Posted on Jun 2, 2015
If you wanted to look for a business or franchise to own, what would be the first thing you would do?
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I ask because I want to engage with more vets who don't know where to start. I am creating an education and mentor site for franchise information with transitioning and x-military. I remember what I did when I got out of the military but I wanted to hear others who have been thinking about the same thing.
Army
Business
Entrepreneur
Transition
Posted >1 y ago
Responses: 17
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First thing would be to know why you would want to do it. Next is do you have an interest in that industry-would and could you commit to it. Owning a business or managing a business is like being an Infantry Squad Leader, takes 110% commitment 24/7. The business takes and employees take precedent over everything and they are number one in your life, plus you have to bring in a balance with your family and faith. Then you need to research it; what is their marketing strategy and where would you fit in to that strategy, long term plans and goals, SWOT, business and market plan, SCORE, the franchisor's requirements. If that is your cup of tea, then take action, if not, find something else. If there are Veterans or Troops out there looking for ideas that might interest them, I have some and I made a lot of mistakes and failed and succeeded. I am not a recruiter for franchises or industry(s). But I am willing to offer up some business advice and assistance on writing business plan and how to do a thorough SWOT Analysis to any Veteran or Trooper thinking about going into business for themselves. I will tell you the way it is, even if you do not like it, I don't sugar coat it. And I do have connections in the Transportation Industry and Air Freight Industry. There are alot of scams out there, and if you think your Army recruiter lied to and sold you a line of BS, wait until you run across some of these business and franchise recruiters. I only have a Bachelors Degree in Business Administration, but I have over 25 years both military and civilian transportation and logistics experience.
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I reached out to a district manager who sat down with me and talked to me about acquiring a franchise. He had me sold until I realized I needed the capital in the tune of $250,000 to even consider acquiring said franchise. Still looking into it, a challenge yes. Doable, yes. Sometimes you just have to ask one question and the ball is rolling.
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I would open a Dave and Busters. It's a great place to spend an evening on a date or get together for a farewell lunch. All installations have bars and clubs or a kid specific place for young children but miss the large gap of individuals who have older children or a nice place for single soldiers to spend some time having fun, hanging out with friends or whatever the case may be. Great food and fun games, it's what I'd get into.
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What ever is my specialty is for example, restaurants whether I am serving Indian, Chinese, Thai, or BBQ, I would conduct a study find out where my business would thrive the most. For another type of business I would still conduct a study.
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SGT Alexander Hildenbrandt
SSG, I dont point vets at fast food as company policy unless someone can prove to me otherwise. The capital is to high, risk is to great and margins are to slim for single unit ownership. If you go that direction just keep it in mind buddy. Your right though no matter what the specialty is we go through a comparison study. Good catch bud.
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SSG (ret) William Martin
For some reason I thinking of food but speaking of food, for a start up business where the over head might be cheaper to start up is a mobile or a small stationary food place that served gourmet hotdogs. Clean up is simple and quicker for one person who is still subject to safety inspections.
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For one, you need to know all the franchise fees.....and profit potential. I took a Special High School class in Business & Franchising and I've found that a lot of the time the Franchise (or Franchisee) doesn't do it's homework for a good Franchise location, or there is good reason there is a low Franchise fee. And that's because the profit potential is so low. You need to work insane hours, deal with all the problems on taxes, and low wage workers, and then you barely squeeze out a $50,000 profit. It's often figured out that it's not worth it when it's to late.
If you want to make a website about this, I'd suggest you make sure you put up the Cons of each Franchise. You don't want to look like a website trying to sell Pipe Dreams and Magic Beans. You need to be Critical. Maybe rate each Franchise on a scale of 1-10 based on a few important points.
If you want to make a website about this, I'd suggest you make sure you put up the Cons of each Franchise. You don't want to look like a website trying to sell Pipe Dreams and Magic Beans. You need to be Critical. Maybe rate each Franchise on a scale of 1-10 based on a few important points.
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SGT Alexander Hildenbrandt
I was thinking a star rating for practicality by vets for vets kinda thing. I have enough insider knowledge now and am in the process of doing that you tube video by youtube video. What do you think? do you think a critical review youtube series would do the trick. I only know of two other franchise brokers in the country who are prior vets that are more loyal to veterans than franchises. I like to think of us as the crew. HAHA.
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Cpl Robert Masi
Sounds good. Depends on what your videos will be teaching. Then it's a matter of how many vets you expect to get a following from. "Vet owned business" is a relatively small market.
But you could skyrocket whatever it is you're doing if you can get endorsed by Buy Veteran, or a similar program.
But you could skyrocket whatever it is you're doing if you can get endorsed by Buy Veteran, or a similar program.
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figure out what i can afford to franchise then figure out what of those that i can afford, i can do best, then of those, which i love the most.
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SGT Alexander Hildenbrandt
The VA link has many other linked connections, I would brainstorm different ideas to determine any that interest me. Good luck!
http://www.va.gov/osdbu/entrepreneur/franchising.asp
The VA link has many other linked connections, I would brainstorm different ideas to determine any that interest me. Good luck!
http://www.va.gov/osdbu/entrepreneur/franchising.asp
Veteran Franchising Opportunities - Office of Small & Disadvantaged Business Utilization
Learn more about Veteran franchising opportunities in the OSDBU Veteran Entrepreneur Portal
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I have had a few friends purchase franchises, two of them are doing ok and one is doing great. I thing they used their VA certificate for a business loan.
It is definitely an idea worth thinking about.
It is definitely an idea worth thinking about.
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SGT Alexander Hildenbrandt
I am a broker and I help people explore and analyse before they pull the trigger. I am trying to get some ideas about what people look to first when they start thinking about it. We are not the service everyone knows to go use but we are here and free just the same. Thats why I had the Idea for the education site for military that way I can put in all the data about transitioning while in the exploration process and some hurdles to be aware of. What do you think?
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My bottom line upfront is what is the franchise cost and what comes with in way of training, corporate meddling, and assistance
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SGT Alexander Hildenbrandt
First, thanks for the response and help. Second, where would you try and find that information? Would it be online, transition guides, mentor help, ect, ect?
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