What Does a Franchise Consultant Do?
- Help you avoid making costly mistakes with a franchise.
- Allow you to learn from their experiences, both good and bad. (This can help you determine if franchising is right for you.)
- Provide you with a list of characteristics that the franchisor is looking for. ...
- Provide you with insights into navigating the legal and financial obligations you will have as a franchise owner.
Why should I hire a franchise consultant?
Whether you are a franchisee or a franchisor, a franchise consultant can help you grow your business more efficiently. If you are a potential franchisee, then a franchise consultant can help you pick the best franchise to join. They will help you go over your finances and make a good list of what you are looking for in a franchise business.
How much does a franchise consultant make?
How much does a franchise business consultant make? How much does a Franchise Business Consultant make? The average Franchise Business Consultant in the US makes $88,743. The average bonus for a Franchise Business Consultant is $3,250 which represents 4% of their salary, with 25% of people reporting that they receive a bonus each year.
How do I become a business consultant?
Steps to Becoming a Business Consultant
- Acquire Desired Education. Business consultants need to be educated in their chosen consulting field. ...
- Experience is Required. You cannot be an expert in a field in which you have not worked. ...
- Set Yourself Up as An Expert. An education in the area where you want to consult is desired, but expertise is most definitely required.
- Deliver Results. ...
What are the costs of running a franchise business?
There are a number of ongoing costs including:
- You usually pay a percentage of the sales revenue to the franchisor by way of a management service fee. ...
- Under the terms of the franchise agreement, you may have to buy stock from the franchisor. ...
- You also have to pay the usual business costs - for example, rent for premises, utility bills or the costs of any employees you take on. ...
How do franchise Consultants make money?
A typical franchise consultant may be paid by the franchisors they represent by taking commissions on the sale and/or a portion of the franchise fees that you are paying to become a franchisee.
How much do franchise consultants charge?
Franchisors typically pay franchise consultants a percentage of the upfront franchise fee. As a rule, that percentage is 40-50%. So, if the franchise fee is $50,000, and the franchisor is paying a franchise consultant a 40% commission, the consultant receives a check for $20,000.
Should I work with a franchise consultant?
An experienced franchise consultant is an extremely valuable resource. A consultant provides information and expert advice for finding the right franchise. Most importantly, a franchise consultant can prevent you from making a costly mistake with a business that's not a good fit.
How many franchise consultants are there?
Once we determine your capabilities and the orientation that fits your lifestyle, the next leg of our journey is exploring the industry. With over 3,000+ registered franchise companies available in the marketplace, determining the right one can certainly seem like an intimidating task.
How do I choose a franchise consultant?
You finding a perfect business fit or more franchisees is dependable on the expertise of the franchise consultant, so choose carefully.Professional Focus: ... Reputation in the Industry: ... Pre-Screened Franchisors: ... Proven Franchise Results:
What is the franchise Consulting Group?
We offer services for start-ups, perform unique franchise systems due diligence, advice on franchise systems mergers and acquisitions, and Founder Edward Kushell is a sought-after expert witness and consultant for all parties involved in franchise litigation.
What is a franchise development consultant?
Franchise development consultants assist businesses in becoming a franchisor. They also might support with improving operations, marketing and sales of existing franchise systems.
How can a business consultant help you to improve the operation of your franchise?
Business consultants can help with strategic planning, marketing, efficiency improvement, and many other aspects of business management. They'll give you advice and support that helps you better understand your market and competition, find new opportunities, and create an effective business plan.
What is franchise attorney?
They can help you negotiate with a franchisor by explaining what changes the franchisor might be willing to make and which ones will likely be rejected. An attorney with franchise experience can also assist you in evaluating the franchise opportunity and writing your own business plan.
How do you franchise a business?
How to Franchise a BusinessMake sure your business is ready to franchise.Protect your business's intellectual property.Prepare a financial disclosure document (FDD)Draft a franchise agreement.Compile an operational manual for franchisees.File or register your FDD.Set a strategy to achieve your sales goals.
What do they do?
As the franchise industry was growing, franchise consulting was primarily focused on augmenting a franchisor’s development team. But TES realized early on that franchise consulting could and should be much more than that. Too many aspiring entrepreneurs have shied away from franchise ownership because they couldn’t find a way to break into the industry. There’s a lot to learn and, before, there weren’t many helpful resources to turn to.
What is TES franchise?
The Entrepreneur’s Source (TES) offers several business and franchise-related services including franchise consulting and brokering and franchise business coaching, as well as franchise opportunities for those who want to become coaches or consultants themselves . But what is a franchise consultant? Could working with (or as) a franchise consultant benefit you or your company? Read more about what a franchise consultant is and what they do.
Why do franchise owners need franchise consultants?
As the franchise market in any given industry becomes more saturated, businesses have a harder time finding franchise owners to help continue their growth. Franchise business coaches like those at The Entrepreneur’s Source work as franchise consultants to help franchisors grow and develop, and help aspiring business owners find a franchise that meets their needs.
What is a franchise consultant?
A franchise consultant is someone who understands the world of franchise ownership and the franchise industry as a whole and can act as a guide for those with less experience through the challenging learning and discovery processes. Whether you are a franchisor or a franchisee, working with a franchise consultant can help speed the process of launching a new franchise with a skilled owner at the helm.
Why do franchise owners need coaches?
Having a coach to lean on as franchise-owner-hopefuls ask the big questions about franchising and being successful can help them feel much more confident in the discovery process. At TES, we understand that everyone, even the MVP, needs a coach. Regardless of their skill level, those new to don’t necessarily know what they want, what’s available to them, where to start or how to move forward trying to learn it all. A franchise consultant like a trained TES coach can help with all of this and more.
Is a franchise consultant a broker?
Though they can sometimes perform similar roles, a franchise consultant not necessarily a franchise broker. A franchise consultant’s job is to help entrepreneurs navigate their journey to franchise ownership—they’re not salespeople. They’re coaches and assistants. A franchise broker, on the other hand, is someone acting as a representative of the franchisor’s development team and working to sell franchises for them.
It all starts with a dream
How do you envision your new business? Do you have a particular type of company in mind or just a lifestyle you wish to achieve? A franchise consultant starts with an initial interview to get to know one another. The goal of the franchise consultant is to learn about your experiences, strengths, and goals.
Making introductions
When you have your shortlist of opportunities defined and are ready to take a serious look at any franchise, your franchise consultant facilitates the introductions and remains your partner through the entire process. It may take several introductions before you find that perfect match, and that’s okay.
Show me the money: funding
Once you find your perfect match in a franchise, the next step is to obtain financing. Your franchise consultant helps navigate through that process, with much insight to share. Franchisor requirements vary when it comes to the down payment and available assets, but it doesn’t have to be a mystery.
Assistance with visas
A franchise consultant’s helping hand extends to future American citizens, as well. For those who wish to immigrate to the United States to invest in the American economy, your franchise consultant has the information necessary and can guide the way to take advantage of this E2 or EB5 investment visa programs.
Did we miss anything?
A franchise consultant works alongside their clients through every step of the way from initial exploration to opening day. If there ever is a question or a resource need, your franchise consultant has the answers for you.
Why do I need a franchise business consultant?
Yes, you can choose to do it alone. Franchise consultants are not a requirement when it comes to exploring franchise opportunities. That being said, I can’t help but mention that there is no cost to the franchisee to work with a franchise consultant. This being the case, it would be unwise to refuse such a gift.
