A small business can be a one-man job. When everything is handled online and the demand is meager, it doesn’t make sense to hire 10 people. Every business starts there, but once the company has developed its processes and proven its quality, it may need to expand to cater to the growing demand. Before you know it, you may be seeing a business grow into a corporation that earns enough to be able to move to a decent office, hire more people, and even franchise.
You have the chance to help a business grow if you become a business broker. Though most brokers didn’t choose this job just to see one company grow, the idea of being involved in that kind of process might reel you into doing it. Here are some things you get to see and take part in:
SMEs don’t work like big corporations, just like how established corporate entities do not work the same as startups. They have different priorities and goals.
When a company has decided to franchise, they will need to sit down and think about what the franchise can offer. They can’t offer everything that being a full owner comes with, but they can come up with a neat package to make it irresistible for franchisees. Although you’re not involved in the initial development of their franchise package, you can be the one to recommend this to prospective franchisees. That means you get intimate knowledge of the business so that you can be confident enough to make the recommendation.
Part of your job as a broker is to help business-minded individuals to franchise or buy a business. Buying a franchise is different than buying a whole business, and if your client doesn’t know the difference, you get to do the honors of making the distinction.
Why is the distinction important, you ask? When an individual is buying a business, they will get all ownership rights to it. That means they get all the profit, and they have control over everything.
For seasoned business owners, this can be an exciting opportunity to rebuild a company that has folded or been sold to them. For new investors, this may sound daunting, but thankfully, you can talk to them about franchising. Anyone can franchise, but first-time entrepreneurs might be more interested in something that already has an established name.
On the other side of the spectrum, there are business owners looking to sell rights to a franchise or a whole company. There are several reasons they might want to sell.
Serial entrepreneurs always want to move on to the next project once the business is up and running. It can also be that someone might want to exit the business because they need money for something else. When it comes to selling a franchise, owners may want to expand, and franchising gives them the funds and the people to do so.
Your job can give you great opportunities and the chance to see a company grow. That one small company that inspired you may have turned into a global brand, and you can make that happen for others too.