Running a franchise requires skill, dedication, experience, and knowledge. When you purchase one, you are a business owner and the success of your venture depends on your ability to steer it in the right direction.
You need knowledge of management, human resource management, marketing, sales, and other such aspects of running a business. School can provide you with the necessary knowledge and skill to succeed in this field but is that the right option for you?
If you can afford to take some time off and have enough financial support to attend college, you should consider it. All businesses have a chance of failure, especially during the early years. You need every advantage you can find to succeed in your field, and education is one of them. Here are some reasons why you should go back to school:
You will gain considerable leadership skills regardless of the field you choose to pursue your education in. College students participate in projects, team ventures, competitions, etc. They are part of clubs and work together to achieve certain goals and gain an edge over the competition. All of these activities teach you a number of vital skills like creativity, problem solving, communication, critical thinking, leadership, etc. These skills can’t be measured in degrees but will help you run your business.
You can specialise in a subject relevant to your franchise industry and gain an edge over the competition. For example, if you want to open a franchise in child care, a degree in early childhood development or other such field will help you manage your business better and bring in more customers. A franchisor might not require you to specialise in the industry, but the added skills and knowledge will help you survive in a competitive market.
College will offer ample opportunity for you to network and communicate with fellow students and businesses connected to your field. You can learn vital skills on how to establish rapport with other professionals and develop long-term connections. Most business owners are forced to learn networking while they establish their business, which can prove detrimental to growth. The college experience can help.
This depends entirely on the level of skill you posses. As seen above, college education does offer a number of practical and intangible benefits but this doesn’t mean you need a college degree to succeed in the franchise industry. Here are some reasons why:
Some people are born with leadership skills and some learn and master these skills as a part of their job. If you have successfully led a team in several projects in the past, you’re capable of running a franchise without formal education in the field. If you’ve been successful in your professional career and want to get out of the corporate life, you don’t need to go back to school to start a franchise. You already have all the skill and knowledge you need to run a business.
If you have a magnetic personality and excel at marketing, you can run a successful franchise. The franchise industry relies heavily on the marketing and branding so experience and skill in this field will help.
If you want to know more about franchising, training and education, or want some advice, feel free to get in touch with us at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact us form and we’ll reply as soon as we can.
Thanks for reading,
The Franchise Institute Team
1300 855 435