GIJOBs

JUN 2017

Issue link: http://gijobsdigimag.epubxp.com/i/825996

Contents of this Issue

Navigation

Page 41 of 67

42 G.I. JOBS | JUNE 2017 | GIJOBS.COM GIJOBS.COM G.I. JOBS | JUNE 2017 | 42 7) FOCUS ON THE BRAND. The business model is important, but there's another big advan- tage to buying a franchise. "Most of what you are doing when purchasing a franchise is buying an established brand instead of starting from scratch," says Lauren Lampe, director of marketing for JDog Junk Removal and Hauling, which only sells franchises to military, veterans and their families. "Find a business where you can utilize the experience you've gained in the military and a place that's going to appreciate that type of skill set." 4) FRANCHISE DIS- CLOSURE DOCUMENT. Once you've narrowed your choices, learn every- thing you can about the franchises that made the short list. This starts with the franchise disclosure document, which provides written information about every aspect of the franchise concept. "Many questions will be answered in the Franchise Disclosure Docu- ment (FDD), so read that carefully and be confident in asking clarifying questions you have about that mate- rial," says Tim Courtney of Dream Vacations. "Item 19 in the FDD shows your earn- ing potential – if a franchi- sor does not include this in their FDD, ask them why." 8) RESEARCH THE MARKET. Find out what kind of competition you'll face in the region where you plan to operate. "Assess your market to determine if it is good for the area you desire to set up in," says Nathan Press. 9) LEAN ON OTHER FRANCHISE OWNERS. Reach out to fellow fran- chise owners for advice and guidance. "If you have a situ- ation you aren't sure how to deal with, reach out to the others," says Jason Mead- ows, a JDog Junk Removal owner. "There is a very high chance that someone else has already faced the same issue and is more than will- ing to help." Learn more on the following pages from the five post-9/11 veterans who now own franchises. 5) TALK TO OTHER FRANCHISE OWNERS. Research includes talking to franchise owners within the system. Ask them how they're doing. Ask them about the ins and outs of the franchise. "Talk with other franchisees to gain a greater understanding of what in the business fulfills them, and what the business provides them personally, profession- ally, and financially for their families," says Noelle Burak of Two Men and a Truck. And not just to current franchisees. Talk to former franchisees who left the system to find out why. 3) GET YOUR FINANC- ES IN ORDER. If you haven't already, start saving for your transition. "Make sure you have the ability to cover the upfront cost of ownership," advises Mike Hanlon, an Army veteran who owns a Dream Vaca- tions franchise out of his home in Wilmington, N.C. Nathan Press, a former Army recruiter who owns a Garage Force franchise in Indianapolis, says it's important to have enough money to live on until you get your franchise off the ground. "Be sure to have some money ready for advertising costs and the potential of slow times in the beginning," he says. 6) ASK QUESTIONS. Lots of questions. Ask about any experience required, the cost to get into the franchise, the hours and personal commitment nec- essary to run the business, the franchise's track record, and the business experience of its leaders. Ask if you can reach out to the leadership team and visit the office. Ask about the support system they have in place for franchisees. "Make sure you'll have the support you need down the road, not just when you get started," says Mike Peterson of Garage Force. 2) CONDUCT A THOROUGH SELF- ASSESSMENT. There are thousands of franchises in dozens of different indus- tries. Some can be operated from your home. Others require a store front or vehicle. "Make sure to do your homework on what- ever franchise and industry you're considering," says Mike Peterson, president and CEO of Garage Force. "There are a lot of options, so finding the right fit for you will help ensure your future success." Visit the websites of those that interest you to learn as much as you can. BRANDING ! !

Articles in this issue

Links on this page

Archives of this issue

view archives of GIJOBs - JUN 2017