Here at Belvoir, we find that many of our franchisees come from a corporate background.
They have many reasons for starting their own business, which can range from wanting to take control of their financial destiny, looking to change their lifestyle or work/life balance, or wanting to create a legacy for their children, for example.
However, coming from a "corporate" background often means having "corporate" thinking!
When becoming a business owner, you need to adopt an entirely different mindset if you are to succeed.
One thing we do not do enough of at Belvoir is explain how we support franchise partners in adapting their mindset from the "corporate" mentality of exchanging time for money, to evolving into fully-rounded business person with an "entrepreneurial" mindset.
In order to understand how we support this transition, it's a good idea to look at the attributes of an entreprenuer.
"Entreprenueur" magazine documented 10 traits shared by all successful entrepreneurs and we have adapted these to give clarity to the Belvoir processes of turning a "9 to 5" person into a business owner:
1. Full of determination
When you set out to become an entrepreneur it will require you to set very clear goals along the way. Growing your business, increasing sales and hiring new employees require several micro-goals within them to be executed successfully.
This type of workload and challenge is enough to stop many people from pursuing the entrepreneurial career path. You have to be determined from the beginning to be successful -- before you even start. If you aren’t fully determined to make it there is a good chance you will crumble under the pressure.
Here at Belvoir, through out selection process, we ensure that the people who come on board with us have the right attitude and determination to succeed, as Martin Bunny explains in this short video:
2. Not afraid to take risks
Starting out in any business has a certain risk associated with it, so being comfortable with risk is important.
However, at Belvoir, the support you receive mitigates that risk substantially, and contributes to our higher-than-average success rate.
3. High level of confidence
Entrepreneurs that have a high level of confidence are able to get the job done even under the most stressful conditions. They understand that big challenges breed big rewards. This is the same mentality that allows successful entrepreneurs to spot an opportunity when most just see a possible challenge. When most focus on the challenge, a successful entrepreneur focuses on the finish line and the end reward.
At Belvoir, when you start your franchise buying process, you will sit down with your Business Development Manager and create a business plan that meets your objectives and goals.
4. Craves learning
You have to stay sharp, and that requires that you commit to constant learning. The property sector is constantly changing and evolving -- only those that are also growing through constant learning will stay ahead.
Belvoir has created a proven training programme that supports you from before you open your franchise to the day you exit.
Find out more about our training and support by reading The 3 stage training journey of a Belvoir franchisee.
5. Understands failure is part of the game
Richard Branson said it best: “Few first ventures work out. It is how a beginning entrepreneur deals with failure that sets that person apart. In fact, failure is one of the secrets to success, since some of the best ideas arise from the ashes of a shuttered business.”
If you understand that failure is part of being an entrepreneur, you will take those failures and use them as learning experiences. Real world experience, even failing, will teach you many valuable lessons.
Of course, with Belvoir and our supportive network behind you, the chances of failure are minimal, but we all share and learn from our mistakes helping ensure that our hindsight is the foresight of our next intake of franchisees!
6. Passionate about his or her business
Passion fuels the drive and determination required to be successful, whether you are building a company from the ground up or buying a franchise that already has a proven track record.
You have to thoroughly enjoy what you are doing -- there will be long days and nights and at some points along the way your business will consume you. If you aren’t fully passionate about what you are doing the added stress and obstacles will build up on your shoulders and eventually be responsible for your collapse.
In our recent video diary, "A Day In the Life of Belvoir Leamington Spa" you can sense the passion of John and Sue Warbuton and how they put their heart and soul into the business, and have an absolute blast along the way!
7. Highly adaptable
If entrepreneurs had the ability to see what was hiding around each turn it would make it much easier -- but unfortunately that is not the case. There can be surprises around every corner, even with a well thought out plan and strategy.
Thankfully at Belvoir, you have the support of our Business Development Department and our Legal and Compliance Department to ensure that you are kept fully up-to-date with everything that you need to know, before you know you need to know it!
8. Good understanding of money management
You must have excellent money management skills. Poor financial decisions, such as overspending or allocating funds to less important tasks can quickly ruin a business.
With all the support and advice you receive from Belvoir, from setting up business bank accounts, to managing your cash flow, you will soon have the knowledge to manage money effectively.
Your Business Development Manager should be on speed dial, and if he/she does not hear from you, he/she will be giving you a call to check that all is running according to plan!
9. Expert at networking
Building value-based relationships that are truly meaningful is what networking is all about -- these are the relationships that lead to business opportunities and long-term relationships that are mutually beneficial.
Our network at Belvoir is extremely supportive. The franchisees meet regularly at events organised by Belvoir and support one another in moving forwards. It's nice to know that you can "phone a friend" - in Belvoir's network, that's over 160 friends!
10. Ability to sell and promote
Knowing how to sell is an essential part of being a successful business owner.
Once again, our training covers these skills and you also have the support of the in-house Marketing Team to ensure you have the latest cutting-edge marketing and sales tools and strategies, as our Head of Marketing, Kiara Carthy-Barke explains:
You can view testimonials from new franchisees about our induction training course >>> here.
Our Franchise team are here to answer any questions you may have on becoming a Belvoir franchisee, so please do not hesitate to get in touch.
Belvoir is an award-winning estate and lettings agency with 160 successful offices around the U.K. If you would like to talk about being our next success story, please call us on 01476 570000 or email us on firstname.lastname@example.org
You can also follow us on twitter and discover more on our YouTube channel.