TITUS CENTER HELPS BUSINESS STUDENTS LEAP INTO FRANCHISING
The Titus Center for Franchising has added a significant amount of value to senior Daniel Vreman’s education. This business management major from Parrish, Florida, is the first business management student to graduate from this concentration. He plans to immediately put his degree to good work after Fall 2018 commencement.
“I feel extremely honored and blessed to be the first one to graduate with this franchising concentration,” said Vreman, whose father has owned a franchise since before he was born, so growing up he got to see the immediate advantages to franchising.
“Franchising, in my opinion, is one of the easiest and best ways to become a business owner quickly and effectively.”
Vreman is actively investigating various franchises. Once he selects the best match to his skills and talents, he plans to act out the due diligence steps he learned from Hayes’ Franchise Creative Ventures course, and hopefully end up purchasing a franchise.
Like Vreman, senior Aaron Rose from Galesburg, Michigan, has learned some critical business lessons from experts in the franchising industry. He was actually the first to register for the concentration in franchising and now, he will be graduating in May 2019.
Rose wanted a concentration that would give him an edge in his career. Franchising did that for him. After joining the program, he had the opportunity to enroll in two internships: one with United Franchise Group and the other with Chick-fil-A. Both have offered him a career post-graduation, and while he’s also considering opening his own franchise, regardless of the direction he chooses to take, he recognizes the knowledge and connections he’s gained in the Titus Center are critical to his career success.
“The first critical lesson I learned from this class was the importance of making connections with business people in my desired career path,” Rose noted in his final exam paper for his franchise management and operations class. “It has equipped me with valuable business knowledge and lifelong connections that give me confidence to go pursue a job in franchising.”
There are very few universities offering a franchising program comparable to the Titus Center. The franchising concentration gives students a unique set of skills that makes them employable immediately after graduation. Rose was confident this program would give him the hard skills franchisors were looking for in prospects, and also to eventually run his own franchise.
“I wish the entire business school educated their students through this method,” he addressed his professor, Dr. John Hayes, director of the Titus Center for Franchising, in his paper. “As a prior franchisor and industry expert, you have provided students with an invaluable education that changed most students’ trajectory in business.”
In their studies, both Rose and Vreman have been impacted by what they’ve learned, including facts about the advantages to owning and working for a franchise. One advantage is that the actual franchise operation is fairly simple. “There is always a specific, proven system that will explain how to operate every aspect of the business,” said Vreman. “With this proven system, the perspective franchisee will have the ability to immediately start operating the business exactly like someone who has owned that same franchise business for 10+ years.
While some people argue there are some disadvantages to running a franchise such as royalty payments and franchisor restrictions, Rose finds these as benefits. “Royalty payments are what franchisees pay for an already established system,” he said.
“As a prospective franchisee, I may pay 6 percent in royalties to use the franchisors system and I am content with that because I was not the individual that had to spend hundreds of thousands of dollars to perfect this system. In addition, the franchisor imposes restrictions because they generally know what is best for the company. It is important to remember they are the experts in the industry and a good franchisor imposes restrictions to keep the brand image consistent and successful.”
There are hundreds of franchises within hundreds of industries available for our students to explore. Both Vreman and Rose believe that the best franchise industry to buy is subjective to the individual’s skills and talents. “For someone good with numbers, a financial support franchise would fit them well,” said Vreman. “On the other hand, someone good with operations and quality control would be effective in a restaurant franchise. I plan to purchase an insurance franchise.”