Rush on Business
Veterans Moving Toward Franchises?
I read an interesting article from Entrepreneur Magazine entitled Back to Civilian Life, Veterans Try Franchises. The article discusses how a former fighter pilot purchased a franchise after retiring from the U.S. Air Force.
A couple of months ago I spoke at the Iowa Veterans Career Retreat. Many of those in attendance were looking at starting their own businesses. None in the audience that day were considering a franchise. However, a franchisecould be a good alternative.
How do you go about choosing the right franchise among the many offerings out there? Good question. My friend Joel Libava a/k/a The Franchise King wrote a book on the subject called Become a Franchise Owner! I recommend the book for any veterans that may be interested in purchasing a franchise.
Some wisdom I'd share is not to get sucked into the notion that franchising is less risky than starting your own business. Franchisees fail at about the same rate as other businesses. Conduct due diligence and carefully formulate a business plan even if you are purchasing a franchise because "they already have the system in place". And it's also very helpful to be honest with yourself in assessing whether a franchise is right for you.
Finally, evaluate whether you are buying yourself a job. You should purchase a franchise as an investment and expect a return on that investment. Otherwise, veterans (or anyone for that matter) is better off just looking for employment. It's less risky and a lot less stressful.
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