Should I Hire a Franchise Consultant to Buy Into a Master Franchise Business Opportunity?

Buying into a Master Franchise Business Opportunity is much different than buying single unit franchise. When you become a franchisee, you are going to be operating a small business with one location to start. You may eventually open additional units over time, but you are starting out small and within your means, comfort zone, and will most likely work in the franchised outlet.

Entering an agreement to become a Master Franchise is much different, as you will become a franchisor yourself within the exclusive territory or region where you develop the system under the corporate brand name. And it will take a lot of capital to get it done and stay up on your agreed upon development strategy and growth rate.

If this is your intention to become a Master Franchise then you really need to hire a franchising consultant that has been around the industry for a while, worked as an area developer and knows a thing or two about selling franchises and the regulations of the state or states where you will be conducting your operations and sales.

Where can you find a qualified franchising consultant that can help in this complicated process and negotiation? Well, first I recommend that you look online and check the resumes and references of consultants that are well versed in the franchise model. You may very well find the perfect match that fits your style of doing business and compliments your strengths and weaknesses.

You should ask them the following questions:

How long have you been involved in the franchising sector?

How well do you know the region, state or area?

What other franchisors have you worked with in the past?

Are you willing to sign a confidentiality agreement?

Can you help writing a business plan and negotiate with the Franchisor for me?

The Road To Your Masters in Business Administration

Due to the increasing population of the world, different types of demands are created for various kinds of products and services. People who provide such products and services are called businessmen. The activities that they do within their authority is clubbed together to term it as a business. But not every man is a born businessman. Therefore, several degrees have been introduced in different colleges in order to enlighten the minds of the students about how to start, develop and survive a business in the competitive market.

Business Degrees

One of the most popular business degrees is MBA (Masters in Business Administration), that is recognized all around the world and allows you to have a thorough and deep knowledge related to a particular field in business. The list of different branches under MBA is huge. However, following are the different specializations that are opted for the most:

Accounting – No business can survive without the proper knowledge of accounts.

Human resources – As your business grows, you should know how and when to hire the right kind of employees under you in order to prosper furthermore

Finance – There is no activity in the world that can be carried out without finance. Also, one must know where to spend more and where cost reduction can be undertaken.

Operations – There are several kinds of operations under a particular business, the most important one being Management.

Advertising– No customer can be made aware of your product or service without the right kind of an advertisement

Marketing– In order to survive in a market where there are more than a hundred competitors for your business, you must know how to market your product or service in order to create the right kind of a space in the minds of customers.

Types of MBA programs

Full time MBA – two years’ program where the student is expected to have a pre-decided percent of attendance in the college along with timely submissions of projects and presentations.

Part time MBA – three years’ program where the student is expected to attend the weekend classes of elongated hours; so that he can also concentrate in his professional life.

Eligibility

  • This is a Master’s degree and hence the student has to have a Bachelor’s degree in any field of academics
  • There is an entrance test that needs to be cleared (either written or online)
  • The student must pass the group discussion and personal interview rounds
  • If a student wishes to apply for a part time MBA, he needs to have a minimum of 2 years work experience

MBA was introduced in the 19th century and it has now gained a high importance in the minds of people. If a person holds this degree, he is offered a comparatively higher salary, even as a fresher. Such a degree not only helps in giving a deep knowledge of a particular field in business, but also allows the student to be more practical in this competitive world.

Understanding Masters of Business Administration (MBA)

There are many reasons why people choose to pursue a Master’s of Business Administration (MBA) degree. While some do it to advance in their current jobs, there are others who treat it as a gateway to a high-flying career and a fat paycheck.

For many, an MBA is a chance to polish their skills as they prepare to enter the exciting world of corporate management and some just love the intellectual stimulation and challenge that a degree like this offers. There is another category of MBA aspirants who look at themselves as the corporate leaders of tomorrow and for them, an MBA is the first step of the ladder to success.

Whatever may be the reason for pursuing an MBA degree, what needs to be emphasized here is that it requires investment of both time and money. Since the tuition fee for an MBA is amongst the highest for graduate degrees, many students choose the more affordable and flexible online MBA programs over the on-campus ones.

Whether you earn your MBA degree online or by sitting in a classroom, it needs hard work, commitment, and perseverance. Also, you need to be aware of what to expect once you graduate and only then will you be able to get the maximum return on your investment.

Numerous Career Choices

Besides acquiring soft skills like interpersonal and communication skills, leadership skills, analytical aptitude, and ability to think out of the box, MBA graduates also learn advanced business concepts and management principals. The professional training imparted in an MBA program helps managers identify growth opportunities and take critical decisions that lead organizations on the path to success.

The career choices open to a Master’s of Business Administration graduate are many. From marketing management and corporate finance to Information Technology management and human resources – an MBA graduate can choose a business field that interests them and utilizes their academic knowledge, practical training, and intrinsic strengths to the maximum extent possible.

For example, if you like the thrill of promoting an organization’s products and services through different channels, then you may enjoy the field of marketing. The U.S. Department of Labor defines the work of a marketing manager as estimating the demand for products and services offered by a firm and identifying potential markets for them. Marketing managers also develop pricing strategies and monitor product development.

Financial managers, on the other hand, supervise a company’s direct investment activities in addition to implementing its short-term and long-term financial management strategies and goals. They are also responsible for directing the preparation of financial reports. If you like number crunching and cash planning, then you will draw maximum satisfaction out of financial management.

Employment Opportunities Galore

Contrary to the popular perception that MBAs mostly work in the private sector, many graduates find employment opportunities in federal, state, and non-profit organizations as well. A lot of MBAs also become entrepreneurs, while some choose to work as independent consultants.

Their earnings depend to a great extent on their specialization, their employer, the sector in which they work, and their geographic location. A financial manager, for instance, on an average earned $99,330 per annum in May 2008. This should give candidates some insight into the earning potential of a manager.

However, the fat paycheck is often accompanied with hectic work schedule and enormous performance pressure. Managers are involved in strategic business decisions and are responsible for driving growth in an organization.

Besides, since most MBAs become people managers, their performance is based on how well the team does. They are expected to keep the motivation levels of their team high, make sure their team keeps up its performance, and be ready with solutions to any problems that might or might not have a direct impact on the work. Such high levels of responsibility can lead to huge amount of mental and physical stress that many modern day managers face. But that’s something that many modern day managers accept as occupational hazard.

So, if you are driven by a passion to lead people and organizations, craft corporate success stories, enjoy taking on new challenges, a Master in Business Administration program is the right choice for you!