My quick two cents -- having run a College Pro franchise for the last three years, I can speak to the comfort and guidance that a strong franchisor can provide. Having coaches, systems and a brand that people already recognize can be a great way to grow some of your entrepreneurial skills and get real-world experience, all in a slightly more "safe" / "controlled" environment... and hopefully all as a step towards starting / running my own business :)
I see College Pro all the time on campus, but I never really have a good grasp of what it does and how it teaches you management skills. Is it okay for you to give me a brief description of what it is?
I have a closely related family member who owns a postal outlet.
Surprisingly, its a franchise, not completely gov't owned. Of course,
there's the licencing fee, small royalties, purchasing of expensive
proprietary equipment, restrictions, and that sorta fun stuff; but, it's
apparently very lucrative. This can be largely attributed to its
location. The cohorts around the area are always mailing out parcels,
transfering money, paying for money orders, and sticking to the old
snail mail. There seems to be no shortage of business there.
I
suggest, before considering opening a franchise, be careful not to be
enticed by the glamour of owning one's own business and the joy of
doing what you want. Before you start, think about the market
opportunity you are provided with geographically and the intensity of
customer need. When it comes to business, it doesn't make much
business sense in selling ice cubs to eskimos now is there?
Franchises can be great business opportunities, but there are often a lot of very specific guidelines to follow. Not for the person who has to do things their way!
Upside of Franchises?
Some perspectives in class?
Hey Leah,
Would you feel comfortable taking 10 minutes in class this week to share some of your experiences with selecting and managing your franchise?
Hi Leah, I see College
Hi Leah,
I see College Pro all the time on campus, but I never really have a good grasp of what it does and how it teaches you management skills. Is it okay for you to give me a brief description of what it is?
Thanks!
Considering an awesome franchise!
I have a closely related family member who owns a postal outlet. Surprisingly, its a franchise, not completely gov't owned. Of course, there's the licencing fee, small royalties, purchasing of expensive proprietary equipment, restrictions, and that sorta fun stuff; but, it's apparently very lucrative. This can be largely attributed to its location. The cohorts around the area are always mailing out parcels, transfering money, paying for money orders, and sticking to the old snail mail. There seems to be no shortage of business there.
I suggest, before considering opening a franchise, be careful not to be enticed by the glamour of owning one's own business and the joy of doing what you want. Before you start, think about the market opportunity you are provided with geographically and the intensity of customer need. When it comes to business, it doesn't make much business sense in selling ice cubs to eskimos now is there?Franchises
Good comments, Anders,
Franchises can be great business opportunities, but there are often a lot of very specific guidelines to follow. Not for the person who has to do things their way!