A franchise broker is a person that acts as a liaison between the franchisor and someone who is interested in buying the franchise. Usually, they are not directly employed by the franchisor and can represent many different franchises. They operate on a commission basis that is payable by the franchisor once they have successfully brokered a deal.
Conduct research on franchise brokering. A considerable amount of research should be done in this area. Some franchise brokers also serve as franchisees. You may become a franchise broker without joining with a major brokering franchise, but since you are inexperienced it may be difficult to find franchisors to work with.
Finding a niche is a good idea when becoming a franchise broker. It helps to choose an area for which you are knowledgeable. Having a passion about the franchise can help you to sell it to the prospective client. Once they see how passionate you are you may convince them to buy in.
When you have found a franchise that appeals to you, request the franchise disclosure documents from them. These documents will explain the franchise opportunity in detail and will list your rights and obligations in the deal. It also shows you the associated fees and estimated costs associated with being a franchisee.
It is important for you to be trained. If you have obtained a franchise broker contract you must undergo training to learn the franchise industry and the franchises that the franchise agent will be referring clients to. The franchise dealer must have in depth knowledge of the business of the franchise. You will be able to answer any questions posed to you by prospective clients. Interested clients will have many questions they would want answered before they invest any money in a franchise.
Market the business and promote your services as soon as you have finished training. When starting out as a franchise broker it may be best to start working from home to keep your operating costs at a minimum. If you choose to open an office, then a minimal investment is required. Office space, telephones, computers and possibly some staff may be the only requirements once you have just started.
Planning is a must once you are a franchise broker. You should create a sales and marketing plan. You should always strive to have prospective clients. There are many ways to generate leads, some may cost you money and some will be free. Print and online advertising are paid methods of lead generation. You should have a budget specifically geared toward these types of promotion. Free lead generation will include networking, seminars and referrals.
As a commission-based worker it is important for you to market yourself as much as possible to be successful. Finding a niche market may influence the way you market to prospective clients. Furthermore, you must be professional and knowledgeable about the franchise you are selling. This is the key to being a successful franchise broker.
Haliyma Barrow is a freelance article writer contributing articles to EduBook. Haliyma loves to contribute business resources with focus on career development.
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