Franchise brokers serve as the interlocutor between franchises and potential business owners. They help aspiring entrepreneurs turn their business dreams into a reality by offering support and guidance when studying franchise options. The goal is to make the right choice according to the person’s skill set, talent, budget and background.
Being a franchise broker not only lets you provide opportunities to future business owners, but you also earn from working with your franchise partners. The role provides an exciting career opportunity for the right person ‒ someone prepared to meet the high demands of professionalism and social competence.
What To Expect
Since there is no college degree dedicated to the art of franchising, you have to learn on the job, and become familiar with the ins and outs of the franchise industry from encountering different aspirants. Experience is, after all, the best teacher. It might take a while to master the trade even after going through training and certification, but you will eventually become more effective in dealing with potential business buyers.
Be prepared to invest time into becoming a successful franchise broker. While it is true that brokerage is a flexible job, during your first few months you will have to put in a lot of work to become established.
1. Honesty and Trustworthiness: Earn the Trust of Your Buyer
You are going to be working closely with people who will rely on you, so it is important to be trustworthy. Be a guiding hand to clients ‒ don’t give the impression that you are in the business for your own success. Be honest and tell them upfront what to expect, and if the options available meet their financial expectations. At the same time, be understanding and work with your client’s opinions.
2. Being Emotionally Intelligent
You may be surprised to hear this, but emotional intelligence plays a crucial part in becoming successful in any industry; the brokerage sector is no exception. When it comes to being a franchise broker, there are two aspects of emotional intelligence that you need to have: social awareness and relationship management. Together, these two make up social competence: your ability to understand other people’s behaviour and motives ‒ in order to connect and communicate effectively ‒ and to have a strong working relationship.
3. Sales Skills and Business Knowledge
Many franchise brokers have a solid background in business management, marketing, entrepreneurship or other related fields. This knowledge will help you in your research, which lets you deal with franchise buyers with ease.
You can still be a franchise broker if you don’t have prior experience. With training provided by your franchise partner, you will have a huge leg-up and be able to lead people on their journey in business. If you’re interested in enrolling in a business broker training course, partner with us at Transworld Franchise and start your own journey as a business broker by filling in our franchising form.
Learn more about our training programme today and see if a career in franchise brokerage is the right fit for you.