How Do I Become a Franchise Broker?
The franchise industry has become a haven for people who want change. From corporate refugees to moms who took time off to raise children, people have found a renewed sense of purpose in franchising. Now, more than ever, opportunity seekers will be flocking to gain more control over their careers and lifestyles. And they’re not just considering franchise ownership, but are looking at careers as Franchise Brokers, too.
Life as a Franchise Broker (also known as Franchise Consultant) can be extremely rewarding, flexible and lucrative. The demand for Brokers is increasing as the industry keeps expanding. In 2019, there were 773,603 franchise establishments in the United States and that number is expected to grow. Industry insiders suspect that the Coronavirus crisis will draw even more people to franchising and some brands have already started to see an uptick in interest.
The role of a Broker
Pivotal in the sales process, Franchise Brokers serve as matchmakers for aspiring business owners and franchisors. Franchisors rely on Brokers to deliver qualified, suitable candidates. They happily pay generous commissions for the service because it saves time in the search for quality franchise partners. For aspiring business owners, a good Broker can truly be a game changer. The savvy Broker makes sure his client explores all of his options and doesn’t miss important steps in the process.
A career as a broker can be extremely rewarding for folks who like to help people and make a difference. Many are drawn to it for flexibility, diversity, and its earning potential. Franchise Brokers make it their business to find out what drives their clients and then present opportunities that are suitable. The role of a Broker is multi-faceted. They serve as counselors, business experts and matchmakers. Good Brokers understand the industry and everything that affects it such as funding, legal issues and trends. They are also skilled listeners who are patient and can work with many different personalities.
You may be surprised to learn that a career as a Franchise Broker doesn’t require a specific background. Folks from all walks of life have become top Brokers. The key to success is motivation, proper training and affiliation with a supportive and active Broker Network. After going through formal training, these professionals keep learning through workshops, webinars and industry events. It truly is a career where you reap the rewards of the effort you put in, which for many, is a very welcomed change! Click here to learn more about becoming a Franchise Broker.
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.