Both franchisees and franchisors are looking for a stable business model to weather economic rough…
If you’re like most people, the term franchise broker isn’t one that you’ve heard before. You’ve heard of franchises, and chances are you’ve even thought about what it might be like to run one. Maybe you even shop at or buy goods or services from one in your area on a regular basis.
Franchise brokers have a unique job that allows them to act as a liaison between franchise owners and potential franchise buyers. From understanding the appropriate prospects of the business being discussed to knowing how to handle financing and necessary paperwork, being a franchise broker isn’t as simple as selling a product like a used car, though.
That’s why a specific set of skills can be particularly helpful for anybody interested in becoming a franchise broker. Keep reading to learn four essential skills you need if this is a career choice you’re thinking of pursuing.
1. General Business Savvy
You don’t need an advanced degree or to attend business school to become a franchise broker; however, you do need a general understanding of the business world and how things work on a deal-to-deal basis.
What’s really important if you want to become a franchise broker is having some experience in the business world so you have first-hand knowledge of business operations. Recent MBAs may be able to do the job, but many successful franchise brokers don’t have these degrees.
Instead, they have the years of experience and general business savvy that only being in the field could have given them.
2. Clear Communication Skills
To become a truly effective franchise broker, you need to have the ability to listen and communicate clearly. From understanding the needs of potential buyers, including hearing what they have to say about their financials, to reporting to franchise owners, communication is a big part of the job.
Just like business training, though, you don’t need a degree in communications to become a franchise broker. You just need stellar communication skills in the business world, which should come with years of experience.
Natural leaders and people who have always been effective at communicating between parties will find being a franchise broker right up their alley.
3. Organizational Intelligence
As a franchise broker, you’re probably going to be working with multiple clients at once. You might even see more than one or two clients on a busy day. Juggling those clients requires serious organization.
From time management when setting up client meetings, to finding the hours to do the necessary research before meetings, being highly organized is one of the essential traits of a successful franchise broker. Without organizational skills, you’ll find yourself behind with clients and unable to close deals that could have been profitable for everyone involved.
4. Presentation Abilities
Getting potential buyers to understand the franchise you’re pitching and why they should want to be part of it requires more than communication skills. To become a franchise broker who’s truly effective with clients, you need to be able to give a presentation that knocks the socks off your buyers.
You may not need to be armed with more than a PowerPoint presentation and impressive statistics when dealing with already interested potential franchisees, but not all sales are going to be easy. Some buyers will be reluctant to spend their money on anything—even an attractive moneymaking proposition.
For a franchise broker to make waves, presentation skills are a must.
If you are interested in learning more about how you can become a franchise broker today, then visit our website!