- BizOp or Franchise: BizOp
- Name: FranServe
- Category: Business Services
- Subcategory: Consulting
- Minimum Investment: $24,900.00 USD
- Net Worth Requirement: N/A
- Home-based: Yes
- Passive investment allowed: No
- Financial Assistance: Third Party
- Veteran discount: Yes (10%)
- Item 19 No (not a franchise)
Overall Rating (95 out of 100)
WHAT IS THE PRODUCT OR SERVICE FRANSERVE OFFERS THE CONSUMER?
FranServe offers consulting services to those interested in starting a business, whether it be a franchise or other business opportunity. As a franchise consultant, you coach candidates through the sometimes-daunting stages of franchise or business acquisition. Finding the right business for each individual is key. Everyone has different objectives, goals and aspirations when starting a business and the consultant can guide them to the business model best suited for them. They can also assist with acquiring the funding needed for business start-up.
WHAT IS THE FRANSERVE BUSINESS MODEL?
This is a home-based business with low overhead, where you are the owner-operator. No previous experience in franchising or business ownership is required. This business can be run on a full-time or part-time basis. The ‘selling’ is performed by the franchisor; your role is primarily in qualifying candidates and coaching them through the business acquiring process. This is a high-demand, high-growth industry that is also recession-resistant. Franchise referral fees are typically 5-figure dollar amounts, so return on your investment can occur in only 1 to 3 placements.
FranServe has a three phase, 28-hour online training curriculum taught by industry professionals. Education continues with over 160 hours of training per year. They offer personal coaching and mentoring by a senior consultant. A forum is available for collaboration with all Franserve consultants. Full back-office support is provided via a consultant website featuring a client management system, scripts, search tools, presentations, and variety of reference material. This website provides the inventory of 400+ franchises and business opportunities for which a referral contract allows for paid commissions for candidate placements. A marketing website is provided to each consultant that includes full hosting and maintenance. You will have access to FranServe’s lead generation program. Every year, a conference is held providing a valuable networking event for franchisors and consultants.
WHO IS FRANSERVE LOOKING FOR?
To be a successful Franserve consultant, you should have significant business experience, be strong in customer service skills, and have good communication abilities. Being patient and persistent will improve your success and it’s crucial that you can work independently and be self-motivated. Since this is a relationship business, you should enjoy working with people and have a desire to help them reach their goals.
HOW MUCH IS A FRANSERVE LICENSE?
The license fee is $24,900.00. Other costs may consist of the following:
- a domain – for your website provided by FranServe
- long-distance phone service
- logo-design, business cards etc
- any fees for registering your business (LLC, C-Corp, S-Corp, Sole Proprietorship)
HOW MUCH CAN YOU EARN AS A FRANSERVE CONSULTANT?
Many licensors do not disclose earnings potential because too many factors are involved determining how successful a licensee can be. Elements such as location, skillset of the licensee, economic climate etc., all play a part in the success or failure of a business. This information is reserved for those individuals who are seriously considering a FranServe license and who fit the profile of who they are looking for, but I can tell you, as a FranServe consultant, the sky is the limit. The more you put into this business, the more rewarding it can be. A majority of the franchises or business opportunities in our portfolio offer a 5-figure commission, so you may only need a handful of placements in a year to earn a 6-figure income.
MY OWN OPINION
I am a FranServe consultant. I joined their organization in November of 2014 and have learned so much about the franchise industry in a very short time. The training was excellent and I can’t tell you how nice the people are….supportive and helpful in so many ways. I still attend mentoring calls twice a month and continue to learn more and more about the 400+ franchises and bizops in our portfolio via either live webinars, or previously recorded webinars. I work from home, which is awesome, but when I’m feeling lonely, or out-of-touch with people, I schedule a meeting with a franchisor with corporate headquarters in my own city.
Don’t be a salesperson…
Before I started with FranServe, I was mostly concerned about the work being sales-related because I am the farthest thing from a salesperson. But I found that it is really about coaching and supporting someone going through the process to business ownership. For those candidates that have never considered business ownership, it can be scary and people start worrying and second-guessing themselves on whether they can really do it or not. I am not here to sell you a franchise, but to arm you with the knowledge you need to make the best decisions. Although I work primarily for you, the client, I also have a responsibility to the franchisor to bring them qualified candidates. Their success depends on the success of their franchisees, so finding candidates with the right skills for the particular franchise and with the available capital and credit is a primary focus.
My day consists of calling people who have expressed interest in owning a business. They have expressed this interest while surfing the web and providing their contact information on different franchise network sites. They may be looking at a specific franchise/business, or just want a general consultation. These are “leads” that are funneled into the FranServe network and they get distributed to all the brokers within the organization who have purchased leads through their lead program. So you are not cold-calling, because the leads are people who have asked for information. With that said, many people who provide their contact information online, do it hastily and don’t really have an interest in business ownership. Many just had a bad day at work or have a difficult boss and want to find a way out, until they wake up the next morning only to happily go back to work. Several don’t even recall providing their information online. Some leave their contact information on so many different sites and get bombarded by sales people and other brokers. Some are just “tire kickers” who are just curious. So, what I’m saying is, you might have to call a lot of people before you get that individual who is really ready to start on this journey to business ownership, and when you do, that’s when it becomes rewarding. It’s actually a lot of fun to talk to people and get to know them and to find out their background and why they are looking for a business. There are no territories with this business, so you are talking to people all over the country, in all walks of life. The first challenge is to develop a rapport with the individual and gain their trust by telling them who you are, what you do, and what your background is. This is truly a relationship business, so the more candid you can be, the better. Next, you want to find out as much about this candidate as possible. We have a confidential questionnaire that we use for this, and sometimes we can have the candidate complete it themselves, but I find that completing it while on the phone with them is the best. Nothing beats a live conversation with someone and more information can be gathered with personal dialogue. One thing you must do for the franchisor, is qualify the candidate financially. How much cash they have to invest, their credit rating and their net worth are the 3 most important pieces of information. With this information alone, you can start filtering the businesses that are feasible options for them. After that, you can start looking at what their interests are, what lifestyle they are looking for, what business model appeals to them and what skillsets they have to contribute to a business.
One thing that I liked about this BizOp is that the contract to join was only 3 pages long. Unlike a lengthy FDD (franchise disclosure document), it was simple to read and understand and conveyed a rather flexible business. Since it is NOT a franchise, I can conduct this business under my own business name. Although I have access to a network with 400+ franchises and business opportunities, I do not have to work solely within that network. If someone came to me about a franchise NOT in our network, I can still work with them.
I attended my first FranServe conference in Las Vegas in July (2015). This is held yearly and Franchisors are invited to attend and present their business models to the FranServe brokers. This is a most valuable networking event where relationships between brokers and franchisers are reinforced. One of the best things about this conference, especially my first one, was putting faces on all the people I talked to on the phone over the past 9 months.
If you are looking for a home-based business and you love talking to and helping people, this may be right up your alley. I find the franchise industry fascinating and it’s diverse nature keeps me motivated.
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