Transforming Your Skill Set from a Corporate Career to Franchising

In recent years, there has been a shift in how retirement is viewed and how businesses are conducted, leading to more people considering franchising as a viable business opportunity.

News reports are replete with stories about 2024 as the record-breaking year for retirement in America.  However, many individuals retiring from corporate careers are not ready to leave business behind entirely. They are exploring franchising as an alternative to the daily routine, seeking opportunities to build a legacy and generational wealth.

In 2023 alone, the franchise model grew by almost 15,000 units while other businesses were still experiencing unforeseen challenges following the pandemic. But while thousands are embracing the franchise model as a viable retirement alternative, there are still many others uncertain about whether they can successfully leverage their years of acquired skills into a prosperous franchise venture.

Turning acquired skills into a successful franchise venture

If you've spent your entire career climbing the corporate ladder, you might believe you lack the skills to own a service-oriented business like a restoration franchise or a plumbing company. However, this is far from the truth.

Over the course of your years in the office, you’ve likely learned how to solve problems, make swift decisions, and train team members to handle additional responsibilities. You’ve probably also learned soft leadership skills that can make you a very successful franchise owner.

To efficiently run a franchise, you must be able to lead your team while building relationships with clients and the community. Take time to evaluate your strengths and weaknesses to understand your position better. An honest assessment of your skills will help determine the best franchise fit for you.

Reputable franchises offer training for new owners, helping you leverage your existing skills for success. Outstanding franchise organizations also provide ongoing training to help you continually hone your skills.

Research and validation

In a corporate setting, you would never invest thousands of dollars in a company-wide CRM system without first thoroughly researching and comparing your options. Likewise, it's crucial to conduct extensive research and validation before selecting a franchise company for you.

You shouldn’t risk your financial independence by investing in a franchise that doesn't complement your skill set. Effective leadership is essential for any franchisee's success, but the skills from your corporate career may need to be adapted to grow your franchise, inspire your employees, and satisfy your customers.

The franchise you select should align not only with your financial and community growth objectives but also offer an opportunity to utilize the visionary thinking, strategic planning, and strong communication skills that contributed to your success as a corporate manager or director.

By evaluating your passions and interests, assessing your financial capabilities, and aligning them with a franchisor that values your strengths, you can begin training to leverage those skills effectively. A reputable franchise training program will also assist you in delegating tasks where improvement is needed, ensuring all aspects of your business are well managed.

As you embark on your journey into business ownership within a franchise system, you shouldn't feel isolated. It's important to have a dedicated team of experts at the franchisor level who can mentor you and provide the resources necessary to ensure your franchise business thrives and has an emerging presence in your local market.

Once you've found a franchisor that values your credibility, management skills, and commitment to following processes, you've uncovered a franchise opportunity that could lead to the most successful career change you've ever experienced.

Doug Smith is senior vice president of franchise development at BELFOR Franchise Group and has decades of experience in the industry. He has a strong track record working in franchise sales and development leadership roles to help franchise systems grow their footprint. For more information about BELFOR Franchise Group, visit belforfranchisegroup.com/.