Why to become an Independent Franchise Consultant
Franchising is an attractive prospect for many aspiring entrepreneurs to replicate a proven business model, brand recognition, training. Franchising has been growing and it is seen in almost every sector from courier services, laundry services to schools and hotels. India is the 2nd largest in the world in franchising with a 3 million dollar industry after the USA. In India, it is the fastest growing industry, especially during these tough times.
Adverse times have always put a positive impact on franchising for a few reasons:
- Job changes: When there are more losses in jobs, people look for stability and safety which they could attain from entrepreneurship. Franchising being safe and stable is most preferred.
- Displacement: People are moving from big cities to their home towns or the NRI’s are shifting to their countries. Again, there is a need for stability.
- Businesses not working: Due to the current situation, several businesses are severely affected and are moving towards closure, like the travel business
- Real estate owners: With not much business in the area, real estate owners looking forward to a new start-up.
All these factors have led towards a positive move towards franchising as it is stable, has a safety net, and is a tried and tested business model.
Franchise India and IFC (Independent Franchise Consultant)
Franchise India is a franchise focused company. It is investor centric and has worked with millions of businesses.
Every business needs advisory consultants whether property or insurance. Likewise, Franchise India saw the need for advisory in franchising. Hence, the IFC was formed. IFC (Independent Franchise Consultant) is a coach with an advisory mindset helping businesses. These coaches could be experienced professionals or people involved in their own business. Any mature markets are helped by franchise consultants.
Why choose IFC?
In India, there are over 10000 brands and of which almost 50% never franchised until they met Franchise India. This is the reach and effect of Franchise India. There are several strong reasons why you should choose IFC:
- No company in the world has sold so many franchises as Franchise India. It is the topmost company with a huge knowledge base.
- It has about 45 cities in India operating directly.
- IFC is not a new creation. It is a new model of the existing franchising.
- It has a go-to-market benefit as Franchise India is a very good brand.
- IFC gives great opportunities with great brands. And also gives leads.
- It mentors and gives training.
IFC majorly looks at two things in a franchisee:
- Knowledge and talent with experience.
- Entrepreneur mindset who does not limit to risks.
Requirements to be a successful IFC
There are six things that are necessary for an IFC to be successful:
1. Persistence: Deal-making requires persistence and only chasing the deal is going to help here.
2. 365-day learning: There has to be a curiosity to learn about everything involved in the franchising. Whether it is logistics or markets or industry at large. It’s an on-going learning process.
3. Self-discipline: There has to be a commitment towards work.
4. Build on your own credibility: Creating your own brand is another important aspect for which IFC is also going to give help
5. Diagnostic capability: IFC has to be a good listener and absorb things.
6. Deep commitment in a business relationship: Unlearning may take time, but setting up a regime is important for commitment to learn new things.
Role of Consultant
The consultant must possess few qualities so as to perform well.
- Knowledge of the market
- A good understanding of the client’s requirement and objectives
- Expertise and competence
- Providing superior quality, sophisticated, and high value-added services.
What IFC gives you?
IFC gives you
T- Technological support - Access to CRM, domain email id
A- Access – Access to the infrastructure
B- Brands – Over 500 plus brands access to opportunity
L- Leads – 50 monthly leads
E- Events – 2 events per month
T- Training - Three-day training and ongoing learning.
Proposed Structure of IFC and Payout
There are four levels of the IFC structure. The payout structure considers the fees from both investor and the brand.
1. Entry level - From this level, you can elevate to the next level based on performance. The payout structure is 40% for the consultant and 60% to Franchise India.
2. Elite level - You become elite when you reach 15 lakh revenue or 15 deals per year. The payout structure here changes to 50-50. But all the market brand leads are still given by Franchise India. Even the technological support and the call center facility is given.
3. Pro - When you perform 30 deals a year or revenue of 50 lakh, you become a pro. The payout here moves to 60% for the consultant.
4. Master - You become the master in the field when you have earned 1 crore as revenue or made 50 deals in 15 to 18 months. The payout structure here is 70% for the consultant and 30% for Franchise India. When you are at this level you can hire three more people under you.
The returns on IFC are majorly dependent on three things:
- Knowledge base that you build: Understanding various aspects like the industry, legal, markets, etc.
- The time you give: A minimum of 100 hours per month
- Engagement: How to engage the clients and build relationships with them.
This can be one of the best opportunities if you understand the required skills and develop them.
Edited By: Vaishnavi Gupta