If you’re considering owning a franchise, you’re probably aware of the challenges inherent in running a small business. But what background is helpful in order to make your endeavor succeed? Is an MBA necessary? The answer may surprise you.
One of the key skills that business schools teach is research. They explain how to size up various markets, industries and ideal customers. But you don’t have to take formal classes to develop this skill. Much of the information you need is freely available, and you may already know how to research from being in another career.
Creating a business plan is another skill you could go to school for. But again, it’s not required – there’s no reason you can’t learn how to craft and implement a plan on your own. While there may be legal steps required to own a business, there’s no law against coming up with a solid plan to make your dreams reality.
Finally, business school can give you a background in problem-solving, and the problem “ownership” every boss must take on to run a profitable enterprise. However, you may already possess that knowledge if you work in a field such as customer service or retail.