Veteran Franchisee Explains Three Challenges Facing All Franchisees in Current Economy

by John P. Hayes, Ph.D.

Virginia Barbeque franchisee Ed Totanes, who several years ago bought a franchise with a discount by taking advantage of the Veterans Transition Franchise Initiative, told veterans of the U.S. armed services in Washington, DC. that franchisees face three main issues in the current economy.

Challenges franchisees face

Totanes said every franchisee (regardless of the type of business) is facing 3 primary challenges today:

1. Labor. Finding the right people is a challenge, in spite of high unemployment. Totanes suggested, "Hire a veteran! If they've been through boot camp they've been trained and they know how to say, 'Yes, Sir!'"

2. Money. Finding it, managing it and keeping it! "Cash is king," Totanes told the veterans. He saved money to buy a franchise, plus the VetFran discount helped. He told veterans to check out the Small Business Administration for guaranteed loans, and to discuss their money needs with franchisors who may be willing to help.

3. Marketing. Businesses don't just develop, they have to be cultivated. "You need a good marketing campaign. That's one of the reasons why I prefer a franchise," Totanes commented. He pointed out that a good franchisor provides a winning marketing campaign for franchisees.

Advantage over civilians

Totanes told the veterans that if they become franchisees they have an advantage over civilians. "The military teaches us to work hard and work as a team. Civilians don't understand that," he concluded.

VetFran is sponsored by the International Franchise Association based in Washington, DC. It was created by the late Don Dwyer, a franchisor of several home-based service franchises.

John P. Hayes, Ph.D., author and speaker, has written the Franchise Pre-Investment Checklist to help you thoroughly research franchise opportunities. A 30-year franchise veteran who has owned franchises and was the CEO of a major franchise company, John is perfectly suited to help you with your franchise decisions. He offers a variety of free reports, teleconferences and seminars to help you decide if you should buy a franchise and if so, which franchise to buy.
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