Franchise is a form of business organization in which a company that has already successful established a service or products (the franchisor) enters into a continuing contractual relationship with another businesses (franchisees) to operate under the franchisor's trade name and usually with the franchisor's guidance, in exchange for a fee.
With so many franchises available today, it can be a daunting task to determine which one best suits your needs. You see franchises everywhere - from coffee shops, automotive dealerships, hotels, and restaurant chains to beauty salons, travel agencies, and everything in between.
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A bachelor's degree is always a good thing to have. A master's? Even better. But, when it comes to owning a franchise, does it really matter whether you have a college degree or not? "Having a college degree is no guarantee of franchise success,"states Jimmy Hovey, who speaks from personal experience. As franchising isn't for everybody as it involves a particular mind-set and attitude, and with so many different franchise companies on the market how do you choose the right franchise to invest into?
Whether you will launch your own franchise concept, purchase an existing franchise, take over a family-owned business, or take your existing franchise to the next level, earning your degree can prepare you for the business challenges and income opportunities this career option affords. Not only do franchise opportunities play a vital role in the global economy and in driving new job creation, they offer an opportunity for you to create value following a proven system. In other words, you go into business for yourself, but not by yourself.
While the idea of franchise ownership is not new, a specialized major in Franchising Management is.
The program is designed to prepare students to manage and operate franchises. This program typically includes in depth instruction in financing, set-up costs and capitalization requirements, legal requirements, and applications to specific franchise opportunities.