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, youll 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 youll 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 todays 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, theyll take into consideration your previous experience in the area. Obviously, a real estate company is unlikely to take a risk on you if youve 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, youll 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 dont 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. Contact the association for more information.

Certification or Licensing

Some franchisers have their own certification process and require their franchisees to go through training. You may also want to receive the certified franchise executive designation offered by the Institute of Certified Franchise Executives, an organization affiliated with the International Franchise Association. This certification involves completing a certain number of courses in topics such as economics and franchise law, participating in events such as seminars or conventions, and work experience. Although certification is voluntary, it will show your level of education and commitment to the field as well as give you the opportunity to network with other franchise professionals.

You may also need to obtain a small business license to own a franchise unit in your state. Regulations vary depending on the state and the type of business, so it is important that you check with your states licensing board for specifics before you invest in a franchise.

Any prior business experience—especially in management—will be useful for aspiring franchise owners.

As with any small business, you need self-motivation and discipline in order to make your franchise unit successful. Though youll have some help from your franchiser, the responsibilities of ownership are your own. Youll also need a good credit rating to be eligible for a bank loan, or youll need enough money of your own for the initial investment. You should be fairly cautious—many people are taken every year in fraudulent franchise schemes. But at the same time, you should feel comfortable taking some risks. Other important traits include strong leadership skills, top-notch organizational and time-management skills, and a willingness to continue to learn throughout ones career.