Do You Need A Business Degree to Own a Franchise?
In many industries, it’s natural to assume you need a business or other specialized degree to succeed. Others in the business world also incorrectly assume if they have no formal education or degree, owning a franchise is out of their reach. This isn’t necessarily the case.
There are franchise and business opportunities that are a perfect fit for individuals with an entrepreneurial spirit and dedicated work ethic but who lack a formal degree. Franchising is great for these potential franchisees because the franchisor has developed a proven system; they just need help fine-tuning the business practices of their own locations, and they’ll be off and running.
Whether you’ve got no business background or college degree, deciding you want to own your own business starts with knowing yourself. Are you willing to work hard, learn from others, and stay open to new ideas and opportunities? Those aren’t just feel-good questions; you really need to understand yourself and what you’re looking for in a franchise before you make a commitment to a business venture.
Successful franchise owners share certain characteristics. If you want to become an accomplished business owner, start by asking yourself the following questions:
Is the franchise industry compatible with your lifestyle, or are you willing to make changes to accommodate the needs of the business?
This is perhaps the first and most important question to help you decide whether or not a particular franchise is a good fit. Look for business opportunities that interest you. Buying a business in an industry that is fundamentally incompatible with your lifestyle will only lead to frustration, burnout, and failure.
Do you have a strong work ethic?
Be honest with yourself about how much (and how hard) you want to work. Some industries require much more time and energy than others. While you’re unlikely to find a business that requires very little time, energy, and effort, you should seek out opportunities that allow you to keep doing the things you enjoy and maintain a good work-life balance.
Are you able and willing to execute the franchisor’s strategy?
Autonomy is one of the biggest advantages of business ownership. While franchising allows you to make critical decisions and have a great deal of control over your business, you also need to execute the franchisor’s plan as described. Make sure you’re clear on the company’s processes and strategy before you buy a franchise.
Do you like the people in the franchise that you have met?
You’ll enjoy a great deal of autonomy as a franchise owner. But you’ll also work closely and frequently with others in the franchise, and come to depend on them for advice, friendship, and help. You should speak with as many current franchisees and employees as possible before you decide to buy a franchise. Being compatible with your fellow franchisees and advisors will make your transition to franchise business owner a smooth and lucrative one.
If upon honest self-evaluation, you can answer “yes” to each of these questions, you may be perfectly suited to own a franchise business, even if you don’t have a business degree. Franchisors are not necessarily looking for a franchisee with an MBA; they already know how to run their business. Most franchisors are seeking driven, hard-working franchisees who can successfully join their team and work together to make their business grow.