FranchiseBrief wrote an interesting article about whether you should buy a franchise right out of college. I will comment:

Are you interested in buying a franchise right out of college? Are you thinking that buying a franchise is the best way to get established financially and professionally? This is true to some extent but usually it doesn’t turn out the way you plan. A lot of college graduates have these amazing ideas and don’t really think things through before jumping into something and being way over their head. Here are some things to think about.

My son is in college now and I know he loves the idea of having his own business. But is he ready for that? Clearly not. So I can relate to what the author says here.

I would be careful about buying a franchise for a college student, even a good home based franchise.

My own experience was different. I am very motivated and driven and I started a business when I was 15. Then I went to work for a company (in the alarm business) and figured after a year or so that I could run things better than they could and I started my own company.

I did succeed. But in retrospect, if I had had a franchise structure, I would have made a heckuva lot more money and had a much easier time of it.

The first thing you want to do is learn to hire and lead/manage people. This is where most college graduates get overwhelmed. You should definitely get some hands-on experience in this area before you take on a franchise of your own. Start watching your manager more carefully, taking notes, and listening to what other have to say about them to see what areas could improve so that you know before you get in the game.

I completely agree. Before I started my alarm company, I worked for someone else (several companies) and saw how they did it. I observed my sales manager very closely and learned a great deal from watching what he did.

Another thing that might help you before you buy a franchise is by working in the franchise field you are thinking of buying into. For example, if you are thinking of buying into a coffee shop, try working their and moving up to management to get a better feel of the business and see how it’s run by its owner.

Great advice. The reason most people fail in business is they lack experience in whatever they try to do. People who have no restaurant management experience try to start a restaurant, for instance. I see it all the time with people I coach.

Another way to prepare yourself is by finding an internship or mentoring program with an owner of a franchise. This is a great way to see exactly what it takes to be a franchisee and get some practice in.

Here I can’t agree. Because I have yet to find an internship or mentoring program worth a damn. I do have some suggestions for creating your own mentoring opportunity.

I once was going to go into the advertising business. I got on the phone and found out the names of a bunch of partners and managers of advertising agencies. I got on the phone and called each one. I said I was thinking of a career in advertising and would love to pick their brain for a half hour. You know what? Several very prominent people agreed to see me. I must have had four or five meetings. And they were very generous with their time and very helpful.

I am sure that had I pursued that, I could easily have gotten one to agree to mentor me. My advice is, call a bunch of people you would like to learn from. Ask to meet with them because you are thinking of pursuing this new business and would like their advice. A few will agree. What’s in it for them? Well, they get the good feelings from helping a fellow human being. Especially if you are the type of person who can take advice that someone gives you and actually put the advice into practice. There is nothing more satisfying for someone who is already successful in business, than to give advice to another person who follows that advice and succeeds.

It truly isn’t only about money.

Again, take some time to think about entering into the franchising business. If you are going to need to borrow money to pay for it, this is an even bigger reason to really think it out.

A good conclusion. I would avoid debt like the plague, except if you have something that you feel confident in and have some real life experience to back things up.