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Get an MBA or Buy a Franchise?

Get an MBA or Buy a Franchise?

Many college undergrads and recent graduates are contemplating whether or not to obtain a Master of Business Administration (MBA) degree. While often viewed as a career accelerator, an MBA does require a major commitment of money and time.

Usually, there are four determining factors: cost, time involved, return on investment and job market. But, now there's a fifth consideration: get an MBA or spend the same amount of money to purchase a franchise?

To pay for an MBA, most people work part-time for low wages while enrolled, deplete their personal or parents' savings, and are left in debt with student loans. However, going the franchise route can provide a quick way to a lifetime of income, often exceeding the income of those with MBAs.

Getting an MBA does not guarantee lucrative employment offers or even salary increases, especially given today's job market. In a bad economy, people realize their job instability. As a result, franchise leads increase sharply as people seek the security of a reliable turnkey business.

"Rather than spending $95,000 and two years getting an MBA, more and more people are choosing to spend the same amount of money to open a franchise," said Nick Friedman, president of College Hunks Hauling Junk. "And, in less than two years they own a cash producing asset."

Friedman and his business partner, Omar Soliman, brought a clean-cut image to junk removal by recruiting college students to haul away customers' unwanted items. What started as a temporary summer gig in 2005 has grown into a multi-truck, multi-million dollar franchise operation with locations across the country.

"Franchising allows people to go into business for themselves but not by themselves," Friedman said. "It offers a much more secure method of entrepreneurship."

Studies show that franchises have a success rate of 90 percent compared to only 15 percent for businesses started from the ground up. The increased probability of success usually far outweighs any initial franchise fee and nominal monthly royalties.

"Just like college, parents can make an investment in their child's future by helping pay for a franchise," said Friedman. "Several of our franchise owners are recent college graduates, which is not the typical franchise owner profile. Other franchisees include a former stay-at-home mom and a Web developer."

New franchisees receive five days of training at ‘Junk University' in Tampa to learn every aspect of the business. The company focuses on the power of branding, marketing, community involvement and recycling efforts.





Get an MBA or Buy a Franchise - To learn more about this author, visit Nick Friedman's Website.

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 Get an MBA or Buy a Franchise Loved the article "Get An MBA or Buy A Franchise". Very helpful. Have 2 kids in college, and it gave us something to think about. Thank you.
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John Power
John Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website

Anne Barr
Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website

John Brennan
John Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website

Jay Kubassek
(Jay's Full Bio: EvanCarmichael.com/jaykubassek)  In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.

 

As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)

 

Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. 

 

Jay resides in NYC with his wife Jamie, son Milo and dog Cooper.  Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website


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Nick Friedman
(Visit Nick's Website) Like many college students, Omar Soliman and Nick Friedman were looking to earn some extra cash during their break - what they ended up with was a multi-million dollar enterprise.

In the summer of 2003 the former high school buddies loaned a beat-up cargo van from Soliman's mother and began offering a junk removal service. It wasn't long before the clean-cut collegiate friends were in high demand. Even after they returned to their universities for the school-year, they continued to get calls for junk hauling back in their hometown.

During his senior year of college, Soliman decided to draw up a business plan and submit it to the Leigh Rothschild Entrepreneurship Competition. The plan placed first out of 150 entries and earned Soliman $10,000. With this, College Hunks Hauling Junk was born.

Upon graduating, Soliman and Friedman both entered the corporate world, but couldn't ignore their entrepreneurial spirit. Leaving their jobs after just a few months, Soliman and Friedman decided to implement College Hunks Hauling Junk on a full scale. After investing every penny they had earned, and streamlining the system, the two became America's youngest franchisors at the age of 25.

Today Soliman and Friedman own College Hunks Hauling Junk in Washington D.C. and San Francisco. They also have over 20 franchises. The company employs college and university students across the country and provides an environmentally-friendly service. The Hunks recycle over 60% of items they collect and donate any reusable items to local charities.

Soliman and Friedman want to do more than provide a good-looking service, they want to do good as well. From donating a portion of their revenue from every job to College Bound - a college mentorship program - to food drives and sneaker collections for underprivileged youth, the Hunks are always looking to lend a hand to their community.




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