From Executive to Entrepreneur How Corporate Skills Transfer to Franchising

FROM EXECUTIVE TO ENTREPRENEUR How Corporate Skills Transfer to Franchising

By Faizun Kamal

Years ago, careers were more of a straight-line path. Corporate America executives used to enjoy 30-year runs with the same company. They retired with pensions and gold watches. Well, those days are long gone. Career paths have turned into winding roads with unexpected twists and turns. In every industry, mid- to senior-level executives get laid off every couple of years. Many are ready for a change but are not sure what to do next. Franchise consultants work with many corporate executives to help determine if franchising is a viable option. Moving from executive to entrepreneur can seem foreign and scary, but believe it or not, there is a lot of overlap. Here I highlight a few initial hurdles and explain why they may not be as daunting as you think.

SYSTEMS Every company has systems and processes and all employees – even high-ranked corporate executives – are expected to follow them. There is a chain of command and processes for submitting reports and expenses, as well as running meetings and completing projects. Business owners have the opposite experience – they are responsible for creating systems and processes for every aspect of their businesses. It’s exhilarating for some – not so much for others. A franchise can be the perfect compromise. You enjoy the independence, freedom, and profitability of entrepreneurship, but you get to take advantage of operating systems that have already been proven to work. RISKS Being an employee always seems like a safer option than being a business owner. But the truth is there are risks on any job front. As an employee, the biggest risk is job security. Economic changes, industry disruptions, or a difficult manager can all lead to job loss. Often, these factors are out of your control. Compared to a corporate position, franchise ownership lets you call the shots. It’s much less risky than a start-up business because a franchise already has a proven business model, significantly reducing yourrisk of failure. True, your risk in any business will never be zero, but is anything in life totally risk free?

SALES In corporate America, you don’t have to be in sales to sell. In fact, you have to sell your skills over and over again – at job interviews, as positions evolve, as companies merge, as new managers come in. Selling yourself is never-ending. Turns out, this skill transitions naturally to franchising because every franchise owner is ultimately a salesperson. You are responsible for marketing and generating new clients for your business – not merely focusing your time on what your business offers. As a franchise owner, you have to become comfortable with a variety of sales and business-generation techniques, including cold calling, referral marketing, and networking. But you’re not in it alone. Robust franchises provide helpful training before you open the doors to your business. Franchising may be very different from corporate America, but they do have a lot in common. Either can lead you to financial freedom; it just depends on how you want to get there.

You can find Faizun Kamal's new book at Amazon. Excerpted from The Right Franchise for You: Escape the 9 to 5, Generate Wealth, & Live Life on Your Terms.

Faizun Kamal is a bestselling author, nationally renowned public speaker and career strategist. As a Franchise Coach. Faizun helps people make the transition from employee to entrepreneur. Contact her at (443) 604 6276 or email Faizun@ thefranchiseconsultingcompany.com.