- 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 VERY important. Franchise brokers join different networks, and by doing so, receive different levels of franchise training and education.
Some networks invest a great deal of time and energy ensuring the brokers from that system are trained well to properly advise another person on buying a franchise. Other networks barely give any training at all, leading to franchise broker failure. Unfortunately, all networks tell you their training is the best. For a list of the true quality networks, contact the Franchise Brokers Association.
Because of this, there is a HUGE difference in the quality of the brokers in this industry.
The following are some key areas in which a franchise broker should be thoroughly trained:
- FTC sales compliance
- Franchise Inventory
- Franchise Financials
- Franchise Disclosure Warning Signs
- Personality Styles of the Buyer
- Funding a Franchise
- Master Franchising
- System Controls
Life after your initial training
When completing their initial training, the broker should feel confident they have the training and understanding of the resource directories necessary to conduct professional franchise broker services. However, it is rare for a broker to succeed without high level professional ON-GOING franchise training and a support team. This is like doctors who complete on-going education to ensure they are totally informed and giving the best medical advise to their patients.
Franchise Brokering is a profession that is evolving quickly and the professionals in this industry must engage in regular collaboration and franchise training programs in order to get the true depth of knowledge they need when conducting their Franchise Broker Business.
It is important to understand that you don’t become an expert overnight. You become an expert through proper franchise education and training, experience, support from a team of advisors and continued determination to be the best broker for your candidates. Until then, use our team to help you along the journey of starting at new and going to expert.