Working as a mortgage broker and managing a successful finance franchise are two very different things. You may have specialist mortgage knowledge, but do you have what it takes to be self-employed?
Running your own mortgage franchise business will require you to do much more than just advising customers. You’ll be responsible for marketing, finance and people management.
What are the key skills any franchise owner needs to be a success?
Being an effective communicator
As a franchise owner, you’ll be communicating with a wide range of people, both verbally and in writing. As well as customers, you’ll be talking to suppliers, staff and engaging with other businesses through networking. The ability to adapt your communication style is essential as you’ll need to be able to articulate your opinions and requirements in a manner appropriate to your audience.
It’s not only about communicating your ideas – good communicators are expert listeners as well. Understanding what other people are communicating to you and responding appropriately is an important skill to master.
Managing company finances
While you don’t need a degree in accounting to run a mortgage franchise firm, any business owner needs sufficient financial understanding to keep track of incoming and outgoing payments to ensure the company is turning a profit. There needs to be enough money in the bank for overheads and staff wages as well as unexpected costs. Tax returns and other mandatory financial tasks will also need to be completed accurately and to deadline.
In order to keep on top of financial demands, sound IT skills are crucial as well. While there are a variety of ways to manage your finances ranging from spreadsheets to databases and many automated systems, they all require an understanding of IT systems and an ability to maintain them.
Having the desire to succeed
The success and direction of your business is in your hands as a franchise owner. Setting up a franchise takes time and energy, as does keeping it going in the long-term. You’ll need a strong work ethic with a desire to do well. Making decisions and problem solving will be part of the day-to-day and managing your time to deal with everything required of you is skill in itself.
Alongside your own workload, delegation and managing staff will be important roles you’ll need to fulfil to keep your business running smoothly.