Franchise consulting is a specialised category of professional assistance for investors, entrepreneurs and enterprises. Such consultants are hired by both franchisors and prospective franchisee. For a prospective franchisee, the consultant assists in exploring opportunities and selecting the most appropriate franchise to invest in. For franchisors, consultants provide their experience in developing franchise networks.
They are involved, right from the start-up to the sale of the whole network, to assisting the prospective franchisors in making decisions on the strategy, structure, economics, commercial policies and recruitment, and screening and selection methods of the franchisee.
INDUSTRY STATUS
With the end of the first quarter ending April, the industry has seen a growth of 25-30% in the number of brands expanding through franchising in all the major categories over the same period last year. The market size of franchising industry of the country is currently estimated at US$ 16 billion (roughly Rs 80,000 crore) and is expected to reach US$ 20 billion by 2013.
The franchising industry has witnessed a surge in the past decade and the role of consultants is diversifying. From developing franchise networks, the scope of services offered has also started to incorporate diagnostics of the business.
With a number of brands entering the maturity stage of the franchise life cycle, a new analytical approach to problem-solving has been noticed. The consultants no longer assist only new entrants into franchising, but also guide the mature players by suggesting formal methodologies or frameworks to identify problems and solutions.
GROWTH AREAS
As the industry matures, one would also see franchise consulting become more specialised where consultants would take on niche roles rather than collective end-to-end roles like those of a franchise field-consultant, whose role is to assist a franchisor with new store openings for his franchisee. In the days to come, we will witness a change in the role as consultants would begin
holding specialised group counselling and training sessions for the franchisee.
SKILL-SETS REQUIRED
The skills required to excel in this area include a logical approach, analytical thinking, zeal, persistence and confidence. Though not a requirement, a student can enrich his or her chances in the profession with a background in disciplines like business management, economics and psychology.
The consultant often works in-sync with the senior management of companies besides employees at all levels. Newly hired graduates usually work on gathering and collating data, process figures for the client’s senior management, take briefs from clients and other key individuals, and research external sources.
Consulting professionals are responsible for assembling and analysing data to make growth forecasts, create an understanding of the nature of the problem, layout potential options and develop objective conclusions and specific recommendations for the client.
REMUNERATION
Depending on the role and function, salaries may vary. A new entrant can fetch a CTC of anything between Rs 2.5 and 3 lakh per-annum. For an individual with an experience of three to five years, the salary can vary between Rs five and 10 lakh per-annum.
No comments:
Post a Comment