Young Entrepreneurs and Franchising
These days, finding a job right after college is not as easy as it sounds. So what are these ‘kids’ doing about it? They’re turning to each other, creating partnerships and looking into franchise opportunities. To some, starting their own business seems like a better option then hunting for a job for who-knows how much time.
The first thing these young entrepreneurs should be doing is something that they should be used to, their homework. Obviously, they must evaluate all franchise opportunities, especially looking at franchisee turnover and any litigation issues.
Since most of these young entrepreneurs are recent college graduates, they must rely on people with experience to guide them, whether it is someone with experience in the industry, or just general franchise experience. Franchising is very different from starting your own business, and there are plenty of professionals who deal with franchising every day; these are people who can provide advice and expertise in the franchising field.
Beyond evaluating franchise opportunities, young entrepreneurs also need to evaluate their goals and expectations. Franchise agreements can be 5-10 year contracts, so it is important to understand the commitment that must be made to the franchise. Being a franchisee is not a quit where one can just quit if unhappy or unsuccessful. Not only do they have to keep goals in mind, but also obligations. Once the franchise agreement is signed, it is binding and there are certain obligations that must be upheld. This is where more evaluation comes in: do the obligations line up with your goals and expectations? Will you be able to commit to this business for 5-10 years?
With the proper research, advice and preparedness, young entrepreneurs can thrive in the franchise industry.
If you are looking for a franchise opportunity, Executive Care might be right for you. To learn more about Executive Care’s franchise opportunities, visit our website.