The world of franchising is growing rapidly as entrepreneurs with dreams of business ownership are realizing the benefits of this business model. As more people are searching for opportunities to be their own boss and secure their financial future, the role of franchise consultants is growing in popularity based on this burgeoning demand. If you are interested in how to become a franchise consultant, here are some essential details.

A franchise consultant is the mediator or liaison connecting prospective franchisees with franchisors. If you are doing your job right, you will present the prospective buyer with purchase choices without swaying their decision. Brokers are experts on franchise opportunities in the marketplace. They customize a potential franchisee’s options based on their clients’ interests and values. They do this by assessing interests, skills, and goals.

You adapt to your client’s needs. As you can imagine, advising clients can be lucrative, and your client base grows based on proper training and experience. Since most consultants are also trained to “broker” the deal, or oversee the purchase process, franchise consultant and franchise broker are terms commonly used interchangeably. Much like a realtor, franchise consultants typically earn their income through commissions.

You could own your own franchise consulting business or you might be considering working for a consulting firm like FranNet. They are franchise experts who help educate potential franchisees about the business and the process of investing in a franchise. FranNet consultants ask the right questions to help you identify the types of franchises you may be interested in, then introduce you to franchisors that fit the bill.

As an entrepreneur, a consultant streamlines the search process for you by whittling down the options, saving you considerable time and money. Plus, you can connect clients with other necessary specialists to assist in purchasing. Specialists like attorneys and accountants.

Another valuable component to the franchise consultant job is that you vet prospective franchisees for pre-qualification. Franchisor clients looking for qualified candidates will save time by being part of a referral network. The same is true working for a consulting firm like Transworld, which specializes in the sale of businesses, mergers, acquisitions, and franchises. Trained experts guide buyers and sellers through the purchase process.

Essentials for Becoming a Franchise Consultant

1. Becoming a franchise consultant requires training and a good head for business. Having a college degree in a business-related major is advantageous in your development.

2. You may also want to get a real estate broker’s license. Many states require this to broker transactions.

3. There are some consultants’ courses that will qualify you for certification. All the training you can gain only helps serve your customers and improve your professional standing.

4. In this industry, experience matters and, in fact, makes all the difference. Having a background in franchising builds your comprehension of the industry, which, in turn, makes you more valuable to your clients.

5. Franchise consulting is a highly skilled profession. While many of these skills can be learned, there are others that are inherent, like being a good people-person, being a good communicator, having good research and analytical skills, and being a problem-solver.

Pros and Cons

So, overall, what are the pros and cons of this business?

On the pro side, franchise consultants are proving to be valuable assets in the industry, assisting both prospective franchisees and franchisors. As the industry is growing, so is the need for franchise brokers.

For someone looking for the right fit in a franchise opportunity, the consultant will ask the right questions to understand the clients’ goals and find a manageable number of options for the buyer to choose from. There are so many choices that going it alone can be overwhelming and frustrating for a buyer who may have little to no experience in franchising or business.

From the seller’s perspective, they want to concentrate their day-to-day on growing their franchise, not searching for qualified buyers. Using a franchise consultant frees up this time, although the services of a consultant will cost money. But for many, that’s money well spent, considering the franchisor did not have to focus their efforts on finding new franchisees — a skill that may not be in their wheelhouse.

On the “con” side of the spectrum, franchise consultants have a broad picture of the franchise industry. The International Franchise Association (IFA) recognizes about 3,000 brands in franchising. That’s a lot of businesses to know and understand. Clients can be at a disadvantage with too many options.

How to Become a Franchise Consultant at We Sell Restaurants

That’s why consultants who specialize, as we do at We Sell Restaurants, are a great benefit to customers. This allows you to specialize as a restaurant industry expert, providing a unique perspective that can serve your clients better.

If you are wondering what is a franchise consultant in the restaurant industry? At We Sell Restaurants, you become a franchise broker as the owner of your own franchise. Your job is to help others realize their dream of business ownership in the restaurant industry. We Sell Restaurants has a branded systemic franchise process for buying and selling restaurants that capitalizes on the demand for restaurant industry experts.

We onboard and train you so you can launch your practice in 30 days. Our training and support mean you are designated as a Certified Restaurant Broker®, a credential respected and known in the industry for expert understanding in the practice of business brokerage for restaurants.

We are always looking for qualified, passionate, and smart franchisees to be part of our brand. If you’d like to get started, request info to learn more about our business broker franchise.

Robin Gagnon, Certified Restaurant Broker®, MBA, CBI, CFE is the co-founder of We Sell Restaurants and industry expert in restaurant sales and valuation. Named by Nation’s Restaurant News as one of the “Most Influential Suppliers and Vendors” to the restaurant industry, her articles and expertise appear nationwide in QSR Magazine, Franchising World, Forbes, Yahoo Finance, and BizBuySell. She is the co-author of Appetite for Acquisition, an award-winning book on buying restaurants.