Franchise Spotlight: Consultancy
With a global market revenue of over $130billion in 2020, the consultancy sector is a competitive and exciting industry.
Consultancy firms charge businesses a fee to solve specific problems for them. This is generally seen by companies as a more cost-effective method than hiring a permanent employee. The umbrella term of Consultancy covers business strategy, human resource management, finance, environmental changes, technology, management, real estate and operations.
The American consultancy market reached over $69billion in 2019 and, despite the challenges of the 2020 health pandemic, the industry looks set to continue growing in the future - making this a varied and exciting sector to franchise in.
Businesses like Expense Reduction Analysts (ERA) help businesses to analyse their expenses and make savings. For franchisees looking to capitalize on the growing trend for business coaching, The Growth Coach offers small businesses expert coaching to help them grow.
Consultancy Industry Analysis
Many consultancy franchises offer low overheads and high-profit margins for those keen to invest in this sector. They also appeal to the growing number of people who are looking to run their own business from home - especially franchisees keen to manage their work-life balance.
The consultancy sector offers franchisees the opportunity to ‘change lives’ and, for those working with small businesses, this can be very appealing. For larger, more corporate consultancy firms, franchisees will benefit from the recognized brand and banner that companies can offer - helping them to stand out in a competitive market.
Consultants are ‘teachers’ and trainers, helping businesses to understand how to improve. Excellent interpersonal skills, communication and tact, aligned with good numerical, IT and analytical skills will be useful in this industry, however, most companies offer full and comprehensive training for new franchisees.