Across industries this year, businesses are tightening budgets and shrinking margins, which means more pressure on corporate leadership. Yet despite the uncertainty, many professionals remain driven and energized, albeit a little weary of climbing someone else’s corporate ladder or operating under someone else’s timeline. They’re ready for a change, and for more control over their skills and life goals.
We know this because we’ve seen it with our Master Franchise candidates.
When you reach a leadership role in an organization, you have years of experience that afford many opportunities. However, may wonder if it’s worth going from one corporate role to another. For some, it may feel like changing the labels on the same bottle. However, with the option of Master Franchise ownership, leaders are discovering the opportunity to use their skills and build a business that operates under their timeline.
Soft Skills Go Far Here
Of course, stepping into the arena of business ownership isn’t easy. Let’s break down a few “requirements” to be a successful Master Franchise owner. Whether your leadership experience is in technology or finance, we’ve seen our top performers exhibit these core traits:
- Goal Driven
Goals and targets are a regular part of the corporate world, and not much changes when you own a Master Franchise – except for one important distinction. When you own a Master Franchise, you are establishing the goals that you want to achieve. How much do you want to scale? Is this a long-term opportunity to build generational wealth for your family? Or is this a business you will “check in on” when you are retired so you can spend more time enjoying your hobbies?
- Number Conscious
When you “know your numbers,” you know the health of your business. While you might have had other departments to lean on for budget support, you will need to be comfortable reading a P&L and other important reports. You don’t need an accounting degree to understand the intricacies of your finances, but you should have a strong understanding of your revenue and what factors most significantly affect its growth.
- Intentional with Culture
As a Master Franchise owner, you determine what your company culture will look like, and you have the opportunity to lead by example. The good news: you have likely been a part of team cultures that you have liked and others that you haven’t. Now, you can do it the way you want to. Not only are you the leader of your team, but you are operating from a coaching chair as well. Unit Franchisees are looking to you for support in how to run their business, and your experience in the corporate world provides both of you examples on what might work – and what might not. After all, your Unit Franchisees want to succeed, and when they succeed, so do you.
- A Winner Mindset
In the past few months, we have written a lot about the type of person who succeeds at being a Master Franchise owner. Just being a corporate leader doesn’t automatically make a person qualified. They also must have that key spark that drives them to succeed. From our perspective, they are self-starters who are internally motivated and have the discipline to achieve their goals. They also hold themselves accountable and own their performance (whether it’s good or bad). And they can have the hard conversations with their teammates and be comfortable in the discomfort that is required in managing people.
Finally, they “always want the ball when the game is on the line.” (Movie buffs might remember this quote best spoken by Gene Hackman in “The Replacements.”). Because that’s the trait of winners: when it’s a make or break opportunity, they have the confidence to win and the courage to try.
Enthusiasm Isn’t Enough
Owning a business can sound very appealing, especially if you are experiencing corporate burnout and looking for a meaningful change. But not everyone is built for Master Franchise ownership. Ask yourself the following questions:
- When I needed to have a difficult conversation with a teammate, did I avoid it for as long as possible?
- Did I actively coach my team or did I take a more “hands-off” approach without goal-setting or check-ins?
- Did I understand how my budget fit into the larger goals of the company?
- Did I own outcomes of my team (good AND bad) or did I pass the buck (especially if it was a bad outcome)?
- Was I hands-on in understanding the P&L of my department and how to adjust for future goals?
Corporate organizations are a draw for most leaders because they have the structure in place so that you can focus on doing your job. However, being a successful franchise owner means being the infrastructure, not leaning on it. At the end of the day, enthusiasm for a new adventure is great but it’s just a starting place. While your current corporate role has likely given you the experience to be successful as a Master Franchise owner, your success depends on much more than that.
Curious if you’re a right fit? Schedule a call with our Director of Master Franchises, Randy, today