While working with clients, we ask the question, “Why do you want to start a business?” We get a variety of responses from, “To be my own boss” to “I want to earn more money.” But recently, I heard a response that was a new to me.
During a recent interview with a gentleman, after asking the “why” question he responded with, “I have 3 sons, 2 have graduated from college and are working in jobs that have nothing to do with their majors. The third son is now graduating from high-school and I proposed that he can take the roughly $40K to either go to college like his brothers, OR invest the money in a franchise business.”
When I asked why he would consider this for his new graduate, he said, “There is no guarantee that having a degree will help you earn money. At least by starting a business, my son has a better chance. Even if he starts and fails in 2 years, at least he’ll have the experience.” Now, that’s forward thinking.
While there are no guarantees that business ownership will be successful. There are also no certainties that earning a college degree will bring a graduate the return on their tuition investment. Especially if funded with student loans. Talk about being “cash-flow negative.”
If you’re a parent considering this same question, or a student-to-be who has reservations about “life after college” and desire to be a business owner, then consider franchising an option. Our franchise consultants will be able to partner with you to help you clarify your goals and give you direction.