Veterans: A Word of Caution about Franchising!
The term, Veterans Franchise Opportunities has been a marketing strategy for decades, but the practice exploded after 9/11 and the eventual discharge of ten’s of thousand from the military. Most of those young people were looking for work and the franchise industry seized upon the chance to sell them franchises.
At the VeteranFranchises website the following statement is made:
“As a veteran, you are one of a select group of motivated and disciplined individuals well suited to business ownership. Franchise companies know that both you and they will benefit from your ownership of their franchise businesses.”
This is a bogus and misleading statement. Here’s why.
Military service does not make one ‘well suited’ for entrepreneurship, so don’t be fooled. The obvious intent of ‘Veterans Franchise Opportunities’ is to sell franchises to veterans. I caution veterans to not fall prey to this salesmanship. Although franchising has been my profession for over 30 years, I regret to inform you that within it you will find slick salespeople and an abundance of low quality opportunities, that if chosen, can ruin your life. I suspect that vigorous investigation of any program marketed to veterans is no different than other marketing or sales efforts in franchising. Be smart and beware.
If you’re among the thousands of veterans seeking a franchise opportunity, take your time to consider the fact that franchising can be a bad fit for you and for your financial future. On the other hand, if you have the wherewithal to be a franchisee in terms of personality, finances and desire it can be a good decision. We just urge caution and the discipline to engage in thorough due diligence before moving forward.
Your first consideration, always, is whether or not entrepreneurship or business ownership is a good decision. Your second decision is whether or not franchising makes sense for you. And your third decision is whether or not a particular franchise concept is both good and good for you. A good career with steady employment is often the better life choice. Take all the time you need before deciding upon an entrepreneurial lifestyle, especially one in franchising.
Editor’s note: Nick Bibby is a former Marine, an infantry officer, and a Vietnam veteran.