You might not think you have the right skill set to be a business owner. But, the professional experience you gain in any industry can set you up for success as a franchisee. Whether you work in sales, finance, hospitality, marketing, or something else entirely, chances are you’ve been preparing all along for a business ownership opportunity.
The business skills you’ve learned that help you succeed in your career can be used effectively to help you succeed as a business owner. [Discover the Top 10 Traits of Successful Franchisees] Here are the top 6 business skills you already possess that could make you a successful franchisee.
Skill #1: Negotiating
This may be the single most important business skill you possess. Since your first experience in the business world, you’ve been putting your negotiating skills into practice for things like your salary, your employees’ salaries, vendor agreements and purchases, service rates… the list goes on and on. Regardless of your industry, negotiating skills are a major part of your business experience. You can use this skill as a franchisee very effectively. Business owners are expected to negotiate agreements with contractors, projects with customers, wages and benefits with potential employees, among many other things. The better your negotiating skills, the more successful you’ll be as a franchisee.
Skill #2: Time Management
The ability to stay organized and manage your time effectively is key in any professional endeavor. As a business professional, you’ve likely had to manage your time between clients, projects, overhead tasks, and employees. This under-rated skill is vital to your success as a franchisee. In fact, it may be one of the most important qualities you can master. With multiple customer projects and multiple teams of contractors, the better you can manage your time the better you’ll be able to make the most of your contractors’ time, minimize downtime, and complete projects faster.
Skill #3: Interaction
There are two categories of people that can make or break your business: employees and customers. Regardless of your chosen career path or job title, you’ve likely had to learn some important people skills along the way. Something that can’t be taught in business school is how to treat employees and customers. Even if you’ve not directly been in contact with customers in your professional career, the end objective is always to keep customers loyal. Franchisees deal directly with both employees and customers. At the end of the day, your employees have the most impact on how customers view your business. And it’s those customers who pay your salary, so having a strong sense of customer service and the ability to always put customers first is important to your success as a franchisee.
Skill #4: Decision Making
A must-have skill in any professional position is the ability to make decisions. If you’re in a management position, you most likely make decisions on the fly. Being indecisive just doesn’t cut it in the business world. Chances are you’ve learned how to make solid, smart decisions without wavering. If so, you’ve got what it takes to be a franchisee.
Skill #5: Budgeting
In your business life, as well as in your personal life, you’ve got a budget. Period. As a professional – and an autonomous adult – you’ve learned how to manage your income, pay bills on time, and allocate budgets for various projects and necessities. Whatever your chosen career, you likely don’t have cart blanche of the company credit card. Whether you’re an assistant or a C-Suite executive, working within the company budget is something every employee must do. Same for business owners. From profit margins to overhead costs, franchisees are responsible for “knowing the numbers” of their company, keeping track of every dime spent, and determining profit margins.
Skill #6: Communication
As a business professional, you’ve most likely learned a thing or two about communicating. Whether you’re writing an email, speaking in front of a live audience, tweeting on behalf of your company or meeting a prospective customer, you’re responsible for communicating in a professional, clear way. Every piece of marketing material a customer sees also speaks with the voice of your brand. Ensuring that voice is professional, courteous and knowledgeable goes a long way in how your customers view your company.
If you possess strong negotiating, time management, interaction, decision-making, budgeting and communication skills, you do have what it takes to be a business owner. Your next step is to determine what type of business best suits your background and experience. Look for companies in a growing industry and consider a franchise that can offer you a proven model of success. Re-Bath offers both. Our franchisees are entrepreneurs, problem solvers, collaborators, innovative thinkers, and ambitious leaders. Sound like you? Learn more about Re-Bath and find out if a franchise is the right fit!