Did you know that only a few people entering the workforce know exactly what they want to do? For this reason, it’s not unusual for people to hold 12 different jobs before reaching the age of 50. Career transition can involve a complex process that requires an individual to explore, find, and move into a new job or career. If you’re considering leaving your current job for a career in an entirely different field, such as franchise consulting, you’ll want to know the benefits of making the leap.
The Current Franchising Landscape in the U.S.
Entrepreneurs can scale a successful business through the franchising business model. While baby boomers reaching retirement age move ahead by buying a franchise, younger businesspeople look to franchising as a low-risk means of escape from corporate America’s cut-throat culture. Some entrepreneurs want one franchise to focus on, while others accelerate their growth by developing a portfolio of several franchises they own. Moreover, many are drawn to the idea of owning a franchise and not necessarily to any specific industry.
The good news is that prospective franchise owners can choose established franchises. However, the paradox of choice typically cripples those who aren’t interested in just one industry. With so many options, aspiring franchisees may find it challenging to determine which franchise to buy. As a result, many of them seek the guidance of a franchise consultant to help them choose from a plethora of established, successful, and well-run franchises.
Although the number of franchise establishments in the United States is steadily growing, the franchise consulting industry is underserved in almost every part of the country. More than ever, franchise consultants are needed to help meet the demand.
Franchise Consultancy: A Closer Look
The workforce and the attitudes toward the corporate sector dramatically changed in recent years. More and more professionals who got a taste of working from home during the pandemic don’t want to go back to long commutes. Others voluntarily leave their jobs to look for something else. If the daily 9-to-5 grind isn’t cutting it anymore for you, consider building a career in franchise consultancy.
Working as a franchise consultant can be more lucrative and freeing than traditional corporate opportunities. Franchise consultancy won’t require you to be at your desk between specific hours to do someone else’s bidding. Since this work isn’t tied to the usual 9-to-5 routine, it gives franchise consultants the ability to be their own bosses and take charge of their own destinies. It’s a self-employed career that lets you schedule your day around your needs.
What Is a Franchise Consultant?
A franchise consultant provides consulting services to potential franchise buyers. Since a franchise consultant is a trusted advisor who helps those who are considering a franchise purchase, They’re the experts at guiding a candidate through the process of identifying the business sector, ownership model, and brands that fit the candidate’s interests, skill set, lifestyle, investment level, and experience.
Although franchise consultants work independently, they gain more education, industry recognition, and credibility when affiliated with a reputable franchise and expansion organization. Besides providing extensive training to educate franchise consultants on a proven system and the best practices in the industry, these organizations develop their organizational, analytical, and communication skills. Above all, they cultivate an aspiring franchise consultant’s desire to help others achieve business ownership through franchising.
What’s the Difference Between a Franchise Consultant and a Franchise Broker?
About three decades ago, it was common for franchise brokers to call themselves consultants to evade the stigma surrounding the term “broker.” As they dodge the negative connotations associated with brokers, they confuse the franchise community. If you’re looking to start a career in franchise consulting, it’s best to educate yourself on the subject so you can effectively assist prospective entrepreneurs showing interest in purchasing a franchise.
These entrepreneurs may get to know a franchise broker in a way similar to that of a franchise consultant. A broker represents the franchisor, not the buyer. For this reason, the franchisor pays the broker’s commission when a franchise buyer chooses the franchisor’s brand.
Unfortunately, franchise brokers represent less than 50% of all franchises. As a result, competition within the franchise network is fierce, and brokers must make a sale as soon as possible. Since smaller brands usually hire franchise brokers for business expansion, brokers often steer aspiring franchisees toward smaller companies that may not make a lucrative investment. Consequently, broker networks often restrict brokers from selling franchises within their network.
Alternatively, franchise consultants direct aspiring entrepreneurs toward franchising options outside the network with the potential franchisees’ best interest in mind. The franchise buyers pay a fee for a consultant’s service. Since the consultant is responsible for advising and protecting their client, they ensure franchise due diligence to break down the franchise and analyze a franchise offering.
What Are the Perks of Working as a Franchise Consultant?
Growing Industry
As mentioned, the franchising industry is growing at an accelerated rate. In the U.S. alone, potential franchisees have more than 3,000 brands to choose from. With the current unemployment rate, many are taking control of their futures and building wealth through franchising.
Flexibility
Working as a franchise consultant promotes a good work-life balance. Unlike traditional office workers, franchise consultants can work from home and build their business around their schedules instead of the other way around, whether they decide to work part- or full-time. They can say goodbye to their commute, ditch the desk lunch routine, be present for essential commitments, and spend more quality time with the family.
New Opportunities
Franchise consultants open many doors of opportunities for themselves within the industry. Besides having access to the newest and most exciting brands, they get to connect with established franchises. Consequently, many consultants decide to seize these opportunities by buying a franchise. In addition, they receive invitations to join corporate franchise teams.
Earning Potential
Factors such as experience, location, and the size of their client base affect a franchise consultant’s earning potential. These professionals can make money through speaking engagements, writing articles and books on franchising, providing training and workshops on franchising, and offering franchise advisory services. Consequently, franchise consultancy can offer an executive-level income with full-time effort or a good living from working part-time.
Satisfaction
When franchise consultants guide potential franchise buyers into business ownership, they lead their clients to financial freedom. Helping someone change their life for the better produces deep personal satisfaction.
Going Through a Career Transition?
At FranServe, we provide the most comprehensive training and support program using the industry’s best software system and technology infrastructure for aspiring franchise consultants. Contact us today if you’re ready to build a career in franchise consultancy.