The important thing to know about franchising is that it requires the same attributes needed to run any successful business: leadership, passion and the willingness to do whatever it takes to succeed. Your franchise may come with a proven model, but you still have to run it, market it and manage it – and that takes work.
“The harsh reality is that most businesses won’t make it past their five-year anniversary,” said Mike Haynie, Air Force veteran, founder of the Entrepreneurship Bootcamp for Veterans with Disabilities, and assistant professor at Syracuse University, Department of Entrepreneurship and Emerging Enterprises, Whitman School of Management. “A franchise has a recognized brand, established supply channels and standardized operating procedures, but the personal qualities, skills and attitudes that a franchisee must have are the same for all entrepreneurs.”
As a veteran you may be a step ahead of other potential business owners in this area.
“Veterans historically have been in great demand in franchising because of their character qualities,” said John Hayes, author, speaker and founder of franchisemastermind.com. “They can follow orders – so they can follow a system.”