Long neglected by business schools, franchising is finally gaining a foothold in the world of higher ed. But will students follow?
Ray Titus wisheshe hadknown.
It’s not like he’s some novice. He’s the CEO of West Palm Beach–based United Franchise Group, or UFG, which owns Signarama, Fully Promoted, Transworld Business Advisors, and Jon Smith Subs. Franchising is in his blood. His father founded Minuteman Press International, and taught him well. “I got my best lessons at the dinner table with my dad,” Titus says. Those lessons set him up for two straight decades of growth.
Still, that sort of education gets you only so far. When the recession hit in 2008, Titus was caught off guard. “We saw a slowdown, but we didn’t see it hitting us as hard as it did,” he says. If he’d had a more formal business education to ground him in the principles of economics, he thought, he might have taken less of a hit. But that was never available to him. No business schools offered serious coursework in franchising. Franchisors and franchisees just learned as they went—“the school of hard knocks,” as he says.
Business schools’ indifference toward franchising has long been a source of frustration within the industry. “There’s always been an attitude of Well, franchising, that’s not a real business,” says John Hayes, a veteran authority on franchising. But, of course, it is a real business. Franchisors and franchisees employ an estimated 7.9 million people and account for $713 billion worth of economic output in the United States alone—3.6 percent of the nation’s gross domestic product—according to a PwC study conducted for the International Franchise Association.
Diese Geschichte stammt aus der April 2018-Ausgabe von Entrepreneur.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der April 2018-Ausgabe von Entrepreneur.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Why Small Businesses Can't Afford to Grow
Big companies take a long time to pay their suppliers. Sometimes, so long that the supplier goes out of business. Two entrepreneurs wanted to find out why this system is so broken-and wound up creating a solution.
MY FAVORITE CUSTOMER
For small, independent businesses, loyal patrons are benefactors, protectors, muses, and mascots. They make sure the show goes on. Here, three business owners celebrate an irreplaceable member of their community.
Do You Say 'Yes' Enough?
We don't give ourselves enough credit for trying. So let's start doing it right now.
He Does $10 Million-Plus in Sales
When Jeffrey Bell gave up horse training to buy a Floor Coverings International franchise, he wanted to get out ahead of his new pack. To do that, he had to learn to delegate.
How This Business Rookie Became a Top Seller
After competing in two Olympics, Cammile Adams dove headfirst into her second career - and became SafeSplash Swim School's #1 franchisee. Here's how.
How to Pick the Perfect Franchise For You
There are a lot of great brands out there. But that doesn't mean they're all a great fit.
Serving the Underserved
When Dennis Johnson opened a Pizza Ranch in Minnesota, he hoped to serve the nearby Native American communities in more ways than one.
When Life Is Preparation
Vanesa Ellis was no expert on mosquitoes or lawn care. But as it turns out, something else made her the perfect fit for two home-care franchise brands.
Changing Careers? Consider Franchising.
Here are five reasons why franchise ownership could be the right fit for you.
WRANGLING THE MANY-HEADED MONSTER
For mom-and-pop business owners, just as inflation calms in one area of operations, it rears its head somewhere else. The best way to stay on top of it, experts say, is to stay flexible.