Operating a franchise and starting your own stand-alone business are two very different propositions, believe it or not. Both require grit and determination, but many franchises are a turn-key investment with systems and processes already in place. This means the ideal candidate is someone who works well with built-in direction and wants to feel a sense of security in their new business endeavor.
Just because you’ve got an entrepreneurial personality doesn’t necessarily mean franchising is a good fit for you (although it certainly helps!). We’ll discuss the most common characteristics of winning franchisees and help you determine whether you’re a good candidate to become a franchise broker.
Traits of Successful Franchise Owners
Generally speaking, there are a few personality traits that differentiate the franchise owner from the startup founder. Rather than a need to be “first,” franchisees are happiest while replicating a successful business model and focusing on tangible goals as opposed to building an empire from scratch.
A willingness to be coached and the confidence to ask for help are also important qualities in anyone considering franchising. According to Entrepreneur, successful franchisees “are willing to learn from others to avoid making mistakes, so they can be more successful more quickly.” Above all, remember: With hard work and perseverance, franchising is an excellent way to reach your financial goals and maintain the independent lifestyle you’ve always wanted.
Skills Necessary to Become a Franchise Broker
If you’ve ever wondered what it takes to become a franchise broker, we’re here to help. First, let’s talk about what a franchise broker does. A franchise broker is a third-party brought in to aid in the sale of a franchise business. This person works with the buyer or seller (or sometimes both) with the end goal of closing the deal. In 2017 there were over 700,000 franchises operating in the United States, making this a $4 trillion industry that’s growing by the minute.
Becoming a Transworld franchisee as opposed to starting your own brokerage company offers lots of great advantages. After paying a relatively low franchise fee and covering initial startup costs, you’ll be off and running with our proprietary software and business systems. There is no official or mandatory license you need to become a franchise broker, but there are region-specific licenses and accreditations that might be useful. For example, a real-estate license can sometimes be helpful as most franchise sales involve a piece of real-estate in addition to other business assets.
People skills are the #1 thing that will set the best franchise brokers apart from the rest. To become a franchise broker, you should be able to build rapport easily, be an active listener, maintain a sense of professionalism and composure in high-pressure situations, and effectively communicate between the buying and selling parties.
Finding the Right Franchisor
Once you think you’ve got what it takes to succeed in this exciting, lucrative world, you’ll need to find the right partner in your franchise journey. Every franchise has something different to offer so you’ll want to take the time to do research before making your final investment decision. If you want the confidence that comes with having access to a proven business model and a leadership team you can trust, Transworld Business Advisors might be the right fit for you.
To learn more about how you can become a franchise broker by owning your own Transworld Business Advisors franchise, download our free guide now.