There’s no denying there are challenges to starting your own business. It’s a competitive environment, and if you are somewhat risk-averse, the fear of failure can be strong. This is one reason franchising is a great option: you can be in business for yourself, but not by yourself. Having the guidance of a knowledgeable, honorable, and personable franchise broker will save you time and money. A broker, or consultant, can connect you with franchises that check every box and help you get on the fast track to success. Coincidentally, many business-minded, self-motivated people approach us about the possibility of being a franchise broker. Today, we’ll assess the skills necessary to be successful.
Obviously, the commission a broker receives to sell a franchise is a strong motivator, but the most successful franchise brokers focus on making sure a candidate’s skills, experience, investable assets, income, and lifestyle needs are a strong match with the franchise. If a broker is only driven by commission, they may recommend franchises that don’t suit their candidates and they run the risk of harming their reputations with their client, the franchisor.
The truth is not everyone is ideally suited for every franchise opportunity. Even if matching a candidate to a franchise will get you a sizable commission, it’s best to always be straightforward with the candidate, your client, and yourself about what’s best for all parties. You should always put the best interest of the client first. You’re here to help broker a match that works for all parties and your reputation is on the line.
Honesty is always the best policy. Being a successful franchise broker means you know how to connect with people and genuinely earn their trust. Candidates come to know they can count on you to be helpful, responsive, and provide straightforward information. Likewise, your clients (the franchisors) learn that you ask great questions, bring qualified candidates to their attention, and communicate openly. This is how you develop a solid reputation as a high-quality broker and potentially earn referrals from satisfied candidates and clients.
Being a franchise broker means helping others achieve success by matching them with a business they are passionate about. It’s a very important role in guiding other entrepreneurs. Whether you have aspirations to be a broker or you’re looking to become a successful franchisee, or you have a business with the potential to franchise, FranSave is here to help. For more information on the opportunities, we can provide you, visit us at fransave.com.
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your jurisdiction. Franchise offerings are made by Franchise Disclosure Document only.