Providing consulting services to businesses can be a lucrative opportunity. If you're interested in becoming a consultant but don't know where to start, then consider consulting franchises. Nationwide, there are top franchise consultants available that can give you a head start in growing a successful business.
Basics of a Consulting Franchise
You can start a consulting business in one of two ways:
- Launch a brand new business from the ground up.
- Buy into an existing consulting franchise.
A consulting franchise operates like other franchise businesses. When a franchisee pays money to the franchiser, the franchiser gives the franchisee access to the firm's service offerings, branding, infrastructure. The franchisee then runs the consulting business independently.
Benefits of a Consulting Franchise
There are a number of advantages to buying into the firm of a top consulting franchise as opposed to launching your own consulting business:
- You don't have to validate the business model. The business model of a top franchise consultant has already been proven, so you can hit the ground running and begin making money without wasting time testing out which services and business approaches do or don't pass muster in the market. This way, you can prevent typical startup mistakes and associated financial losses.
- You'll have name recognition from day one. You won't have to knock on doors to make a name for your business because you'll already have the built-in positive reputation of the franchise to win over clients.
- You'll have access to support. Top consulting franchises act as both a franchiser and a mentor, providing you with their established support services in fields like information technology, sales, marketing, and advertising. Some even offer business training and coaching services to increase your chances of success.
- You'll receive essential tools. Launching a consulting business from the ground up often requires you to invest in the infrastructure needed to provide services such as marketing, advertising, and sales to clients. In contrast, when you buy into a consulting franchise, you'll generally get access to its industry-specific proprietary tools.
- You can save on overhead. Consulting franchises can often be run from a home office, which allows you to eliminate the real estate costs you'd otherwise incur to rent office space for your own consulting business. Operating as a franchisee of a consulting franchise can also save additional overhead costs (from staff to a custodial crew).
Costs of Buying a Consulting Franchise
What you will pay to buy into a franchise depends on the consulting niche you choose. In general, franchises can range from tens of thousands to several hundreds of thousands of dollars. However, consulting franchises cost $20,000 on average. That price tag typically includes:
- Start-up fees: This includes the initial franchise cost plus any associated expenses for equipment, inventory, licenses, and insurance.
- Royalties: In exchange for using a franchiser's trademark, you may have to pay a certain percentage of your earnings from the business back to the franchiser for the duration of your agreement.
- Promotional fees: You may need to pay advertising and other expenses to grow your clientele.
Top Consulting Franchises
There are franchises available in virtually every niche of business, from property to technology consulting firms. Referencing this list of the best franchise consultants in the country, choose a firm that caters to your interests as an entrepreneur.
Coaching and Business Management Consulting Franchises
Buy into one of these franchisers if you want to provide mentorship to other business owners like you.
- ActionCoach's top franchise consultants provide business coaching, mentoring, and training to clients of their choosing. You can choose from three franchising models and will get support from certified coaching experts.
- Focal Point Business Coaching provides small to medium businesses with expertise in sales, productivity, leadership, strategic planning, and business growth. The firm offers an internal training program and access to a worldwide professional network.
Financial and Investment Consulting Franchises
Professionals with a background in accounting or finance should consider these franchisers:
- Blue Coast Savings Consultants specializes in providing savings services in three core areas: expense reduction, specialized tax incentives, and asset recovery. It provides franchisees digital tools and training.
- Padgett Business Services provides accounting, payroll, and tax consultation. They offer franchisees technology and business-building tools.
Best Franchise Consultants
Consult with these firms to help other entrepreneurs realize their dream to open a franchise:
- IFPG franchise consultants assist franchisees in selecting, evaluating, and buying franchises. The company offers a training program and free admission to a professional retreat.
- FranServe's top franchise consultants help connect franchisees with potential franchisers and find capital, or assist small firms in franchising their business concept. Franchisees are eligible for a certification program and have access to in-house marketing leads and FranServe's technology infrastructure.
Property and Management Consulting Franchises
These franchisers focus on real estate sales and brokerage:
- Hommati offers real estate services including home tours and staging, augmented reality, and brochure creation. Business owners will gain access to advanced technology and proprietary marketing and have the option to get a remote piloting license.
- Property Management Inc. provides real estate management and investment services relating to residential, commercial, and vacation properties and homeowners' associations. Consultants can benefit from the established brand and internal training and systems.
Sales and Training Consulting Franchises
Look into one of these franchisers if sales or skills development is your forte:
- Sandler Sales Institute provides corporate training and development consulting services. Franchise owners get training, a personal business coach, lead generation support, access to the company's marketing materials.
- Dale Carnegie Training provides corporate training and organizational development services. Consultants get internal training and access to sales and marketing support.
Technology Consulting Franchises
Invest in one of these top franchisers to work on the cutting edge of technology:
- Team Logic IT is a certified provider of high-demand e-commerce and Internet solutions businesses. Business owners undergo a weeklong training session and can sign up for one-on-one or group coaching sessions.
- Expetec Technology Services provides technology-focused consulting services including data and voice solutions. Franchisees get assistance with business development and access to a system-wide operating platform and tech support.
Do Your Homework to Avoid Mistakes
When deciding which top consulting franchise to buy into, research each of the above options on your own, ask the firm questions, and read and understand the contracts and royalty fees. By going into the deal with plenty of knowledge, you'll be able to make a smart decision and minimize the risk of losing money.
No matter how savvy a business person you are, don't ever enter into a contractual agreement without having an attorney pore over the paperwork for "gotchas." Taking a fastidious approach allows you to enter into the agreement—and start your consulting business—with confidence.