A keen business sense is hard to come by, not to mention a strong background…
Although we do offer extensive franchise broker training here at Transworld Business Advisors to ensure that all of our franchise brokers are properly prepared to run their franchises effectively, you’ll need to make sure that owning and running a franchise brokerage is going to be right for you. Following are a few of the questions you should ask yourself to find out whether becoming a franchise broker is a good idea:
1. Do you have people skills?
Having people skills is extremely important as a business broker. Why? Because a big part of your business will revolve around interacting with people—whether it be entrepreneurs or business owners. You’ll have to be able to make them feel comfortable and get them to trust you in order to convince them to work with you. Without people skills, you’re going to have a tough time finding clients.
2. Do you have communication skills?
Don’t get communication skills confused with people skills. Just because you are friendly and likeable doesn’t mean you have the ability to communicate. Communication is about getting information and ideas across clearly, as well as being able to listen to the needs and concerns of others. Your clients will need to know exactly where they stand, what their options are, and how you will address their concerns.
In addition to this, you’ll be facilitating meetings between buyers and owners, which means that not only must you be able to communicate clearly to both parties, you will also need to make sure that they are able to communicate clearly to one another so that there are no misunderstandings.
3. Do you have a business background?
Although our franchise broker training will certainly help prepare you for life as a business broker, having a background in business—whether it’s education or real life experience—will definitely be helpful. It’s not necessary because of our extensive franchise broker training, but having some background in business will also give you an idea of whether you’ll enjoy working within this industry.
4. Do you have organizational skills?
In this industry, you’re going to need very good time management skills. This is because not only will you be able to make your own hours as a business broker, but you also may end up juggling numerous clients at once, which means that you’ll have to manage your time effectively in order to meet the needs of your clients.
Additionally, franchising involves a lot of paperwork. If you are helping a business owner franchise their business, then you’ll need to assist them with filling out all kinds of documents and paperwork just to register as a franchisor. Then there’s the paperwork involved with the actual transaction of a franchise. If you can’t handle copious amounts of paperwork, you may want to think twice about becoming a business broker.
5. Do you have a real estate license?
Even if you have business experience, you may need a real estate license, depending on the state in which you plan to operate. Why? Because your job is to basically help people buy and sell companies, which is very similar to the job of a real estate agent. Check with your state to see whether you need to get a real estate license, and then decide whether you’re willing to do so to become a business broker.
Ask yourself these questions when deciding whether a franchise brokerage is for you. If you feel strongly about owning a franchise brokerage, then be sure to contact us at Transworld Business Advisors for additional franchising information today.