If you have the desire to take on the important task of matching potential franchisees with the most suitable franchises for them, becoming a franchise consultant is likely a good option for you. But what is the best way to go about achieving this goal?
Join a Reputable Franchise Consulting Organization
Although it is possible to consult on your own, it is usually more advantageous to join a franchise consulting organization. Most brokers would tell you that you’ll have at least a two year head start by joining a good Franchise Consultant network over launching your own endeavor. Franchise consulting organizations typically market for hundreds of well-established franchises and have established sales and marketing programs.
Since you will actually be entering into a licensing agreement from the franchise consulting organization in order to become a consultant, it is important to do some research ahead of time to find the best firm for you to become connected with.
What to Look for in a Franchise Consulting Organization
You want to be certain to join a solid, reputable firm that offers a good training program. It will be necessary to learn all of the details involved in matching up potential franchisees with the most appropriate franchises. You will have to be able to obtain the knowledge and skills from the consulting organization that are needed to analyze a great number of factors with regard to a potential franchisee’s likes, dislikes, talents, experience, etc. With these skills behind you, the chances of making successful matches are much more likely.
Additionally, it will be most beneficial for your franchise consulting business for you to partner with a firm that offers the opportunity to work with a large variety of franchises so that you have the best choices to present to each of your potential franchisees. Many entrepreneurs may not be aware of the numerous types of franchises that they can invest in. Most entrepreneurs, new to the franchising world, may think mainly of food franchises when they consider their investment; however there are several more categories to be considered such as auto, business services, household services, etc.
That is where you as the consultant come in. With the large variety of franchises available through the consulting organization, you will play an important role in ensuring success for the both the franchisor and the franchisee by narrowing down the options for the potential franchisee. Therefore the more choices that are available, the better the chances are for the most successful match.
In order to find a good firm to join, it is a good idea to research your options online. Also consider contacting current franchise consultants that are part of the organization to find out how happy they have been with the organization and their support as well as how successful their businesses have been. You also need to assess your own ability to manage your own consulting practice.
Financing Needed
When joining a franchise consulting organization, you as the franchise consultant will need to invest a nominal amount of capital initially in order to obtain the rights to market for the various franchises that the organization is servicing. Typically, the investment is somewhere between $20,000 and $30,000. Overhead is not usually a concern since most franchise consultants operate out of their homes or small leased office spaces. Considering the great possibility of a six figure income based on the fees that the franchisor pays when you match a franchisee with their franchise, the investment can be quite lucrative for the right people. As with any opportunity that you are considering, you should carefully review their offering and consider the overall make up of the organization and how you may benefit from their resources.