Consider Starting Your Own Franchise Consulting Business

Business Overview:

Starting your own franchise consulting business could be your key to freedom while you provide services that will help other entrepreneurs achieve success. Franchising is the practice of using another firm’s successful business model. For example, an individual may purchase a McDonald’s franchise, which would give them the right to open their own McDonald’s restaurant. Usually a royalty would be paid by the franchisee to the franchisor (McDonald’s), but the franchise owner would keep the majority of the profits while benefiting from owning an already successful business model. With this business idea, you offer advice to potential franchisees to help them decide which franchise to purchase. You might also offer financial and legal assistance to you clients as a part of your service if you want to be a full-service business. Statistics show that the majority of new businesses fail within three to five years. Franchise businesses, however, have been shown to have a far higher rate of success in the long term because they are built upon pre-existing business models that are already successful. However, while franchises are statistically more likely to be successful, that success is dependent to a large extent on factors such as the commitment and dedication of the franchisee. Building a successful franchise business still requires hard work and dedication, so it will be important that your clients purchase franchises that are right for them. Your franchise consulting service will help potential franchisees determine the best franchises for them by assessing important factors like the personal interests of your clients, the amount of capital they have available, their geographic location, and so on. You’ll find this to be a very rewarding service to provide as you’ll know that your services will help give your clients a higher chance of business success. They will also give your clients a stronger sense of confidence when embarking on their franchising ventures. If you already have a strong level of experience and expertise in building successful franchise businesses you may offer franchise consulting services personally. Alternatively, you can hire franchise consultants to work for you. When marketing your franchise business you’ll be able to attract clients on a national or even global level by promoting your franchise consulting business online—meaning there’s great potential for generating big profits with this as an online business idea. You can also promote your franchise consulting business locally. In addition to being able to market to a huge client base via the internet, you can also consult on a very wide range of franchise types (coffee franchises, DVD franchises, fitness franchises, etc.) by hiring specialist consultants. With this business you’ll have a huge potential market and many opportunities for growth and expansion. Learning how to become a franchise consultant really could lead to great financial success and a highly rewarding business.

A Day in the Life of a Financial Consulting Business Owner:

As a successful financial consulting business owner, your day will start with a review of your diary. You will have a number of consulting appointments booked with clients. Many of these “meetings” may be done online if you choose to focus on clients outside of your local geographic area. During your consultations you will offer expert advice to your clients on purchasing franchises, and you will help them determine which franchises might be best for them to purchase based on factors such as their interests, the amount of investment capital they have available, their geographic location, and so on. Alternatively, you may have hired franchise consulting experts to provide your consulting services for you. In that case, on a typical day you would focus on marketing your business to attract more clients. You may also spend some time investigating new franchises to understand their business models. It will be important for you to know how they work and their rate of success before you recommend them to your clients.

About Your Customers:

Your customers will be individuals or companies who are considering purchasing a franchise business.

What You Need to Start:

• Expertise on purchasing franchise businesses (or you can hire experts to do your consulting for you)
• A website to market your services
• Marketing plan
• A business license
• Business insurance
• Financial tracking software

The Good:

• It’s a rewarding business—your services will increase your clients’ chances of long-term business success.
• If you are not an expert on purchasing franchises you can hire experts to provide consulting for you (you can also hire experts to expand your services and consulting on specialist areas that are beyond your personal areas of expertise).
• You can start this business from the comfort of your own home at a relatively low cost.
• You will be able to reach a large market as a result of marketing your franchise consulting business online.

The Bad:

• It will take time to build up your business and see good profits.
• If you aren’t currently an expert on starting franchise businesses, the initial start-up costs for this business will be higher (due to the need to hire expert consultants to provide your consulting services).

Resources:

• Association of Professional Consultants
• Professional and Technical Consultants Association
• Bureau of Labor Statistics on Management, Scientific and Technical Consulting Services
• Wikipedia on Franchising

About The Author

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