Posted June 25, 2014 by

Franchising for College Grads

A road to franchising new business opportunity chain store

A road to franchising new business opportunity chain store. Photo courtesy of Shutterstock.

During college, most students feel the optimism of a world that’s completely open to them and that gives the tools and connections they need in order to succeed. However, a small percentage of college grads aren’t going to school to join the corporate world, they’re entrepreneurs and small business owners looking for lucrative opportunities.

These graduates intend on starting their own business, whether it be a restaurant, boutique, service business or any number of others. They’ll quickly find that the theory they learned in business school might not be enough to succeed in the business world. However, there is a solution…

Franchising

What if you could start a business and take out most of the risk by investing in a proven and tested model that’s already successful for countless others, a model that relies on the support and guidance from proven business owners that have already found success in this same business?

Let’s take a look at an imaginary cleaning business that an entrepreneur right out of college might be interested in starting. The market is there, as you live in an area with multiple hotels and high-rise business offices that could certainly use your services.

Let’s say you want to start a cleaning business. While I’m sure you can find out how to buy supplies at wholesale, hire staff, license the business, get the right type of insurance, draw up a business plan, create marketing materials, cold call and network to find opportunities, and hire the right staff to do the job – you can do it faster by purchasing an existing franchise.

Do you know if you need a business license? What kind of insurance does your job require? Are you sure the background check you did on your first employee was thorough enough to avoid any future legal action should they prove dishonest?

These are problems you’ll face starting a business without any experience, and it’s why the franchise model works for so many.

No longer are you left to find the answers on your own, now you’ll have a support system in place as well as (generally) training sessions, marketing materials, a website, a logo, information on hiring practices, insurance information, licensing procedures, and a person on the other end of a phone in case you ever get in a jam. In short, your cleaning business now comes packaged in a nice and neat little box and is ready for you to start making money from day one.

The franchise model is often overlooked, but it’s a proven model that should definitely be considered. No other business gives you all that you need to succeed, as well as projections on how much income you stand to make. Imagine knowing approximately how long it will take to become profitable, how much money you need to start (and maintain the business), and what similar businesses are making over 1, 3, or 5-year periods.

Franchises exist across all niches, from restaurants, to car washes or even the aforementioned cleaning business, so don’t get caught up on this one example. Find a business that suits your needs, and dig a bit deeper to find out if this business is right for you.

This sort of business isn’t for everyone, but you should definitely look at every option before you decide to start your own business. Franchises are often the key to a kick-started career that leaves college grads with enough revenue to pursue other business opportunities, or to continue building their franchise empire.

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