Must-Ask Questions Before Becoming a Franchise Owner

"Navigating Success: Unlocking the Potential of Resale Franchise Investments"

Here are some of the ways we work with people to evaluate new franchise opportunities.

Franchisors use a variety of methods to position their franchise opportunity in front of prospective franchisees. They promote franchising on their website, participate in tradeshows and use franchise consultants to introduce their business to someone who might not otherwise know about that type their opportunity. The 2021 Franchise Sales Index Report shows franchise consultants rank highly in producing solid leads for franchisors, and yet, the consultant works primarily for the prospective franchisee. Effective consultants can explain the franchising opportunity to someone who is new to franchising and perhaps even new to running a business. Some questions to ask a franchise consultant before working with them are as follows:

When thinking about getting into business ownership, an attractive option can be to purchase a turnkey operation.

Deciding what you want from franchise ownership is the first step you take in deciding how to buy a franchise that is going to give you a lifestyle you will enjoy.

The franchising industry is significant in the United States. According to the Franchise Brokers Association, 18 of the top 20 franchises worldwide are headquartered in the U.S. In addition, 300 companies start franchising every year, leading to one in seven businesses in America establishing as a franchise. The franchising world is built on relationships where franchisors and franchisees are a good match for each other, making franchise business consultant jobs an in-demand line of work with a great outlook for the future. How franchise consultants benefit both parties Franchise consultants evaluate what both parties want from the franchisor-franchisee relationship. For a future business owner, a franchise consultant to explain the types of franchises that may be best suited for the lifestyle a person wants to live and the financial commitment they need to do that. In return, the consultant saves a franchisor time by providing vetted, higher-quality candidates who are more likely to be a good fit for the franchise. The consulting service is paid by the franchisor in the form of a commission so there is no risk for either party in pursuing the consulting process, making franchise business consultant jobs a preferable line of work for many people. Flexibility and income-building benefits As a franchise business consultant, you have the opportunity to do business around the world with people who are pursuing their entrepreneurial dreams. You will be continuously learning about the different details in each franchise model and the franchisee criteria that lend to a certain type of person who would be a good franchisee. In this role, you are a matchmaker of opportunities for people who are looking to run their own businesses. It is a highly rewarding career. This is also a career where you have a lot of freedom in how you meet your commitments. You will manage your own schedule and determine when you will take appointments, and with the commission system, you exert some control over your work-life balance in terms of time spent and salary earned. If you are considering a career change, becoming a franchise business consultant might be everything you are looking for - flexibility, salary diversification and a rewarding line of work. To help, there is training that can give you a strong foundation in franchising if you are new to the industry. Steps to finding good training There is no formal license for this career, but the International Franchise Association (IFA) offers a Certified Franchise Executive™ (CFE) designation that provides the most extensive franchising consultancy tool available. The IFA is the world's largest membership organization for franchisors, franchisees and franchise suppliers. Certified Franchise Executive applicants have three years to complete the program which involves a mix of work experience, event participation and mandatory courses. You learn about business development, franchise management, leadership, franchise strategy and operations. The International Franchise Professional's Group (IFPG) also provides a Certified Franchise Consultant designation which can be obtained in four to six weeks. The training includes a mix of online and in-person classes and closes with an exam. The IFPG offers continuing education courses each year so you can earn the required 60 credits per year to maintain your designation. An appropriate combination of education and experience In addition to training, your prior education and experience can play a significant role in this line of work. At The Franchise Consulting Company, our team includes previous franchisors, franchise lawyers and investors, executive mentors and others with past professional careers that add to this role. Our consultants are a diversified group which helps in making good matches. We invite you to peruse the profiles of our consultants to get a better idea of their certifications, backgrounds and experience. How to get started in a franchise business consultant job The IFA has a Getting Started Guide for their training which provides a good foundation for the technical elements of the franchise business consultant role. A Forbes article on soft skills is also a good review. It covers the importance of being able to communicate with franchisors and franchisees and the importance of keeping people on track throughout the process. You can also review our process at The Franchise Consulting Company and how we approach building a successful franchisor-franchisee relationship. As the world's leading franchise experts, it has been our experience that problems arise in relationships when one of four key steps is not followed carefully. Work with The Franchise Consulting Company We are always looking for the right kind of people who can contribute to our team as franchise consultants. We encourage you to become certified and to consider working with us. If you are investigating franchise business consultant jobs as a career direction that is a good fit for you, then we should have a conversation !

As a company that deals with both businesses looking to expand through franchise and future business owners looking to become franchisees, Franchise Consulting Company is in a unique position to assist with your possible business expansion through franchising.

Owning a business takes resilience, mental stamina and a good support network to keep you going and growing. Franchise ownership is a path to achieving the freedom of being in charge of your time and financial position for the right person. Is that you? Here are some pros and cons of franchise ownership to consider.

I left my life as an employee behind to begin a new one as an entrepreneur. I do what I do for a very simple reason. Disheartened with the corporate rat race, I left the race behind to create my own "BossLane". Why? I wanted a life unencumbered by the 9-5, filled with meaning and purpose, with the time freedom to be with the ones I love the most. I wanted to live life on my own terms. What is YOUR why? Do your internal "whys" reflect your outer life? If not, why not? If you are finally ready to begin reimagining your life, you may want to consider franchise ownership. faizun@thefranchiseconsultingcompany.com https://www.linkedin.com/in/faizunkamal/ https://www.facebook.com/faizunkamalFRANCHISE/