Ask the Expert:

What Kinds of Franchises Are Good Matches for Someone Leaving the Military?

MODERATED BY JOHN WALSH

Q: What skills from my military service can I use in my franchise?
A: In the military, you learned how to follow directions precisely and efficiently. Franchise businesses in particular require this skill because you must use the framework set up by the franchisors. The franchisors have regimented the business for you. Also, the planning and organizing skills you utilized in the military will be essential to running a successful franchise.

Q: How can I find a franchise that I would enjoy running?
A: First of all, you should figure out which businesses interest you. Would you like to own a restaurant, or a sporting goods store, or would you be happier working in real estate? Next, talk to people who already own these franchises. Are they happy running their franchises? You should not forget about the military's career guidance programs for veterans, either. They can help to steer you in the right direction.

Q: How much would I have to invest to start my franchise?
A: Franchising fees vary dramatically based on the type of business. On the low end of the spectrum, you might pay $20,000 to get your business up and running. The costs of franchising fees and real estate can run up to $1 million for other businesses. However, according to the International Franchise Association, 70% of companies' franchise fees are $40,000 or less.

Q: What if I want to try something totally different from what I was doing in the military?
A: Not all skills that you learned in the military translate to civilian careers, and you might not want to be doing the same sort of job in your civilian life as you were doing in the military. Franchising is a smart way to branch out. You can make a big change but still enjoy the support and guidance of the franchising company.

Q: Are there any incentives for military veterans interested in opening a franchise?
A: You should look into the Veterans Transition Franchise Initiative (VetFran). Participating businesses offer a 10 to 25% discount on franchising fees to military veterans. Over 400 veterans have already taken advantage of this program, and more and more businesses are joining as well. Today, more than 200 franchise businesses are a part of the program.

For More Information:
Check out the Military & Veterans section on this website.