Five things to know about franchise broker training
For people seeking career change, franchising offers a world of options. Besides finding opportunities as a franchise owner, you can also find lucrative and fulfilling work as a Franchise Broker (a.k.a. Franchise Consultant). Franchise Brokers are in demand and receive generous commissions from franchisors for their services. In fact, according to FranConnect's 2020 Franchise Sales Index, Franchise Brokers have been found as the leading source for closing deals. It makes sense. They save franchisors time and money by identifying suitable and qualified candidates.
Franchise Brokers help aspiring franchise owners determine if franchising is a good choice. They guide candidates through the process of identifying appropriate franchise brands that match the franchise seeker’s background, interests and investment level. A Franchise Broker can be pivotal in helping a candidate prevent a costly mistake. Say, for example, a candidate who is a stay-at-home mom is set on a food franchise. While food franchises may be great for some, it does have its drawbacks: long hours, brick and mortar, large staffs, high overhead. A good Franchise Broker will present the cons upfront and propose suitable alternatives. Investing in a franchise is one of the biggest decisions a person can make. By getting to know the candidate—and her desired lifestyle—the Franchise Consultant can guide her candidate on a path to successful franchise ownership. It’s a fulfilling business with lots of perks, including a flexible schedule and the opportunity for significant income.
You don’t have to go back to school or rework your resume to become a Franchise Broker, but you do need the right skill set and affiliation. Folks who are good listeners, communicators and have business acumen are well suited for the role. The gold standard in the industry is to complete a training program and align with a reputable broker network. For example, the International Franchise Professionals Group (IFPG) offers a specific CFC designation, which is attained by going through a training program. Upon completion, you are set up with a turnkey business and a playbook for success, which includes continuing education and the distinction of being a Certified Franchise Consultant. Here’s what you should know:
It’s immersive: Similar to a language immersion program, a good Franchise Broker training program will help you learn quickly by letting you dive in head first. A good program will include hands-on experiences such as opportunities to network at industry events and participate in franchisor webinars. With better programs, you will learn from a number of franchise professionals, each who share different perspectives and areas of expertise.
You’ll have mentors: There’s no better way to learn the tricks of the trade than from someone who has seen it all. Any good Franchise Broker training program will include mentorship from a seasoned Franchise Consultant who will take you under her wing. The beauty of franchising, and work as a Franchise Consultant, is that it’s collaborative. The industry is booming, and Consultants are happy to share their knowledge and best practices with each other.
It’s turnkey: A good Franchise Broker training program will give you everything you need to start your business, including items like a customizable website, a source for leads, and a CRM system so you can hit the ground running. Most importantly, you will want to work with a large portfolio of reputable franchise brands to ensure the success of your candidates. Franchise Consultants who have good reputations constantly get referrals.
There’s continuing education: The ever-changing world of franchising is constantly evolving and growing. Even after training is complete, you will want to keep learning. Align with a broker network that hosts multiple educational networking events (both in-person and virtual), and uses different forms of media for continuing education, like webinars, podcasts and email updates.
There’s ongoing support: Good broker networks continue supporting their Consultants long after training ends. Look for a broker network with a dedicated support staff that is affiliated with seasoned Franchise Consultants and industry experts.
By aligning with a highly-regarded, ethical Franchise Broker network from the start, aspiring Franchise Brokers position themselves for a lucrative, rewarding career in the booming franchise industry.
Jill Abrahamsen is Editorial Director at the International Franchise Professionals Group (IFPG), a franchise broker network that helps hopeful entrepreneurs identify and invest in franchise businesses. As Editor of Franchise Consultant Magazine and FranchiseWire, Jill Abrahamsen writes and edits articles about success through franchise ownership.