How many times have you used the Pythagoras theorem in your life? They said it was important! Important or not, one thing became quite clear over time: academic studies do not always help in several fields as it requires different forms of creativity, knowledge, and study rather than degree and academics.
Most of us have made business plans in our past, be it on a serious note or just as a playful future planning with our best friend. Thinking about it seriously, ‘what qualifies one to start a business? There are no fixed parameters for that. However, there certainly are a few tricks to make a business successful.
Starting from scratch is always difficult; coming with the label and popularity, what better way to enter business than become a franchise owner? New franchisees don’t struggle as much as entirely new businesses.
While looking out for a franchisor, a point of concern is considering a college degree, as it naturally adds weight to one’s profile. But, if the question is, ‘do you need a college degree to succeed as a franchisee?’ The answer would be straight ‘NO.’
Business is all about tactics and the ability to be an entrepreneur, none of which can be taught in college. One can start the franchisee if one has sufficient business knowledge (not only the bookish one). However, a degree might help in understanding a little about business; most of the part concerns the entrepreneur’s ability to explore.
Franchise owner education will provide the education necessary to run the franchise successfully
Starting something new is always challenging, and business is no different; moreover, it is no joke. Involving capital and beginning anew gives scares. Even if a franchise is successful, there is no guarantee that the franchisee too would succeed, and brands are well aware of this fact. Therefore, a good franchise brand will provide the education necessary to run the franchisee successfully.
It is quite similar to that crash course you took while growing up. Involving in a small training program to learn more about the franchise as you become part of it and submerge in the new knowledge of the company. This helps the new franchise owners learn and gain confidence about the franchise and vice versa.
Since all brands do not provide training, new franchise owners might have to figure things out on their own, which could be a little difficult despite the availability of various courses online or follow a franchise blog.
Need A Business Degree to Own a Franchise?
Though franchisees don’t need a college degree, they do need good qualifications to make franchises successful.
The ingredients you need to open a franchise to have a delicious business are:
The decision to open a franchise might sound exciting, but as it is a business, research is a must; about what?
Research regarding the selection of franchise. Where all the franchises are like glittering pairs of shoes, you must find the right one for you so that it is elegant and comfortable to walk in and prevents burnout. This can be done by considering simple factors like asking questions to yourself about:
- What are the long-term goals?
- What industry do I want to join?
- Which franchise should I buy?
- How does franchising work?
- How much am I willing to invest? How much investment is necessary?
- What can I do best?
- Am I ready for commitment? How long?
- Are the legal terms and conditions suitable for me?
- Business Plan
Why would any franchise give its franchise out to you? Well, you have to make them!
A well-written business plan is a key to unlocking the door to your new franchisee as it shows determination, planning, figures, and details that the franchise you are approaching would believe in more.
A simple way to build a good business plan is to know about the company, its goals, values, and structure.
A business plan must include market analysis, marketing, economic, and goal descriptions.
Skills are the most important part of any businessperson; they can take the business to a higher level. The best part is that they can be learned, cultivated, and improved with little attention. Skills that a person entering the market should know are:
- Though there is a precedently created market image, marketing remains an important part of the franchisee—good marketing results in good sales. According to data, the companies that have invested in marketing have seen revenue growth of about 38.4 %.
- While leaders are the engines of business, the employees serve the significant role of wheels. Therefore it becomes important to have good employees and managers in the business and better managing skills, which would allow one to keep everything in place.
- As an owner of a franchise, one cannot overlook the responsibilities, and it becomes important to keep tabs on everything at once. It is generally inclined to get inclined towards more interesting work; however, as an owner, one is not allowed this flexibility as every part of the business needs equal attention. To have an owner’s attitude, therefore, is a must.
- Since franchisee is a large business, it works on core rules and systems which are mandatory to follow, making it important for the franchise owner to have discipline and the ability to work by system rules
Along with marketing, management skills, owner attitude, and discipline, team building and administration skills are also important.
A college degree is not required to get a franchisee but studying from best franchise magazines is. It is important to know the franchise you will be part of, its policy, terms, values, how it works, and how you could make it work.
- Choice of location
One of the most prominent factors about establishing a business is its location. Choice of location can directly affect the business and revenue generation.
A college degree is not necessary to become a successful businessperson, and it might help get some academic knowledge and information. However, skills can only be learned and worked upon, which is the most important requirement of being a businessperson.