G.I. Jobs Latest Issues

SEP 2018

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GIJOBS.COM | SEPTEMBER 2018 | G.I. JOBS 17 What questions should service members or veterans ask of a potential franchisor? • What national marketing efforts does the franchisor provide? • How will I gain from these efforts in my local territory? • How will these efforts help me in national SEO (search engine optimization)? • What will I gain by having direct communication with other established franchisees? • How does the price of the franchise compare with competitors? • What is the royalty structure? • What other costs are associated with the franchise? What do you like best about being a franchise owner? I like being the one who steers the ship. The most effective thing you can do as a business owner is hire the right people. I conduct all new employee interviews. I enjoy meeting new people and discovering what their strengths are. Everyone has a talent nobody else has that they bring to the table. Sometimes it's not easy figuring that out. If you had to do it over again, what would you do differently? I would have applied for an SBA loan earlier. I have a master's degree in public administration and since I have found my calling to be in the private sector business, I wish I had obtained an MBA. Although it is not absolutely necessary to be a franchisee, it would definitely help. I also would have hired more veterans in the beginning and screened the ones I hired a bit harder. I also would have sought out a business consultant from the very beginning due to the complexities of purchasing more than one territory. What tips would you give to service members or veterans interested in becoming a franchisee? 1) If you are looking at applying for an SBA loan, apply early. Sometimes it can take months to process an SBA packet. 2) Try to address any credit score issues you have early so that when the time comes for you to apply it will be one less thing to worry about. 3) Seek out a successful franchisee that you can depend on for help. There is no reason to reinvent the wheel, especially in this business. DRILLING DOWN

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