What are the latest trends and innovations in franchise consulting?

Franchise consultants are in the process of being replaced or augmented by AI Co-pilots -- who can give much more engaging conversations about the franchise opportunity than a franchise consultant who represents many brands. The franchisor need only hire an implementer to create, maintain, and update their own AI Co-Pilot or have staff trained to do so. This eliminates not only the need for a franchisor consultant or broker, it also eliminates the need and the cost of educating the broker network.

As franchisors develop AI Co-pilots they can deliver to potential franchisees the information that the candidate wants at an early stage in the process and advance their interest in that franchise brand. Franchise brokers cannot know the specifics the 100s of franchise concepts they rep for and many never read the FDD in order to know. Franchisors can easily buy leads themselves and build sophisticated AI Co-pilot experiences for franchise candidates they are recruiting.

Digital transformation can't be looked at as a means to an end, but it should be looked at as a piece of the puzzle. About 85 things have to go right in order to get someone from discovery to franchisee. While technology may speed up that process, a consultants experience, knowledge, network, and work ethic ultimately is what's going to determine success or failure for all parties, including themselves.

I disagree that we are using technology. Franchise consultants are helping people learn about franchising. We are the resource to help people explore with confidence. We are not giving specific information but leading them to the people inside the specific franchises who can give them the specific information. There is ZERO need for a franchise consultant to need any technology. What we do is relational and more of a coaching or counseling role than anything else. I am a trusted advisor, an educator of the process, a resource and a cheerleader!!!

Franchise consultants for some time have used technology. This has been used a lot for several years when it comes to franchisee recruitment including using CRM & automations. That said these systems should be in place to maximise the personal interaction, not replace the human interaction. I see a lot of mistakes in particular very poor use of technology when it comes to franchisee recruitment. Quality franchise recruitment leads are expensive so you need to maximise your engagement. I see lots of franchisors & consultants over automating, making the candidate feel like a number, rather than an individual, this is a mistake. The tech should be used to filter & maximise the human interaction, improve communication between the parties.

Franchise brokers are agents of the franchisor utilized to find prospects and sell franchises. They represent the franchisor and not the prospective franchise buyer. Some are well trained whilst others have almost no experience or training in franchising or really bad training. What prospective franchise buyers should understand is franchise brokers are not a free service since they get 30% and sometimes up to 100% of the franchise fee. Some brokers focus primarily on the highest commissions paid for a franchise sale.

Good consultants & matchmakers aren't coin operated. We understand if we put the clients best interest at hand, everything else will take care of itself. As with anything in life, it's important to do your due diligence and research in finding a good matchmaker to guide you through the process if that's what makes sense for your situation. Not every entrepreneur needs a consultant, but for the vast majority of soon-to-be-franchisees, it's a no brainer.

Franchise consultants are franchise matchmakers. We help people focus on the "right" opportunities for their goals: personal, professional and financial. Our candidates are leveraging our relationships and experience and exploring strong franchisors. Additionally, a good franchise consultant can help a candidate open their mind to the possibilities and coach them through limiting beliefs. An experienced franchise consultant can also be invaluable in creating a safe environment for a candidate to really share their true feelings and insecurities. I can't help you invest if I don't know what you are really thinking and feeling.

Franchise consultants & brokers are the matchmakers. Good franchisee recruitment is not about "selling a franchise" it is about "awarding" a franchise to a suitable candidate.

Givers gain. A few direct examples we've seen with our franchise partners are - 1) Junk removal companies recycling or donating 50%+ of their haul. 2) Moving companies donating two meals for every job completed. 3) Painting companies donating $10 every project to fight breast cancer. While measuring the impact of social franchising is difficult to pinpoint, one thing is known for certain... Giving back carries a hefty emotional ROI.

I love that we have franchise opportunities that allow people to do good and make money. There are many franchisor who are involved in charities and who encourage their franchisees to give back at the local level. Many people desire to do good with their money. You don't have to be invested in a business that addresses a social cause to give back. Some owners look at creating jobs in their local community and being a great boss as the best way to give back. Each owner should define what is important to them and then build their culture to support those goals.

I am fortunate to have worked with & supported several social franchise. These include provide food banks, housing & more. Franchising can be a great way to have a positive impact on local communities.

If you're on this page consuming this content, you're learning! Never before have human beings had access to so much information. This is both fantastic.... but dangerous too. As Franchise Consultants, we owe it to our clients to stay educated, always. If we aren't attending webinars, completing courses, networking with others, etc. then we are doing our client's a disservice.

As business owners, we should have a growth mindset. Many franchisors have ongoing training, lunch and learn workshops, fireside chats, field support reps and more to help their franchisees continue to learn, grow and become more successful. In addition, franchisees have each other, and strong franchise systems have a culture of franchisees mentoring and supporting one another. A franchise system is really just a giant mastermind if you really break it down.

Franchising should focus on education, education, education. Not just to improve professional standards but raise awareness within education & business support organisations. I have lectured at schools, colleges, Universities & business support organisations to help raise awareness of franchising. I have also worked as part of a team in the UK to create the first recognised franchising professional training courses, we need more officially recognised franchising qualifications.

Riches are in the niches. Many franchisees as well as franchisors are realizing this. By being hyper specific, a few things happen. 1) Conversion rates go up 2) Brand loyalty goes up 3) Repeat business goes up 4) Business model simplifies 5) Marketing gets cheaper If you can pair your skillset, experience, and desires with the right niche franchise, going an inch wide and a mile deep is a strong value proposition & differentiator.

Related to the UK -- University of Roehampton is a partner school to PBA and I just recently returned from a series of meetings with university officials, students interested in franchising, and a small group of franchisors organized by the BFA to discuss opening a "franchise hub" at Roehampton.

Franchising covers so many industries, and the list of opportunities grows each day. If you like the idea of serving a niche population or getting involved in a booming industry such a pets or senior care, there is plenty of opportunity! Selecting the right business should be less about what the business does and more about what the investment will do for you: personally, professionally and financially. The right franchise is the one where you find a strong franchisor partner who has what you want, inspires dreams within you and who demonstrates leadership to help you grow and become successful. After all those criteria are met, then consider the product/service. leadership does.

The beauty of franchising is that it can be used so effectively to support diversity. It's a growing trend set to continue over the coming years.

Loved reading how important franchise education is and it's not just for franchisees or employees for franchisors . . . it needs to begin in high school. But of course it's barely taught in universities. The Titus Center for Franchising continues to grow its program at Palm Beach Atlantic University. And I'm proud to say that we have more than 70 companies and more than 100 individuals supporting franchise education at Titus Center. We have graduated 50+ students to date (8 of them are franchisees now and another 15 work for franchise companies) and we currently have 60+ students pursuing a Concentration in Franchising, and I believe we are the only university that offers a "concentration" which appears on a graduate's transcript.

Remember that tech is just a tool, use it to maximise & build personal relationships, not for it's own sake. It's all about the people.