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Why You Should Buy a Consultancy Franchise

Written by Joshua Antoniou on Friday, 13 September 2019. Posted in Analysis

If you’re a high-ranking business professional and/or have gained extensive management-level experience in a specific business sector, you may have just the right credentials to buy a consultancy franchise.

Why You Should Buy a Consultancy Franchise

Why You Should Buy a Consultancy Franchise

If you’re a high-ranking business professional and/or have gained extensive management-level experience in a specific business sector, you may have just the right credentials to buy a consultancy franchise.

But being as consultants generally deliver advice to existing businesses, often in a mentoring, coaching or training capacity, you must at the very least feel comfortable working in a corporate environment.

A specialist field with a strong demand

Good consultants are much in demand across many sectors and are frequently called upon by businesses both large and small. Industry consolidation, the introduction of new legislation, the effects of globalisation, the emergence of new technologies and how UK business plans to deal with Brexit issues are just some of the many features of the industrial landscape which can generate a need for a competent consultant.

And with every sector facing increasing regulatory pressures, and a relentless drive to update and modernise to meet rising consumer expectations, there seems little likelihood that consultancies will run short of work any time soon.

There are a whole host of reasons why a company may find it more viable to outsource certain issues to consultants: The business may simply lack the necessary expertise, may want a broader industry overview rather than a narrow in-house solution, may be constrained by regulations which demand an independent intervention, or may just find it a cheaper way to resource intermittent or unanticipated requirements.

Core skills

Franchisors looking for potential consultants in any field will certainly favour applications from those with a good track record who have acquired the focus they seek. However, all consultants need indispensable generic skills such as an astute business mind and the ability to think strategically, as well as interpersonal skills like empathy and the capacity to establish a productive working relationship.

So it’s often the case that a strong applicant who can demonstrate these readily transferable attributes may still be a contender for many franchise options, especially where the franchisor wishes candidates to complete a comprehensive training programme before entering the market. Franchise consultancies in areas such as health insurance, many educational initiatives, and work driven by specific government legislation are very likely to fall into this category.

An attractive start-up proposition

Because a consultant’s expertise is the essential factor which makes this type of franchise viable, a business consultancy franchise may have relatively few peripheral start-up costs. With little need for an impressive high-street presence, many consultants can arrange low-cost office space wherever they choose, or perhaps work from home if they prefer.

In addition, with no stock to purchase this business model will often run with minimal overheads. Thus a franchisee who possesses valuable sector know-how and can dispense targeted knowledge and advice may find a consultancy franchise a very profitable enterprise where high fees are the norm.

Some franchises may include an option to generate additional income by purchasing existing client portfolios or investing in certain aspects of the franchisor's own holdings. So when considering the benefits of such moves, as a potential franchisee you will carefully conduct your own due diligence, which would certainly include requesting the opportunity to speak with fellow consultants who have successfully followed this route.

Role and working practices

Working in a consultancy franchise will involve a great deal of client contact. This can mean site visits and/or perhaps spending a lot of time at each client’s business premises. In general, such a role requires little time spent on the consultant’s own internal office administration, though new sector developments may sometimes demand thorough research and perhaps mean attending occasional seminars.

Consultants can expect a thorough induction and initial training, plus ongoing support from the franchisor’s dedicated team, and will usually be allocated a specific territory. Though franchise packages will clearly be sector specific, a consultant would normally expect to have their own stationery, personal website and any necessary business tools. Franchisors will also supply exclusive business leads and offer ongoing marketing support.

A consultancy franchise will perhaps expect, and certainly benefit from, the appointment of a person who has forged strong connections within the target sector. So over time a potential franchisee who has previously been immersed in that particular market may find those existing links and contacts can soon become a rich source of new and profitable client networks.

 

About the Author

Joshua Antoniou

Joshua Antoniou

Joshua Antoniou is now Global Account Executive having started at Dynamis in the Customer Service department. He also writes for BusinessesForSale.com & FranchiseSales.com.

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