- What is a Franchise Broker?
- How is a Franchise Broker Trained?
- What is a Day in the Life?
- Who is the Competition?
- Who does a Franchise Broker work with?
- How does a Franchise Broker find buyers to work with?
- What are my start-up costs?
- Who should be a Franchise Broker?
- What services does a Franchise Broker provide?
- How much can I make?
- Reviews from people who use Franchise Brokers
- Research FTI
This is the average day of a franchise broker.
After you wake up and have breakfast with your spouse, you will put on some comfortable clothes and walk into the office inside your home. Next, you will turn on your computer and open your calendar to view the appointments you have scheduled with candidates and franchisors and to qualify the candidates who have made inquiries.
You would spend some time in the morning reviewing and contacting the people who have sent a request for information on buying a franchise. When you speak to a candidate, you will go through a qualifying questionnaire to see if they are a serious candidate or not. If they are, you will schedule a series of meetings to go over their interest in franchising and determine which franchises are most suitable to them.
Develop Your Skills
Depending on the day, you may attend a training on a franchise, legal practices, funding, lead generation, franchise financials, jump onto a mastermind call or attend an Executive Mentoring Forum. You may also attend franchise education certification classes. All of these classes are virtual so you can go to the park, your back yard or the local coffee shop to listen to them. All you need is an Internet connection and a mic or a phone to participate in the discussion.
Researching Franchise Opportunities
You will spend some of your day researching different franchises to understand which ones are a good opportunity for buyers. You will review their listing, their webinars, their marketing materials and you will talk to them to ask questions about their system. You will also use the collaborative tools that each broker contributes to, in order to learn what other brokers have discovered about a particular franchise.
Working Your Pipeline
You will be on franchisor and candidate calls learning about the franchise and being a sounding board and partner to the candidate. You will be evaluating the franchise with the candidate, looking for red flags or warning signs as well as advantages of this franchise over others. This step is very rewarding as you build a solid relationship with both parties which will eventually lead to a strong referral business.
You will manage your pipeline and ongoing projects through the back end system we provide you. This will allow you to automate communications, reminders, and schedules for the future. It will also allow you to completely track all communications with a candidate and have easy access to any information you need to locate about them within seconds. It links with their social medias too so you can check out their profile online before you chat!
Marketing Your Business
Finally, you will spend a portion of your day focused on your marketing and referral sources. You can either do this out in your community or over the telephone and internet. There are many different ways of generating a stream of buyers interested in franchising, so you will need to nurture those systems. This will help to keep your ongoing costs low and your pipeline of prospects full.
Each broker is different, so this section varies depending on your unique talents, background and budget. You are provided with mentors and instructions on over 20 different methods for generating buyer initiated inquires about franchising. This is above and beyond the ongoing buyer inquires you are able to purchase from our vendor.
You have a lot of flexibility with your schedule so if you would like to work business hours only, you can do that. If you don’t want to work weekends, you don’t have to. If you want to take Tuesdays off, you can. If you want to take a break from 1-5 PM each day, you can. If you want to go on vacation and handle your appointments from your vacation home, you can. The important thing to note here, is that your flexible schedule will not affect your business. You can turn candidate requests on and off with the vendor. The franchisor can handle the bulk of the sale and most of the contact with candidates is appointment-based giving you tremendous flexibility with your time.