Do I need an MBA to Own a Franchise Business?

JVennard Coach's Corner, Vlog

Does having a degree like an MBA matter when you want to own your own franchise business? If your entrepreneurial dreams were born while you were in school learning about business, that’s a great thing. Having a textbook understanding of marketing so that you better understand how to engage customers, learning about leadership by reading stories of great leaders in the past that then you can apply a leadership principle to the kind of business owner and mentor and coach that you want to be to your employees will not going to set you back, especially if, by having this knowledge, you feel confident that you’re ready to own your own business. However, possessing an MBA is DEFINITELY NOT essential to own a franchise business, nor will it be a predictor of your success in a franchise business.

Success in a franchise business depends on your ability to follow the franchisor’s plan. Success in a franchise business requires you to have a big, strong motivator—a reason to get out of bed every day, be hungry to compete, win the market share, and drive that business forward. That’s not asking too much, is it? A textbook understanding of how to be successful in a business is one thing, but life experience is the only true teacher. Your success will depend on your ability to follow the proven plan and to execute, just like no matter how proven a franchise is; there are no guarantees.

Ultimately, your success depends on your ability to execute the plan. I am the perfect example of this. I graduated summa cum laude with a Bachelor of Science in Nutritional Biochemistry and a minor in Sports Nutrition. I was on my way to medical school when franchising found me. When I joined FranChoice, I was the youngest consultant at the time. I was twenty-nine years old. What the heck does a twenty-nine-year-old know anyway? As an entrepreneur, I had always been successful in the health and fitness industry, but I lacked systems and support. You can’t build a multi-million dollar business without systems and support. In franchising, we use the expression that you’re in business for yourself, but not by yourself. Entrepreneurship is very lonely, but franchising is collaborative. You’re supported by lots of people all around you. When I was ready for systems and support, I turned to FranChoice, and who knew that this opportunity would COMPLETELY change my life? You’ve probably heard my story, but I was an average-performing consultant for the first eight years that I was a consultant here at FranChoice. I set a huge goal for myself, and I developed a simple daily plan that, one year later, propelled me to the number one Franchise Consultant in the history of Franchise Consulting. A Nutritional Biochemist with no business background at all was the top-performing Franchise Consultant of all times. From day one at FranChoice. I had great systems and support. I did everything I was trained to do, and even today, nineteen years later, I still follow the FranChoice process because the process works. I was an average-performing consultant one year and then a history-maker the next year. So, what changed? Did the world change? Did the opportunity change? No, KIM CHANGED! I changed! I developed a clear, specific plan. I focused and held myself accountable. I didn’t have an MBA. I had life experience. I had a goal. I had dreams that inspired me that I got up every day and held myself accountable, too. I was consistent, and I followed through. The principles of success in a franchise mirror the principles of success for anything in life.

It’s not what you do on any one day that’s going to make you successful. It’s what you do consistently. Successful people have successful habits. And so, to be a successful franchise business owner, you have to develop successful business habits. You need a strong franchisor partner with a great process that you believe in, that you can wake up and follow every day, and then you just need to wake up and do it.

So, you don’t need an MBA. You don’t have to feel unqualified. You don’t even need experience in a particular industry to be the number one franchise in the system because that is my story. I had NO experience in what I’m doing. It defies all logic that I would be the one to make history in Franchise Consulting. But if I can do it, you can do it, too. I would love to teach you how to be a history-maker in your franchise business. I would love to teach you more about using a proven process and then develop your own simple daily plan that you can hold yourself accountable to help you live the life of your dreams through your franchise business.

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