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How to Become a Franchise Consultant

How to Become a Franchise Consultant

A franchise consultant is the link between the franchisers and franchisees. If you are interested in taking this up as a career, you are about to know some tips for the same.
CareerStint Staff
A franchise consultant is a professional responsible for the sale of a franchise. He carries out all the franchising formalities between the franchisees and franchisers, in case, both the parties strike a deal. He assists the franchiser in selling the business and completing the procedures required to close the deal, and advises entrepreneurs on franchising. In return, he is rewarded with a commission by the franchiser. This job can be very lucrative if, a person has the right skills and attitude. Now let's see, how can one become a franchise consultant and enjoy a satisfying and fulfilling career.
Acquire a Degree
In the United States, a person interested in becoming a consultant should have a Bachelor's degree in Business Administration or any other business discipline. This is because the knowledge of how businesses work is essential in this field. Sometimes, employers select candidates who do not have a business degree but have some relevant experience and knowledge of their business.
Take up Franchising Classes
If you have no idea about the subject, taking a short course on franchising from a community college or university will increase the chances of being selected by employers. Employers tend to hire candidates who have sufficient subject knowledge so that they can skip the effort of training a fresh candidate.
Improve Analytical Power
Franchise consulting involves a lot of analysis. That is why, consultants need to have strong analytical power to analyze the prospects of a particular business, and its viability for the franchisee and franchiser. They need to judge the feasibility of a business and provide quick judgments to both the parties. If recommendations go wrong, it does not take a long time in developing a bad name in the market. Good analytical power is the key to a consultant's success.
Learn Business Strategies
The job may require the use of business strategies at some point in time. Consultants are often required to provide feasible business solutions to the franchisee or parent company to deal with tricky situations. In such instances, the ability to strategize surely helps in finding a way out. Many employers test potential candidates with live scenarios to judge their ability to devise new strategies when the need may be.
Be Ready to Travel
If a person wants to work within the comforts of the office, this job is not for him. The job of a franchise consultant involves a lot of traveling to strike deals and attend meetings. Depending on the location, the meetings can be held nationally or internationally and the consultant must be willing to go for it.
Learn Mentoring
Depending on the capabilities of an individual, the employer can ask him to become a mentor of franchisees on their behalf. This task will require mentoring skills which can be acquired prior to getting into the business.
Improve Communication and Presentation Skills
The job involves a lot of talking. Talking during business deals, meetings, etc., call for proper communication skills. Improper communication can hamper a potential deal and become your negative point. A person should therefore work on communication and presentation skills in order to give flawless presentations.
Join a Franchise Consulting Firm
Before establishing your own franchise consulting firm, it is recommended to work with an established firm for some time so as to learn the intricacies of the business. This helps in gaining experience and avoiding mistakes that might occur without prior knowledge and expertise.
Know the Business and Clients Well
A consultant should know the business of the franchiser and the needs of the franchisee well enough, to be able to judge whether their deal will be a profitable one or not, if at all it occurs. He is the one who will help out both the parties to reach to a decision.
Setup an Office
After gaining some experience, a consultant can start his own consulting firm. A small office space will be sufficient to start off. One can also choose to work part-time or full-time from office or home, as this job provides flexibility in job location.
Start Your Firm
After setting up an office, the firm can begin to provide its services to clients. However, it must be kept in mind that the success of a business is possible only if it is marketed well. Therefore, a proper marketing strategy has to be decided on, which can be implemented to create visibility of the firm in the market.
Be Honest
A consultant has to be honest. Only then he will be in a position to give proper advice to franchisers and entrepreneurs, and avoid non-feasible deals simply to earn commission.
A franchise consultant can make a lot of money by helping in the process of franchising. On an average, a franchiser pays around $12,000 - $15,000 as consultancy fees. This amount can vary depending on the reputation of the consultant and the existing market scenario. So if you find this job interesting, take it up if you feel it would be a rewarding career.