With franchising, there’s a tremendous opportunity to have a job you love
If you talk to most people who work in franchising, they will tell you that they love their jobs. After all, it’s a fascinating industry with huge growth potential, and it offers an opportunity to help people change their lives for the better. With an estimated 753,700 franchise establishments in the United States, franchising accounts for about $670 billion in economic output and employs 7.5 million people. But there’s more to it than you may realize. Jobs in franchising are not limited to buying a franchise or working at McDonald’s.
People who work behind the scenes in franchising enjoy lucrative and interesting careers. Many of them didn’t set out to have a job in franchising but fell into it one way or another. A good number came from corporate backgrounds and pursued a career in franchising for a better work-life balance. Others stumbled on a job in franchising and worked their way into a career-track position. However they got there, one thing is clear: In franchising, there’s a tremendous opportunity to have a job you love. Here, we look at 10 promising jobs in franchising as well as professional specialties in the industry.
A franchise consultant is an intermediary between a franchisee and a franchisor. Franchise consultants (also known as franchise brokers, see below) counsel aspiring franchisees to determine if buying a franchise is the right path. If so, then they guide their candidates through the process of finding a franchise business that suits their interests, skills and investment level. Franchise consultant jobs can be both lucrative and fulfilling. Not only do franchise consultants help people change their lives for the better, but they can earn a significant income while working flexible hours. To start a career as a franchise consultant, look for reputable companies that offer training and opportunities for learning and connecting with top franchise brands.
A franchise broker is the same job as a franchise consultant (see above). It’s essentially the same person wearing multiple hats. Along with helping candidates find the right opportunity, franchise brokers work closely with franchisors to ensure a smooth sales process. When a franchise is awarded, franchise brokers are paid commissions by the franchisor. They save franchisors time and money by presenting qualified and interested candidates who are serious about franchise ownership. A career as a franchise broker is for someone who enjoys working with people, is friendly, and is genuinely interested in business opportunities.
Franchise business consultant
Franchise business consultants help franchise business owners succeed. A franchise business consultant offers advice about all aspects of running a franchise business including strategies for local marketing, human resources, and more. Franchise business consultants can be employed by a franchisor or work as independent contractors. Franchise business owners may receive this support directly from the franchisor or by hiring their own business consultants (or business coaches) separately. A career as a franchise business consultant can be very rewarding with the opportunity to help business owners succeed.
Franchise business owner
Becoming a franchise owner can be a life-changing opportunity. In some instances, a person can go from quitting their job one day to owning a franchise within a few short months. It all depends on a person’s skills, interests, and investment level. In exchange for a franchise fee, franchisors grant franchise owners a license of a franchise’s operations—along with its products, branding, and knowledge. There are different types of franchise ownership, including single-unit, multi-unit, passive/absentee, area developer, and master franchise. The possibilities are endless in the franchise industry.
Franchise founder/or CEO
The founder is the individual who came up with the idea and concept for the franchise and the CEO is the one who runs it. Often they are one in the same. Some of the best-known franchises were started by young entrepreneurs right out of their homes and were nurtured into multi-million dollar franchise operations. The great thing about franchise concepts is that they can be sparked by everyday needs, ranging from junk removal to drywall repair.
Franchise development manager or director
A franchise development manager usually works directly for a brand. They are responsible for guiding the franchise owner through the initial stages of the franchise discovery and ownership process. Skills required for this position include experience with sales and knowledge of contracts and legal documents. Additionally, franchise development professionals have a deep understanding of the company’s business model and corporate culture.
Franchise field manager
The franchise field manager oversees specific territories of a franchise brand to ensure goals are executed properly. They help franchise owners understand operational aspects of the business and provide mentorship and direction. They typically monitor the progress of the local franchisee business as a whole, the team, and aid in franchisee growth and achievement. Additionally, they foster a healthy, growing relationship between the corporate team and the franchisee, which allows the franchisee to feel comfortable with the franchise system.
Good franchisors “award” territories rather than “sell” them, meaning they want to recruit the right people. So franchise salespeople play a critical role in the success of a brand. They work closely with franchise brokers and utilize other recruiting methods as well to find the very best people. Franchise salespeople are there to inform candidates, answer their questions, and determine if they are a good fit for the brand.
Franchise training professionals work with new franchise owners and teach them the ins and outs of running the business. This can be done at the franchisor’s location, the franchisee’s location, or both. Franchise training professionals also provide ongoing support and training as new technology and initiatives are introduced.
Telling a franchise brand’s story through marketing and communication is essential for growth. Marketing professionals can find jobs on a franchisor’s team or as part of a franchise marketing agency or PR firm. Franchise marketing tools include social media campaigns, a user-friendly website, and content marketing through editorial and video campaigns.
Professionals who specialize in franchising
Professionals such as lawyers and accountants have found rewarding careers in franchising.
Attorneys who specialize in franchising can help franchise seekers as well as franchisors. Some may specialize in serving one or another. They may have their own practice or work on a franchisor’s team. Potential franchisees seek legal expertise to better understand the franchisor’s Franchise Disclosure Document (FDD), which is a legal document that a franchisor must disclose to a prospective franchisee before a franchise is sold. The FDD contains 23 disclosure sections that detail all aspects of the franchise agreement. The franchise attorney helps the potential buyer recognize red flags. Franchisors hire attorneys to create FDDs and stay up-to-date on the regulations surrounding them. Bigger, more established franchise brands may have large legal teams on their payroll.
Investors may seek the advice of a franchise accountant to help determine if the business will be viable. Franchise accountants can also predict when the business might reach the investors’ return on investment (ROI). An accountant can also work directly for a franchise brand and set up systems to manage employee payments, as well as other expenditures at the franchisor or franchisee level.
Franchise funding expert
Franchise funding experts are pivotal in the process of getting candidates to the finish line and opening their doors for business. They are very knowledgeable about what it takes to fund a franchise. Many franchisees put their life savings into a franchise and rely on these professionals for guidance on the best ways to secure funding.
The future of jobs in franchising
Even though many people have found jobs in franchising by chance, today, there’s a growing number of colleges and universities that offer entrepreneurship and franchising courses and majors. Young people should consider franchising as a career option when applying for colleges. With an opportunity to work in a growth industry and help change lives for the better, there could be a great job in franchising waiting for them after graduation.