Franchise Owners

High School

Business, math, economics, and accounting courses will be the most valuable to you in preparing for franchise ownership. Before buying into a franchise, you'll have to do a lot of research into the company, analyzing local demographics to determine whether a business is a sound investment. English classes will help you develop the research skills you'll need. In addition, you will need to hone your communication skills, which will be essential in establishing relationships with franchisers and customers. Take computer classes since it is virtually impossible to work in today's business world without knowing how to use a computer, business management software programs, or the Web. If you already know of a particular area that interests you—such as food service, fashion, or fitness—take classes that will help you learn more about it. Such classes may include family and consumer science, art, dance, or physical education.

Postsecondary Training

Because there is such a variety of franchise opportunities available, there is no single educational path for everyone to take on the road to owning a franchise. Keep in mind, however, that when franchisers review your application for the right to purchase a unit, they'll take into consideration your previous experience in the area. Obviously, a real estate company is unlikely to take a risk on you if you've never had any experience as a broker. In addition, there are some franchise opportunities that require degrees; for example, to own an environmental consulting agency, a business that helps companies meet government environmental standards, you'll have to be an engineer or geologist. But there are also many companies willing to sell to someone wanting to break into a new business. Franchisers will often include special training as part of the initial franchise fee.

Experts in the field stress the importance of gaining work experience before starting out with your own business. Hone your sales, management, and people skills and take the time to learn about the industry that interests you. Even if you don't plan on getting a college degree, consider taking some college-level courses in subjects such as business and finance. One recent survey of franchisees found that more than 80 percent had attended college or had a college degree. This reflects the fact that many franchisees have worked for many years in other professions in order to have the money and security needed for starting new businesses. Some organizations and schools, for example, the Schulze School of Entrepreneurship at the University of St. Thomas (https://www.stthomas.edu/academics/undergraduate/entrepreneurship-major), offer courses for prospective franchisees.

Certification

Some colleges and universities offer certificates in franchising, franchise management, and entrepreneurship. For example, Georgetown University offers a certificate in franchise management. Students must complete the following classes: Fundamentals of the Franchise Model and Franchise Management Theory and Practice.Contact schools in your area to learn more about available programs.

Other Education or Training

The International Franchise Association offers continuing education classes, webinars, and workshops such as Marketplace Fundamentals, Cash Flow: How to Prevent Your Cash Flow From Going South, and Knowledge-Driven Financial Performance. Additionally, the Small Business Administration offers classes on funding, starting, and operating a business. Contact the association for more information.