Being a franchise consultant is one of the rising and promising home-based business ideas that you might want to give a shot. What exactly is a franchise consultant? One of the basic definitions of a consultant includes "an expert in a particular friend who works as an advisor to an individual or to a company." A franchise consultant usually assists individuals or a group of people who want to invest on franchises; one usually helps these people look for the right opportunities. So, what does it take to become a home based franchise consultant?
Know Your Roles and Responsibilities
Before deciding on becoming a franchise consultant, you have to understand what the job requires of you. A franchise consultant's job may seem easy--assisting possible investors in looking for franchises to buy and acquire. Aside from this, franchise consultants should also take the time to learn what their clients need in order to come up with the best possible business for them. When you're planning to set up a home-based franchise consultancy business, you should do all the necessary research and gather all the facts about a certain franchise. Before referring franchisers to possible and qualified franchise prospects, you should know if it fits your client's business goals.
Be Motivated and Organized
An independent franchise consultant should be highly motivated and organized. By doing so, there is a greater chance of finding the right franchises for your clients. This also means more profits for you. Referral fees usually range from $10,000 to $15,000, and if you're working with an affiliate broker, you get to keep 80 to 90 percent of the fee.
In addition, you should be able to say "yes" to the following questions if you're looking into going home-based as a franchise consultant: Do I like to plan my day ahead? Am I good in time management? Am I organized?
Portray Excellent Analysis Skills
Excellent analysis skills are also important when you have plans of becoming an independent franchise consultant. You should be able to think outside the box and interpret the current trends in franchising. A good franchise consultant should also possess sufficient knowledge when it comes to developing business strategies and coming up with the right business solutions to their clients.
Be Realistic and Honest
A franchise consultant's main job includes analyzing his client's business needs such as his financial capital, the viability of the business and its likelihood of attaining success. You should be realistic and honest at the same time; there may be a need for you to tell your client not to go for a certain business. Several franchise consultants acquire bad reputation because they recommend and refer bad prospects to clients just to get hefty commissions. You have to remember that your main job is to help clients get the right kind of franchise.
Aside from the qualities mentioned above, an independent franchise consultant should also be able to demonstrate the skills of a motivational coach, mentor and trainer. Excellent public relations and networking skills are also a must. Background in franchise operations from your previous jobs is also a bonus. However, you don't have to enroll yourself in short business courses to become a home-based franchise consultant. All you need to do is do your homework and ask questions from experienced consultants.