Thursday, December 24, 2009

How to Become A Franchise Consultant

If you have been seing the growth of franchising In India and understand that franchising could be a profession that you could embark upon then one of the options to garner a pie in the ever growing franchise industry could be to become a franchise consultant.Once you make the decision to become a franchise consultant, what would be the most efficient process to follow in order to make this happen?

Step 1: Research franchise consulting firms
In order to determine which franchise consulting organization to affiliate with, it is recommended that you investigate several firms. Determine the reputation of each company including how long it has been in operation and also the number and types of franchises it represents.

The company should market for at least several hundred franchises representing a wide variety of services. Additionally, the organization should provide a comprehensive training program as well as continuous support to their franchise consultants.

It is advisable to interview current franchise consultants if possible. Find out their thoughts on the organization.

Step 2: Get your financing in order
It is important to become cognizant of what your cost will be to join the consulting companies that you are investigating.

There is typically a one-time fee to join a consulting company as a franchise consultant. This includes training and ongoing support. The cost usually ranges somewhere between Rs100,000 and Rs 500,000

Also factor in funds that you will need to set up your office. Most franchise consultants operate from their homes, thereby minimizing overhead costs.There are options of using your existing offices also to be a full time franchise consultant and have a exclusive/shared office.

If you don't have the capital readily available, you may need to apply for a loan or for a partial loan. Sometimes franchise organizations can point you in the right direction in obtaining financing.Typically, loans are provided on your individual IT returns and the collaterals you are willing to offer to the bank.

Step 3: Participate in training provided by the consulting organization
Part of your investigation of franchise consulting firms included finding out the type of training and support provided. Once you sign on, you will be attending training sessions that should equip you with all the material and skills that you will need to successfully link franchisees with franchise businesses. Take advantage of all of the training offered.

Step 4: Set up your office
Franchise consultants usually operate out of a home office. Much of the work is done via computer, telephone, and fax machine. For optimum working conditions, an up-to-date computer system is recommended. Also, it is usually advisable to set up a separate telephone line for your business. You will learn all of this in training.

Step 5: Work schedule
Finally, based on your lifestyle and income needs, decide if you will work part-time or full time and then prepare your schedule accordingly. Keep in mind that most of your time will be spent contacting leads, doing phone interviews with franchise candidates, and conducting research to determine the best matches for the franchisees as well as the franchisors.

Amit Nahar is a well known franchise professional who consults with franchise systems and franchise seekers. As an author, public speaker & franchise consultant Amit has educated thousands of people about their options in the franchise industry.He typically specialises in franchise development and consulting for companies seeking to strategize their franchising and building franchise organization. Amit is also the CEO of Sparkleminds. If you have questions or want to become a franchise consultant visit sparkleminds.com.