The Pros and Cons of Buying a Franchise Straight Out of College
30735
Business > Entrepreneurs
May 10, 2007
franchisegator
The Pros and Cons of Buying a Franchise Straight Out of College
In today's rapidly changing economy, college graduates realize that embarking on a steady career that will last many years with one company is a reality of the past. More likely than not, college graduates will change jobs multiple times over the course of their professional lives, and job security will be something they only dream of. As a result, more and more young men and women entering the workforce are exploring options outside of the traditional 9-5 job. For the entrepreneurial thinker, buying a franchise will rank high on this list of possibilities. Yet, despite the inarguable success of numerous franchises and countless franchise owners across the country and around the world, is venturing into the franchise business the right choice for a recent college graduate? Persuasive cases exist on both sides of the issue, and in order for each individual to make the best personal decision on whether to pursue a franchise opportunity, he or she should take time to evaluate several factors involved in franchise business opportunities. The following are several pros and cons of making the college-to-franchise transition. The Pros 1) No Experience?... No Problem Because franchises succeed based on a proven system of operation, capitalizing on franchise opportunities requires little to no previous experience. Rather, established franchises provide the tools necessary to make your business profitable, including training manuals, marketing and PR, and full support for your endeavor. Consider, for example, any popular restaurant franchise. The franchise owner does not need to spend time or energy on advertising and marketing, as the parent corporation ensures the development and implementation of marketing strategies. In the same way, the franchise owner does not need to research best business practices to determine how to operate his or her particular store. He or she needs only to follow the tried and true pattern of operation that is already in place. 2) Early Independence with Less Risk Few things are more gratifying than building a business in which you work for yourself and are able to see and keep the fruits of your labor. With interest in entrepreneurship increasingly on the rise, more and more young professionals are looking for ways to generate an income and create a lifestyle while working for themselves. Because of the systems of success already in place with franchise business opportunities, young entrepreneurs can minimize business start-up risks while maximizing their potential for success. 3) Organizational Support Today's young business owners are not alone in navigating the at-times-rough waters of entrepreneurship. Organizations such as the Small Business Administration in the United States and the Young Entrepreneurs Association in Canada provide useful information, tools, and resources to help business owners on the path to success. As positive as the pros are, however, as with any decision, it is equally important to weigh the cons. When determining whether a business franchise is right for you, consider the following. The Cons 1) Leadership Skills As a recent college graduate, you may have extensive by-the-book business knowledge and be able to foresee assets and liabilities without a blink of the eye. But many franchise opportunities also require the ability to lead a staff of people. It is important to ask yourself if you know the principles of hiring and firing, and if you are comfortable managing people even if difficult and stressful situations. Some experts recommend that before you step into the role of employer, you might benefit from first spending some time as an employee, particularly in the franchise industry which you are planning to pursue. 2) Financial Capabilities Even when it pays off in the long run, up-front franchise financing can be a costly endeavor, and it is not uncommon for franchises to take at least a year or longer to break even. In fact, it is uncommon for them not to. Do you have the resources to fund your franchise venture while still being able to provide for your basic needs such as food and shelter? And, are you willing to stick with your franchise even through any early difficult days and see it through to the profitable days ahead? 3) Industry Interest As with any business endeavor, to become successful in a franchise business opportunity, you must be committed to persevering for the long haul. Have you done enough research to ensure as much as possible that the franchise you have chosen is one that you will be able to enthusiastically devote yourself to for several years to come? Are you letting your passion dictate the franchise you choose, or are franchise opportunities dictating your passion? To be successful, be sure that it is the former and never the latter. The franchising market is strong and growing larger by the day. From 2004 to 2005 along, there was an 11% increase in the number of franchise units! Given the incredible growth of this industry, it is natural that it will remain a serious consideration for any young college graduates seeking to reap the benefits of free enterprise. And with the many types of business available, franchise opportunities offer numerous industries to fit with individual interests and talents. Honestly considering the above pros and cons will help you in your decision on whether starting a franchise business straight out of college is right for you.
Find franchises, franchise opportunities and information for entrepreneurs at Franchise Gator.
send email to franchisegator
Write a Review
Add to My Favorite
Refer it to Friend
Report Article
Other links owned by this user
1. Coffee Franchise Opportunities: Does Starbucks Franchise?... and Other Coffee Business Franchises
Does the aroma of brewing coffee transport you to a sensory paradise? Is a steaming latte your idea of comfort food? Do you consider coffee its own separate food group? If you answered "yes" to any of these questions, then a coffee franchise may be for yo
Category:
As someone looking to start your own home-based, how can you find the best legitimate work-from-home options that won't require that you re-mortgage your home to get them off the ground? A low cost, work-from-home franchise may be your answer.
Category:
Who says you have to stay at home to operate a profitable franchise business? The following franchise opportunities are for people that like to be on the go, or at least serve people that are!
Category:
There is a slate of incredible franchise opportunities in the market today and one of the most exciting businesses prospects involves owning a cleaning franchise.
Category:
Multi-unit and multi-concept franchising both provide opportunities for fast, efficient growth. Franchising is an obvious consideration for individuals who naturally have that entrepreneurial spirit. You might be wondering what is means to have an entrepr
Category:
In today's rapidly changing economy, college graduates realize that embarking on a steady career that will last many years with one company is a reality of the past. More likely than not, college graduates will change jobs multiple times over the course o
Category:
Travel franchises give entrepreneurs the option to invest in work from home franchise opportunities that are both interesting and profitable for prospective businessmen and women, even without a college degree or related experience.
Category:
You have found the best franchise for you and are really excited about its future and your new business. However, how are you going to pay for it? Many franchises require a significant investment and a large amount of liquid money that many individuals do
Category:
When it comes to business there is a whole lot of lingo out there that can be confusing. One example is that of a franchise or a licensed business opportunity. Anyone looking for business opportunities must understand what a franchise is and what a licens
Category:
Have you always had a passion for cars? And often thought of having your own business? The time is now to check out the many automotive franchise opportunities available with little start up investment and plenty of rewarding benefits.
Category:
Real people... real opportunities... real success. This is what the "work from home" franchise industry offers. And as more and more members of Corporate America search for financial opportunities outside the confines of their office cubicles, they are di
Category:
If you are searching the Internet in search of high income business opportunities then you have probably encountered a lot and are unsure of which ones are best and which ones are scams. The truth of the matter is that there are a lot of opportunities adv
Category:
Since there are so many franchise opportunities out there it can be difficult to evaluate them all and decide on the best one for you, especially if you are over the age of 50. Fortunately, there are plenty of franchise opportunities for the 50 plus entre
Category:
Are you the sort of entrepreneur who would succeed in a franchise setting? There are many reasons you might say yes to this and many reasons to explore franchise opportunities, but here are the top ten according to About.
Category:
Almost half of the nation's business owners work from home, according to the U.S. Census Bureau in 2002. Moreover, internet franchises offer not only the benefits of working from home, but also the opportunity to communicate with the click of a mouse.
Category:
The following franchises are some of the industry's best franchises for car enthusiasts. They are not ranked in any particular order and all serve different aspects of the automotive market. If you are interested in a franchise that deals with cars or the
Category:
17. Low-Cost Franchise Businesses Give Options for Buying the Right Franchise at a Cost You Can Afford
Many entrepreneurs exploring the expanding world of franchising may not have significant resources to spend on popular franchises, which can carry a price tag of several hundred thousand dollars. But there is good news for these future franchisees!
Category:
Flexible hours, fantastic earning potential and lower investment costs are just a few of the reasons a home-based franchise opportunity appeals to entrepreneurs everywhere. While some professionals prefer a structured work environment they can "leave at t
Category:
Truth be told, starting your very own sports business may not as hard as you may think. In fact, a franchise business opportunity might be just what you need to get your foot into the door of a lucrative career in the sports industry.
Category:
The Internet offers a multitude of business opportunities, but did you know that there are many franchises available that are perfect for work at home moms? Check out the following list of the top 10 franchises for work at home moms and you will see that
Category:
Other links at Business > Entrepreneurs
Don't ever get scammed again! With all of the thousands of internet business opportunities to choose from, finding a legitimate one can be a frustrating task. Use these seven tips to find the real legitimate internet business opportunity that you can feel
Category:
You have found the best franchise for you and are really excited about its future and your new business. However, how are you going to pay for it? Many franchises require a significant investment and a large amount of liquid money that many individuals do
Category:
In a nutshell: high quality discussion forums are the universities of internet marketing. Real goldmines for people, who wants to become top internet marketers. Why? Because forum members and moderators share their own experiences in order to get help or
Category:
Site Sponsor
Directory Statistics
Articles: 68214
Categories: 501
Yahoo Entertainment
