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Get an MBA or Buy a Franchise?

Written by: Nick Friedman

Article Overview: Nick Friedman, America's youngest franchiser, discusses the new choice in achieving career success. Obtaining an MBA versus buying a franchise.

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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.

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Article Tags: amount of money, business administration mba, college hunks, dollar franchise, franchise operation, friedman, junk removal, lucrative employment, master of business, master of business administration, mba degree, omar soliman, recent graduates, recruiting college, student loans, summer gig, turnkey business, undergrads, unwanted items, work part time

About the Author: Nick Friedman
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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.