When you buy a franchise, you become an instant business owner. Sure, you have the support of the franchisor, but that doesn’t mean you aren’t in charge of how well your new business fares. It’s up to you to network in your community, drive foot traffic and ultimately make sales.
If you didn’t go to business school, this job might sound appealing, but daunting. Although you know you want to pursue your dream of being a franchise owner, will you need to go back to school before becoming a franchisee?
The Benefits of Going Back to School
There’s a reason your parents started a college fund and pushed you to go to school. Education is beneficial. Getting a degree does a lot for you as a person. Here are some of the reasons you might want to go back to school.
Gain the Intangible Skills of Business Ownership
In most colleges today, you’ll be required to work in teams on projects. Here, you’ll learn leadership, creativity, critical thinking, and communication skills that you might not learn otherwise. These inherent skills will help you no matter which type of franchise you begin.
Learn a Specialty
If you’re considering opening a franchise in a specialized field, school might be equally important. For example, if you want to open a children’s franchise, you might want to learn the ins and outs of teaching children. Although the franchisor might not require this skill set when buying the franchise, it can still help you get a leg up when bringing in new customers.
Navigate the Networking World
In school, you’ll do quite a bit of work outside of the classroom. Networking with other students and outside businesses will likely be a part of your curriculum. Learning how to network effectively is a skill that doesn’t always come naturally to some business owners. By practicing in school, you’ll be better suited to attract new business for your franchise.
Why It Might Not Be Necessary
Although school sounds appealing, it might not be necessary for you. Here’s why.
You Might Already Have the Skills You Need
Although these skills are important, you might already have them built into you as a person. For example, leadership can’t always be taught. If you’ve practiced leading a team already, you are probably very capable of leading a team in your own franchise.
You Might be a Natural Magnet for New Business
Marketing is important, but the franchisor will help you get the materials you need. With your own ingenuity and creativity, you can drive traffic through your business doors without a textbook showing you the way.
What’s Right for You?
Before you go to night school to get a degree, consider your current skill set. Are you up for the task?
Susan Payton is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.