Definition of a Franchise Consultant
What is a Franchise Consultant? The Franchise Business Consultant definition is pretty straightforward. A Franchise Consultant counsels people who are considering franchise ownership. Most Franchise Consultants are part of a Franchise Consulting group such as IFPG.
With the candidate’s best interests in mind, IFPG Consultants guide candidates through the franchise selection, evaluation, and buying process. Once a candidate decides on a brand, Consultants may also assist in acquiring the necessary capital to own and operate the business.
Some people refer to Franchise Consultants as the industry’s best-kept secret. That’s because people outside of the industry are not always familiar with the role. But once people find out about Franchise Consultant opportunities and why people use Franchise Consultants, they want to hear more.
Most people in the industry know that Franchise Consultants have been vital in the industry’s growth. They also recognize the flexibility and freedom with franchise consulting. A career as a Franchise Consultant is like no other. It offers an incredible work-life balance, an opportunity to help others with tremendous income potential.
What Does a Franchise Consultant Do?
What does a Franchise Business Consultant do? From a candidate’s perspective, the Franchise Consultant definition is a trusted advisor, counselor, educator, and guide. Franchise Consultants start by assessing the most crucial issue—if franchise ownership is even the right path for the candidate. If it is, then through multiple conversations and other methods such as questionnaires, the Consultant will narrow down several opportunities to explore. Good franchise consultants will work alongside their candidates until they have found the right opportunity and have a signed contract (franchise agreement) with a franchisor. The best franchise consultants always keep in touch with the people they placed in business to find out about the experience with the brand. This helps them identify other candidates who might be a good fit.
What is Franchise Consulting?
What is a Franchise Consultant? A Franchise Consultant serves as a trusted advisor to aspiring business owners. Candidates rely on their expertise and virtue to help them make the important life decision of entering into franchise ownership.
Franchise Consulting is one part counseling and one part artistry. The Franchise Consultant must be an active listener to best serve the candidate. He has to understand a candidate’s background, interests, and desired lifestyle and then translate it into an ideal franchise opportunity. Sometimes a Consultant understands more about what his candidate wants than the candidate even does. Above all, a Franchise Consultant must consider what’s best for the candidate.
Who is a Franchise Consultant?
Franchise Consultants come from all walks of life. Some are retirees who want to keep working, but with a flexible schedule. Some are stay-at-home moms who have left careers to be home with children. Others are young professionals who see the value in the lucrative franchise industry and want financial freedom with their own business. Franchise Consulting opportunities are ideal for people who are personable, attentive, and naturally curious about business opportunities. Above all, Franchise Consultants take pride in always working within the highest ethical standards.
Franchise Consultant Facts
If you want a quick rundown on Franchise Consulting, consider these compelling Franchise Consultant facts.
- Franchise Consultants are in business for themselves.
- There is a lot of freedom with Franchise Consulting. Franchise Consultants decide how much, when, and where they will work.
- The success of a Franchise Consultant depends on the effort he or she puts in.
- Franchising is a booming industry. According to the International Franchise Association (IFA), franchising contributed $670 billion of economic output into the U.S. economy in 2020, and represented 3% of the total nominal Gross Domestic Product (GDP).
- By joining IFPG, the leading Franchise Consultant company, Franchise Consultants learn from the industry’s most experienced professionals and have access to hundreds of the leading franchise brands.
- The role of a Business Franchise Consultant is pivotal in the success of both the potential franchisee and the franchisor.
- As part of IFPG’s Franchise Consulting Group, Franchise Consultants become part of an extended “Franchise Family.” They work closely with fellow members to ensure their candidate finds a business that matches their interests, background, budget and desired lifestyle.
- The main priority for IFPG Franchise Consultants is ethical business practices. All IFPG Franchise Consultants follow the IFPG Code of Ethics.
- There are several names for Franchise Consultants, including Franchise Referral Consultants, Franchise Brokers and Franchise Business Consultants.
- Franchise Consultants have been responsible for the industry’s accelerated growth. The greatest source of franchise leads that become deals are thanks to Franchise Referral Consultants.
Free Franchise Consulting
Working with a Franchise Consultant is a no-brainer for prospective franchisees. Franchise Consultants provide consultation services for free. Instead of charging the candidate, they are paid by the franchisor once the candidate decides to move forward and signs a contract (a.k.a franchise agreement).
Franchise Consultants (also known as Franchise Brokers) are Similar to Real Estate Brokers
The role of a Franchise Consultant is similar to a buyer’s real estate agent. Just like there are many benefits to using a Realtor, there are also many benefits of a Franchise Broker.
Franchise Consultants act as intermediaries between potential Franchisees and Franchisors. The Franchise Consultant’s job is to determine his candidate’s ideal business and narrow down opportunities that best match the candidate’s interests, experience and resources. Just as there are multiple homes on the market to choose from, there are hundreds of opportunities— some of which the candidate may have never considered or heard of. In the end, the Franchise Consultant's most important job is to help a candidate decide which business is a good fit by explaining the pros and cons of various options.
What is a Franchise Broker?
From a franchisor’s perspective, a Franchise Broker is someone who identifies a qualified candidate for franchise ownership. Franchise Brokers are also referred to as Franchise Consultants, Franchise Referral Consultants, and Franchise Business Consultants. Although the names are interchangeable, the Franchise Consultant meaning is the same with all of the terms.
Franchise Broker Description
When you look up the definition of Broker, you will find a description of a person who buys and sells goods or assets for others. It’s not the same in the franchise world. Franchise Brokers don’t buy or sell goods. They find suitable candidates to help franchisors grow their brands. They wear several hats. When they are wearing their “Consultant Hat,” they counsel aspiring franchise owners and help them find an ideal franchise. When they put on the “Broker Hat,” they are introducing franchisors to possible franchisees. With either role, these professionals make a huge difference every day by changing lives through franchise ownership. Whatever you call them, (Franchise Consultants or Franchise Brokers), one thing is clear: they make a difference every day.
Franchise Consultants are Paid Commissions to Sell Franchises
Similar to a real estate agent, a Franchise Consultant acts as intermediary between his client (potential Franchisee) and the Franchisor. The Franchise Consultant’s job is to determine what his client’s ideal business is and narrow down opportunities that best match the client’s interests, experience and resources. Just as there are multiple homes on the market to choose from, there are hundreds of opportunities— some of which the client may have never considered or heard of. In the end, The Franchise Consultant's most important job is to help his client decide which business is a good fit by explaining the pros and cons of various options.