViews: 175

An element of franchising success comes from the franchise's physical location. This goes without saying, of course, that the geographical area in which the branch is going to offer businesses that

By: Anthony McCarthyl Business > Franchisingl April 16, 2012 lViews: 151

On the face of it, franchising may seem like the perfect route. You own an outlet of a successful, well-known company and you get full support along the way. However, if you are not aware of some of

By: Matthew L Wellingtonl Business > Franchisingl April 15, 2012 lViews: 169

Instead of taking a business from concept to reality, many entrepreneurs choose to invest in established franchise opportunities. Obtaining a franchise provides entrepreneurs with the rights to

By: Bob Richmanl Business > Franchisingl April 13, 2012 lViews: 196

A variety of low-cost franchises exist, many of them starting at about $10,000. The initial investment cost is low, but some franchises have higher ongoing maintenance costs.

By: Bob Richmanl Business > Franchisingl April 11, 2012 lViews: 183

Make no mistake - the industry of franchising is BIG. Currently it is the dominant mode of entrepreneurship in retail in the world's leading countries. In the United States alone, according to recent

By: Anthony McCarthyl Business > Franchisingl April 10, 2012 lViews: 183