Not many businesses can match the freedom and flexibility of a franchise consultant. Find out why.
What is a franchise consultant?
The franchise consultant industry is a type of business consulting that focuses specifically on helping people looking to get into business for themselves, possibly through investing in a franchise, navigate the world of franchising. Franchising is a business model in which a company (the franchisor) grants the right to use its brand name, products, and services to independent business owners (the franchisees) in exchange for an initial fee and ongoing royalties.
Franchise consultants seek to understand the wants and desires of their clients and help them find the best match in terms of a franchise that will fit to help them achieve their goals. Franchise consultants offer a range of services to potential franchisees, which may include market research, feasibility studies, franchise opportunity evaluation, financial analysis, and other guidance. They may also provide guidance on franchise agreements, lease negotiations, site selection, and operations management.
The role of a franchise consultant is to help individuals and businesses find the right franchise opportunity that matches their goals, skills, and resources. They help clients assess the risks and benefits of different franchise options, and provide guidance on how to launch and operate a successful franchise business.
Franchise consultants typically work independently or as part of a consulting firm. They may also be affiliated with a franchise brokerage firm or a franchisor, and earn a commission on successful franchise sales. Access to high commissions (similar to real estate agents) but with greater flexibility is why so many feel the franchise consultant path is right for them.
What type of experience do people need to become a franchise consultant?
To become a franchise consultant, you typically need a combination of education, experience, and some business skills. The most important quality for most successful franchise consultants is the ability to build relationships. People do business with people they like and trust.
Here are some of the common qualifications and experience needed (but not necessary) to become a franchise consultant:
- Education: A bachelor’s degree in business, marketing, or a related field is often preferred. Some franchise consulting firms may require a master’s degree in business administration (MBA).
- Experience: A background in business or franchising is desirable but not necessary. Many franchise consultants have previous experience as business owners, franchisees, or in management roles within a franchise system.
- Skills: Excellent communication, analytical, and interpersonal skills are important for success as a franchise consultant. You should be able to evaluate franchise opportunities and provide valuable guidance to clients.
- Industry Knowledge: Knowledge of the franchising industry and understanding of franchising laws, regulations, and best practices are important to become a successful franchise consultant.
- Certification: Obtaining a franchise consultant certification from a nationality recognized, well respected organization like the International Franchise Performance Group (IFPG) is important. The support you will need to get up and running will be critical for success. Learn more about IFPG’s Certified Franchise Consultant program here.
Becoming a franchise consultant can offer several benefits, including:
- High earning potential: As a franchise consultant, you can earn a significant income by helping clients find the right franchise opportunities and earning commissions on successful franchise sales.
- Flexibility: Franchise consulting can offer a flexible schedule and the freedom to work from home or remotely, allowing you to balance work on your terms.
- Varied work: Franchise consulting involves working with a variety of clients and industries, giving you the opportunity to learn and grow in your career.
- Low overhead: Franchise consultants do not need alot of overhead, equipment or employees to get started and run their business.
- Continuous learning: The franchise industry is constantly evolving, and as a franchise consultant, you will have the opportunity to stay up-to-date on industry trends and best practices, which can benefit your clients and your own professional growth.
- Entrepreneurial mindset: As a franchise consultant, you will be working with entrepreneurs and business owners, which can help develop your own entrepreneurial mindset and skillset.
Overall, becoming a franchise consultant requires a mix of education, experience, skills, and industry knowledge. If you have a passion for franchising, a background in business, sales or marketing, and the right skills, becoming a franchise consultant can be a rewarding and fulfilling career.