One question that I seem to get asked a lot lately, is this one;
"Should a recent college graduate buy a franchise business?"
9 times out of 10, my answer is no. My reason for saying no has nothing to do with their intelligence or talents. It has to do with real-life business experience.
When I was a 22-year old non-college graduate, I knew a lot about the food and beverage business….
I worked in some pretty swanky places in Cleveland, and by the time I was 25, I was working in some pretty cool places in Las Vegas. ( Yes. I wore a tuxedo like that) I knew how to run what's called the "front of the house." (That's restaurant lingo for the service part of the business.)
I knew how to do employee schedules, figure out seating arrangements, and do nightly sales numbers. What I didn't know was how to do a P & L statement, figure out payroll, or do the marketing and advertising that's needed to keep the doors open of a restaurant doing million's of dollars in annual sales.
Now, maybe a college graduate would know how to do a P & L if he or she took some serious business courses. A college graduate may be able to put a marketing plan together, too. But could he or she actually run a start-up franchise?
(But, Joel, doesn't a franchise come with a 'blueprint" that includes a detailed operation manual, a marketing plan, and even software that helps with payroll and P & L statements?)
Yes. Here's some
of the things you get, as a franchise owner.
*********************************************************************************************************
The Wall Street Journal did a short article on young franchisees a
couple of years ago. Read
about young franchise owners.
The WSJ story fails to mention what a young franchise owner doesn't get;
Years of experience in business. That's a problem.
The Perception
Part of the problem with my industry is that there's this perception that when you buy a franchise, since everything is provided to you by the franchisor, all you have to do is "follow the system." If that was the case, more folks would not only buy franchises, but they'd be rock stars, too. Like this guy.
Well, I'm here to tell you that it's not that easy. But, what is? Just how many "opportunities" do you think are out there in which you can quickly and easily recoup your investment, and become a millionaire?
Of Course, There's Always The Trump Network…
From their website;
"The Trump Network offers you the opportunity to take
charge of your financial independence
and to promote health and wellness products that can
help change your life and the
life of others. There is no limit to your success. It is all within your
control."
Right.
In Part II of this post, you'll learn how some 22 year old's are entering the world of franchise ownership. If you're a 22 year old, or happen to know one, make sure you (or they) subscribe to The Franchise King Blog.
Speaking of College's and University's, check this unique one out.
