Many young college graduates, eager to begin earning money and making headway in the real world upon receiving their diplomas, turn to franchise opportunities as a way to quickly establish themselves both professionally and financially. The lure is great – linking up with a well-recognized brand that’s in the process of expanding seems like a surefire bet, right? Yes and no, but mainly no.
Your ability to stay afloat in the franchise you purchase depends upon the depth and breadth of your knowledge of how to run a business, as well as your stamina, determination, and passion for the particular one you acquire. Take into consideration the following advice when buying a franchise right out of college:
1. Learn how to hire and manage people;
2. Be sure you have the money and patience needed to succeed;
3. Consider becoming a worker before an owner;
4. Stay long enough to move into a managerial position;
5. Look into mentoring programs.