What is a Franchise Broker?
What is a franchise broker is one of the number one things that I’m asked on a regular basis. People want to know the difference between a franchise broker and franchise consultant and what I spend my days doing. But most importantly, they want to know how I can help them.
I work with people who are looking to buy a franchise and help them define what they really want to do, how they want their life to look and the kind of income they are looking for. I’m equal parts coach, recruiter, researcher and matchmaker. The best franchise brokers shorten the amount of work a candidate must do, which saves time and money. Often people pursue the wrong franchise for them because they get excited about something. A good franchise broker gets to know you and what you really want and presents you ideas that you may not have even thought about.
What does a Franchise Broker do?
A top franchise broker will spend their time learning about the concepts they represent. They will know how franchisees make money, what the management is like, how long they have been in business and what a “day in the life” is like. They will spend other time talking with candidates to learn about them and qualify them to see if they are right for the franchises the broker represents.
At different times the franchise broker will be working with candidates who are just getting started. At others they will be assisting with financing, answering questions, encouraging candidates and even talking with a reluctant spouse. The key is that the best franchise brokers know that they need to really listen to find out the motivation of the person looking for the franchise. If someone is going to buy a franchise, they need to understand why they are doing it and what their goals are. That is part of the job of the franchise broker.
What is the benefit of working with a franchise broker?
The benefits of working with a franchise broker are pretty specific. I can help you think about what you want your life to look like. I ask questions, I listen to the answers and then I try to find a concept that fits your needs. Sometimes people contact me looking for a restaurant concept, but tell me that they want lots of flexibility. The two don’t go hand-in-hand. If you want a lot of flexibility, usually owning a restaurant franchise is not the way to get there. Restaurants also have longer build out and can take longer to cash flow (make money). A franchise broker can work with a client to find out what they really want then present options that fit what they really want.
If you want more information on how a franchise broker can help you find the right franchise for you–contact me today!