After putting in years of hard work and spending countless hours cramming for exams, you’ve finally graduated! But now what? You worked so hard for that degree, and once you’re finished, you still may be stumped on which career path to follow. Ever considered becoming a franchisee? If you have that entrepreneurial spirit and you can’t picture yourself being a corporate employee, franchising may just be the choice for you.
Experience Not Required
One major benefit of franchising is the guidance and franchise support you receive from the franchisor. Good franchisors provide a proven operating system, training sessions, and marketing materials -- almost everything you need to run a business. This is great because you’re a business owner gaining experience and you don’t have to reinvent the wheel by creating a new business model. Be careful, though, you don’t want to jump in over your head. Lack of real-life business experience could prove challenging for a new graduate who is a new franchisee. Consider working first for a franchise you’d like to own. Knowing the ins and outs of the business and understanding how to recruit and retain good employees will help you grow. The experience will also help you make a more informed decision.
One thing every student loves about college is freedom. You make your own schedule, decide when your classes are, and have time to do things you enjoy. Owning a franchise has similar benefits. When you own a franchise, you become your own boss. This offers flexibility. But wait… it gets better. With a seasonal business, such as a tax franchise, you work hard only for a portion of the year. That gives you valuable time to balance your work/life schedule.
Most college grads don’t throw their caps in the air one day and become rich the next. You may not have enough money to purchase a franchise, especially if you have student loans. Many franchisors offer financing options and work with you based on your needs. If you are fortunate enough to have parents who will co-sign a loan or invest in your business, that’s great. Make sure you accept full responsibility and work out terms to repay the loan or consider inviting your parents in as business partners. Their experience and your enthusiasm could create a great family business.
Being young and new to the workforce can be an asset. You have so much to offer, including a fresh perspective on how to do things. You know how to target younger customers. You know what they want because you’ve been in their shoes. This can give you an edge over your competition. You are eager, optimistic, and you have the drive to succeed. What are you waiting for?