Ever since we emerged from the global pandemic and returned to a world of relative normalcy, many people have turned to the franchise as a viable next step in their careers. For those with the right skill set, some have become franchise brokers, attracted to the flexibility and opportunity to earn an attractive income that they can control because it can be based on their activity level, determination, persistence, and drive. So, what exactly can a franchise broker make? Today we’ll be going over this information to help you better understand the type of compensation that’s involved with this career path.
If you’re considering a career as a franchise broker and feel you have what it takes to succeed, there’s one thing you need to keep in mind. How much you make is entirely up to you! Some refer to this rule as “reaping what you sow.” Like many opportunities in life, you get back what you put in. The four determining factors that will ensure success are: the time, money, and effort you spend finding, pursuing, and connecting with leads, and your skill in building rapport with your leads to move them through a specific process. You also need to stay up to date with the market and various marketing techniques, like DRIP campaigns, to keep potential candidates engaged. This is how you start to build your “funnel” of candidates.
If you think you’ll be getting rich quickly by becoming a franchise broker, think again. It takes time to build a path to success. And believe us when we say it also takes patience. The primary source of your income will be a referral fee. This is only when you’ve successfully matched a candidate to a franchise. So, you see, your work and effort will determine how much you make. Franchisors typically turn to broker networks to enlist the help of brokers to find potential candidates who are a solid match for their brand. If the franchisor awards a franchise to a candidate who was referred to them by a broker, the broker usually makes anywhere from 40-50% of the franchise fee. However, franchise fees have a very wide range. They can be as low as $5,000 to $50,000 and in some cases may be higher. The income varies upon your success; the more work you put in, the more you get out of it!
If you think you have what it takes to be a successful franchise broker, then what’s stopping you from doing so? Let the experts at FranSave help you make the right moves to seize the opportunity of a lifetime. For more information on us and what we have to offer, 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.
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