Thousands of students have learned the unpleasant lesson that the college degrees they paid for do not always guarantee a steady job, or a job at all. â€œIn response, many have opted for grad school to give their status, pay, and job security a bump,â€ says David Koeppel of Fortune magazine.
We all know people who went back to school after graduating. Are they now better off? Was this wise? Let us delve further.
If you had to spend another $100k + for another degree, would this put you in debt? Maybe it will or maybe it wonâ€™t. If it wonâ€™t, will the extra degree guarantee a better job, or a job at all? Maybe it will or maybe it wonâ€™t? If it does, consider yourself lucky, youâ€™re one of the few, the minority.
The truth is, spending money on another degree wonâ€™t guarantee a better job, or job at all! One thing it will guarantee is, more debt. And on the flip side, you may miss out on real world experience. Damon Dâ€™Amore, founder of wayfounder.com, says â€œAnd at the end of the day, a lot of college graduates want to do be a part of the new innovation economy.Â For those who donâ€™t have a technical background but still want to be entrepreneurs, there are a lot of great options to find and run a business.â€
So, save the money and do something else. Hereâ€™s an idea! Why not invest in something tangible? A business is a good start, or even better, a franchise. Why a franchise?
By starting a business but investing in a franchise, you minimize â€œstart upâ€ risk. A franchise helps to alleviate some of the pains when starting a business by providing you all necessary training and support. New, low cost franchise opportunities like Professor Egghead make it hard not to consider franchise opportunities. â€œTo invest $30-$40k for something tangible and become your own boss versus spending $100-$200k for an MBA with no guarantee, is an easy decisionâ€, sayâ€™s Rick Wetzel, founder of Wetzelâ€™s pretzels.
Gary Tuch, co-founder of Professor Egghead Science Academy, a childrenâ€™s franchise that promotes STEM education says, â€œWeâ€™re not only offering business opportunities, weâ€™re offering positive opportunities for those that want to promote STEM education to future innovators, entrepreneurs, and leaders. Our business has a feel good aspect to it, and thatâ€™s important for todayâ€™s generation looking to also make a difference in society.â€
From graduate students to adults, franchising is for all ages. According to the Bureau of Labor Statistics, fewer then half US adults are now working full time. For many reasons including an unstable economy, adults over 40 are now heading back to the college campus as well. According to the National Center for Educations Statistics, in 2000 there were 857,000 undergraduates 40 and older, by 2010, they numbered 1.3 million.
â€œWith no guarantee of a reward of a great job and student loan debt that can be $40,000-$50,000 or more, is the payoff worth the investment?â€ Asks Sheryl Nance â€“ Nash, a contributor for Forbes.
Investing in a Franchise or starting your own business is not for everyone, but if youâ€™re going back to school, think twice, consider all your options.
Written by Shaun Tuch, Co Founder Of Professor Egghead Franchise Systems, LLC.