If you’ve ever asked yourself, “What does a franchise consultant do?” This guide can help you understand how this role supports people who want to start their own business.
As more people take control of their careers and explore new opportunities, the franchise industry continues to grow. Franchising gives people the chance to open a business using a brand that already has a successful history. New franchise owners receive training, continued support from the main company, and connect with other franchisees who share ideas and advice. According to the International Franchise Association, strong economic conditions, government aid, and vaccine rollouts helped the franchise sector grow in 2021. By the end of that year, there were about 774,965 franchise businesses in the U.S., which together brought in $787.7 billion.
What is a Franchise Consultant?
With so many choices in the franchise world, knowing where to start can be hard. That’s why franchise consultants are in high demand. Also known as franchise coaches or advisors, they help people who are new to business ownership figure out their goals and narrow down their options. This saves time, cuts down on stress, and can help avoid costly mistakes. Successful franchise consultants are motivated, enjoy talking to people, and are passionate about helping others start their own businesses.
Franchise consultants take on several roles, but their main job is to help clients set goals, make good decisions, and support the growth of the franchise industry.
Help Set Goals
Starting a business and leaving behind a steady job can be overwhelming. A franchise consultant works closely with individuals to create a plan that fits their goals. For example, some people may want to manage a staff at a physical location, while others may prefer working alone from home. A consultant helps figure out what works best and guides the person toward options that match their lifestyle and career goals.
Guide the Decision-Making Process
Picking a franchise is a big decision. Having someone with experience by your side can be helpful. Many franchise consultants focus on one or two specific industries. Their knowledge of these fields allows them to give advice and offer insights that are hard to find through basic research. This can make the entire process easier and more informed.
Support Franchise Growth
Franchise consultants also work directly with new brands that want to grow through franchising. These businesses often need help understanding how to start selling franchises and building a strong system. Consultants guide them through this process and help turn their brand into a franchise-ready business.
What is a Franchise Broker?
The terms franchise consultant and franchise broker are often used to mean the same thing, but there are some differences. A franchise broker steps in when someone is ready to seriously look at different franchise brands. Most franchise consultants also act as brokers and earn a commission when a client decides to move forward with a franchise purchase.
Make Connections
Franchise brokers connect future business owners with the right contacts. They help schedule meetings between franchise candidates and brand representatives and can also introduce clients to lenders and other important resources.
A Trusted Source
Franchise experts play a key role in helping both franchise buyers and franchisors. According to a report by FranConnect, referrals from franchise consultants are one of the top ways that brands find new franchisees. While social media may create a lot of leads, it usually takes about 1,000 social media leads to result in one signed deal. Franchise brokers, on the other hand, average just 20 leads per deal, making their support much more effective.
Specialty Consulting Services in the Franchise Industry
Learning everything there is to know about the franchise industry can be a big task. There are around 3,400 established franchise brands across 29 industries. Some consultants focus on a specific industry to offer more personalized service and in-depth knowledge. Those who specialize in hospitality use their experience in food service to provide expert advice to clients.
If you enjoy the food industry but want more balance between work and personal life, becoming a franchise consultant with a focus on restaurant ownership may be a great fit. This opportunity allows people to help others become business owners while also building a flexible and rewarding career.
Franchise brokers in this field often work from home, which keeps costs low and allows for a better work-life balance. With a starting investment of $60,875, brokers can aim for a gross commission income of $180,102. They also take part in a four-week training program that prepares them to succeed as franchise consultants and offer great service to their clients.
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