Who should be a Franchise Broker?

We have found that the people who succeed in this business are mature professionals with experience in sales, management, operations or running a business.  They are usually someone who started their search by looking for a franchise and found they enjoyed the process.   Sometimes they have worked with a broker to search for a franchise and decided that they wanted to do what the broker does.

The characteristics of successful brokers are as follows:

  • Comfortable speaking to professionals.
  • Facilitate honest communication.
  • Enjoy a flexible work schedule and control over their time.
  • Self starter.
  • Good listener and mediator.
  • Understands people and can read their needs.
  • Want control over income (Average Commission for a Franchise Referral is $20,000*).
  • Intelligent and have a good understanding of business.
  • Enjoy helping people succeed and achieve financial freedom!

To be a good broker you must be able to coach the buyer, not on what franchise to buy, but rather on their own hesitations and fears.  You have to be able to hear their concerns and see if those concerns are real.  You have to keep the buyer’s best interest in mind and help them to achieve their dream in the safest way possible.  You have to build their confidence in their own ability to achieve something that may be a little scary at first, but ultimately holds a huge reward for them.

If you DON’T think your buyer can successfully run a franchise, you shouldn’t be working with them.  If you DO think they can succeed at it, you hold the responsibility of bringing out the seeds of greatness that lie within them.  You owe it to the buyer to show them a different, more rewarding way of life.

*This is according to a survey of Franchisors at the Franchise Update national convention.  One hundred and twenty six franchises participated in the survey.  The report is available to the public.