đź•’ Estimated Reading Time: ~4 minutes
Con-grad-ulations! You’re about to graduate from school, and new adventures await. As exciting of a time as this is in your life, there are likely a lot of questions floating around your mind about what’s next.
For many younger workers, an option that is increasing in popularity is franchise ownership. “These are people that are very driven to control their own destinies, to not work for anybody,” says Ace Handyman Services Vice President of Franchise Development Colette Bell.
In 2023, there are expected to be 805,000 franchise units across the United States, according to the International Franchise Association’s 2023 economic outlook. Franchise ownership continues to grow and thrive despite talk of impending recessions and downturns. And with business ownership and workplace autonomy being top of mind for younger generations, franchise ownership could be beneficial to you as a career choice.
As you iron your graduation gown and decorate your cap, think about the pros and cons of starting a franchise after you graduate.
Benefits of Starting a Franchise After Graduation
There are a lot of upsides to this type of business model. No matter what type of franchise you choose to start, there are perks to franchise ownership, especially after graduation and getting fully immersed in your work life.
You can work in an industry you love, doing what you love. Love sports but got your degree in business management? You can start a sports franchise. Love teaching but got your degree in something else? Open a children’s franchise. There are so many more options available to allow you to choose the best path for your personal and professional desires when you open a franchise after graduation.
You can choose where you work, too. Not only do you get to choose the industry you’re in, but you can also choose the town you’re in. Rather than being tied to a city with a corporate office, you can pick your position and the city where you’ll operate your new franchise.
You still get mentorship while being in control of your own business. School teaches you a lot, but even that classroom experience can’t replace real-life experience. Opening a franchise is a nice transition from the classroom setting into entrepreneurship, with an added layer of mentorship along the way from the corporate office. Rather than figuring everything out alone, you have a leg up in the market by avoiding the trial and error of owning a business.
You get continued training. Like the mentorship from other franchise owners and the corporate office, you’ll also receive ongoing training to keep you up to speed on the latest industry standards and trends. This training will continue to help you develop personally and professionally, making you more well-rounded from the outset of your career.
Be Aware of These Possible Stumbling Blocks
Despite the upsides, there are a few areas where many graduates need help. While these areas are stumbling blocks, they aren’t insurmountable. The key is to be aware of them.
You’ll have some guardrails up. If you’re a creative spirit, you may be surprised that franchise ownership comes with some rules and regulations. Because your business is tied to a corporate office, you cannot deviate too far from the brand standards. While this has benefits, there are also some downfalls for graduates eager to flex their creative muscles.
You’ll need to pay to get started playing. Starting a franchise does come with an investment. If you’re already in debt with student loans, this added investment could be added financial strain. Still, it could also lead to the opportunity to pay off your student loans faster. The key is to look at your finances before jumping in. Then, talk to other franchise owners to get a realistic idea of when you can expect to start operating in the green.
The key here is to look closely at the opportunities available and decide what’s right for you. For many, franchise ownership is the right next step. Still, it’s not for everyone. Looking introspectively and at your long-term goals will help you decide what’s best for you and you alone.
Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.