Life After College: Is Owning a Franchise a Good Place to Start?
Unfortunately for today’s college graduates, the job market isn’t exactly at its best. This leaves many wondering if that piece of paper on their walls was even worth the trouble and money. Often college graduates end up working at low paying jobs for a while. However, this might now be their only option. Owning and operating a franchise, although not guaranteed, maybe the best route for long-term success. The following list details some of the reasons why owning a franchise might be a good place to start.
Most corporations require their franchisees to have the required funds on hand. This might require you to gather partners or apply for a bank loan. Although these days bank loans are a little more difficult to obtain since the economic crash of 2008. The next qualification you must have is management experience. This is good news for those who have obtained a degree in the field of business. Lastly, you will need to fulfill any legal or regulatory requirements made by the corporation you are seeking to purchase a franchise from.
Franchising offers a range of opportunities to fit the interests and skills of Millennials looking to start a business, many being low-cost and home-based businesses that offer both the flexibility and independence they seek. Millennials are also great at implementing innovations in technology into the business, which can significantly reduce operating costs in the long run.
Choosing to invest in and own a franchise is a huge responsibility and one that should be thought over very carefully. Therefore, it is understandable to question if owning a franchise is right for you. Some of the things to keep in mind are the realities of the amount of time and work you will have to put into the investment. Owning a franchise is not as simple as sitting back and letting the money trickle in. Hard work, as well as legal hurdles, will no doubt play a large role in the process. If you are motivated to apply your degree in the real world as well as become your own boss, then owning a franchise might just be the best route to take.
The job market for new college graduates may not be the best, but that does not mean you don’t have any options. It is often the road less traveled that provides you with success and a bright future, and for many investing into a franchise has been their best option.
Still looking for ways to move up in life? Check out these three post graduation advancement tips here!