Go Back to School and Incur $75,000 in Loans or Buy a Franchise and Start Work Next Month?

Not long ago, I happen to be flipping channels on the TV, and came across that famous financial show; the Suzy Orman Show. There was a couple on who had gotten themselves into credit card debt, and the husband was unemployed. He said that their plans were for him to go back to school, and eventually his wife would also go back to school and they would get their MBAs. The husband said by getting his MBA he would be able to evaluate businesses, and then choose the best business to start.

That sounded rather curious to me, and Suzy Orman also made note of it. You see, she advised that you don't need an MBA to do that, you just need to take some classes on how to evaluate businesses, P&L statements, balance sheets, and have a firm understanding of free-market capitalism, along with the industry in which the business operates. I would submit you could do that through your own personal studies online. I know I have over the years, and I don't have an MBA.

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Now then, that's not to say that some college shouldn't send me an MBA, or he PhD in business, because I have franchised my own company in 23 states and 450 cities. What I'm saying to you is; you don't need an MBA to start a business. For instance you could buy a franchise, and say the college tuition costs of nearly $75,000 a year at a for-profit colleges to get your MBA, and if you bought a franchise you might find the franchise fee was actually less than that, and you could take out a few loans which the franchisor might hook you up with the proper banks and leasing companies to get going.

Further, you could evaluate the business by talking to current franchisees, and take a look at their business model, perhaps even work in a store for a day. You could take your time, between three and six months evaluating the business, and then decide if you wanted to buy the franchise. If you didn't, you would gain experience in evaluating businesses, and you could move onto your second choice until you found something you liked. Why would you spend $75,000, take four years out of your life to get your MBA, when you could use that money to start a business, and you'd be gainfully employed in a very short time period?

For those that want to go back to school to get an MBA so they can get a higher paying job, or learn what it takes to start a business of their own, I would submit to you it's cheaper to go start a franchise, and save your money, or rather use the same money you were going to spend as your down payment to get your business financed. Indeed I hope you will please consider all this and think on it.

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