More than eight years ago, I was enjoying a steady and successful career in Corporate America, working as a sales rep for Tenant Turner, a proptech company that offers a variety of turnkey property management solutions for single-family rental units. But even from a young age, I always felt as if I were more or less destined to own a business of my own.
At the time, it really hadn’t occurred to me that property management was where I would eventually end up. But thanks to some serendipitous timing and my own burgeoning interest in residential real estate, the stars aligned in 2019, and I enthusiastically signed on with Keyrenter Property Management as a newly minted franchisee. Today, my Keyrenter Richmond Property Management franchise employs a team of six full-time employees, and together we manage over 300 single-family rental units across central Virginia.
From the outset, it’s safe to say I experienced the typical benefits of living an entrepreneurial life, not the least of which was more freedom and flexibility in my day-to-day schedule. It was great to be in charge of my own destiny for a change, especially the fact that we were reaping the benefits of our own hard work for a change. For the majority of new franchise owners, I believe these experiences are fairly common, regardless of the industry or business sector they choose to operate in. But for those of us who have taken the proverbial leap of faith to establish an entrepreneurial life, there are also some unexpected intangible benefits that are more philosophical in nature.
Based on my first-person experience as a Keyrenter franchisee, below are some examples of how entrepreneurship can help you grow in profound ways:
You Experience Problem-Solving on a Different Level
When you become an entrepreneurial business owner, your approach to problem-solving evolves. Whether the challenge you’re facing is big or small, you have to rise to the occasion and find the right solution. As the owner of the business, you’re now the one in charge. You have to step up, find your inner voice, and lead from the front. Even though the answers or solutions may be difficult or unpopular, you have to practice firm decision-making.
Problem-solving itself can get complicated when you’re dealing with employees, as everyone brings a different mindset to the discussion. But ultimately, the decisions you make and the way you approach problem-solving are constant reminders of the size, scope, and sheer responsibility that come with owning a business of your own.
You Experience a Newfound Sense of Pride
One of the more positive philosophical benefits you get to experience is a newfound sense of pride. I have found there’s a lot of satisfaction, as a business owner, in watching your team members grow and improve. When you are first onboarding new employees, it seems like they need you for every little task. They’re just so eager for direction – any kind of direction.
What do you need me to do? How should I go about doing it? Would it be OK if I did it this way? What should I do next? But over time, they gain new skills, they grow, and they become more confident and independent. And before you know it, they’re the ones delegating to others. Watching your employees and observing how their confidence grows, and just seeing them take ownership and initiative on their own, it just makes you so proud. You get to experience a newfound sense of pride in ways you never imagined.
The Rewards of Coaching and Mentoring Others
Again, unless you have previous management or supervisory experience, you may not have had the opportunity to coach and mentor subordinates. I’ve discovered just how much I love playing that role, because it also reveals how much I’ve grown, both personally and professionally. The Keyrenter Franchising network is very tight, really close-knit, no matter the market or time zone – just lots of great support across the board.
It gives us ample opportunities to look after the newer franchisees in the system, coaching them up and mentoring them from our own personal experience. Developing your skills as a leader requires you to lead, right? I never thought I’d experience just how rewarding it is to share your insight, skill sets, and expertise in the service of others. It’s a very rewarding feeling to know that you’re making an impact on others.
Relationships Become Even More Meaningful
First and foremost, this is a business; you’re running a franchise, and your primary mission is to grow, expand, and maintain a profitable operation. In doing so, you become dependent on the business relationships you’ve developed to help you succeed. We all need that support, right? Whether you’re talking about relationships with other franchisees, with vendors, or with suppliers, everyone has a hand in working together. And what that does is forge deeper, more meaningful connections with one another as you build trusting relationships that are designed to endure.
What I wasn’t prepared for is how committed you become to nurturing those relationships. The whole experience has really been an unexpected blessing. Take the Keyrenter network, for instance. Yes, we’re all owners, we’re all following the same script, we all want to help one another out and foster an environment of success. But in doing so, I was pleasantly surprised by how our connections grew stronger and more personal over time, into genuine friendships based on mutual respect and concern for one another. Along the way, we get to know their families, we get to know who their kids are, we celebrate each other’s accomplishments and milestones – birthdays, graduations, vacations together. Now, we are increasingly looking for opportunities to include one another when we’re actively making plans. When you think everything is going to be all business all the time, it’s truly incredible to experience the personal side of building meaningful relationships that are meant to last. It’s something I didn’t really anticipate when I first started out.
Awakenings
I think these examples highlight the unexpected philosophical awakenings you get to experience with business ownership. I believe you have to go through it firsthand before you can truly understand the significance and how entrepreneurship can change you for the better. I’m in my eighth year as a Keyrenter franchisee, and I continue to benefit from the experience in new and exciting ways. Being your own boss is liberating in its own right, but the personal growth you experience can also change your perspective in profound ways. Franchise ownership has given me the confidence to leverage my experience and apply it in other areas of my life.
In the end, there’s really no comparison to my past life as an employee – everything about me is different. I’m definitely not the same person I was eight years ago, which I credit to philosophical awakenings like these. All in all, I’d say that entrepreneurship has been a pretty good companion for me at this stage in my life.
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Disclaimer: This Opinion Article reflects the personal views of the author and is intended to share perspective and experience. It does not necessarily reflect the views, positions, or editorial stance of FranchiseBrief.
