Veterans: Be Cautious When Pursuing a Franchise Opportunity
by Ed Teixeira
A number of franchisors are offering financial concessions to veterans
interested in purchasing a franchise. Veterans need to look before they leap.
As returning U.S. veterans continue to face a weak job market the opportunity
to purchase and operate a franchise is an attractive option. In order to
facilitate this option, numerous franchisors have constructed special programs
for veterans. These programs can include a reduced franchise fee, waiving the
entire fee or reducing royalty payments for the first year. If youíre a veteran
with a desire to invest in a franchise, avoid getting caught up in the hype and
take a cautious approach.
If your intent is to purchase a franchise here is some advice:
- Youíll be exposed to franchise opportunities at franchise
shows and job fairs. Take a conservative approach and donít jump
at the first opportunity.
- Learn about franchising by visiting the FTC, AAFD and IFA
websites. There is a wealth of information available on the
Internet. I offer a digital version of my book
The Franchise Buyers Manual to veterans for free. E-mail
email@example.com if youíre interested.
- Identify your financial resources and donít risk it all.
Although a franchise can minimize the risk compared to a new
business start-up, franchisees do fail.
- Although youíll receive financial concessions, donít let
that change how much youíll invest in a franchise. Just because
you may pay a reduced franchise fee, youíll still need to invest
- Be sure to follow a franchise process when you start your
franchise search. Donít cut corners and be sure to speak with
existing and former franchisees from the franchisees you are
- Consider working a few days at a franchise youíre interested
in so that you can gain a sense of how the business functions.
Many franchisors would be willing to provide this concession.
- Engage the services of an attorney with franchising
experience. Youíll be investing your hard earned money and
youíll want to have professional advice.
If youíre a veteran with an interest in franchising, make sure that you
proceed cautiously and follow the advice of a qualified attorney, as you get
close to purchasing a franchise.
© 2011 FranchiseKnowHow, LLC
Ed Teixeira is the President of FranchiseKnowHow, LLC. He can be reached at
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