Lately, I’ve been coming across quite a few recent college grads who’ve decided to bypass the typical corporate career track and open up their own businesses. Well, it’s not quite fully their own businesses. These men and women have opted to buy franchise operations. I write about this franchising phenomenon in the New York Times today.
I hope you guys with newly minted diplomas don’t run out right a way and invest in your own franchise before doing some homework. Franchise operations aren’t cheap, they can range from high five to six figures. And they’re anything but easy to operate. While you do get lots of help from the franchisor (the company that owns the franchise operation) you still have to put in lots of blood, sweat and tears to make it work.
But, if you’re not sure of your career direction, and you think you have the heart of an entrepreneur but aren’t ready to launch your own business, franchising might offer an interesting opportunity.
Just watch out mom and dad. Don’t just clean out your savings to give junior a store to run. They have to feel they have something vested in it. It’s not just like paying for piano lessons they never use.