Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
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WWW.UPANDCOMINGWEEKLY.COM APRIL 6 -12, 2022 UCW 21 Military members have numer- ous resources when they start transitioning out of the military in modern times. Many of those re- sources focus on business owner- ship. I have experienced firsthand that most of those resources are limited until you are within a few months of separation. Further- more, the resources focus on the skills necessary to run a business, not the different options to be- coming a business owner. Veterans perform well as busi- ness owners but may not know their options before leaving the service. e business ownership process takes longer than transit- ing into another job/career. Even once you get your company up and running, it may take a while to replace your income. Below I will provide the three most common approaches to business ownership. Each of these options will have its benefits, risks, and concerns. Start-ups is is a common way to bring new ideas to market. Start-ups allow you to control every step and process. ey can sometimes allow for little to no initial capital. Although those are very appealing benefits for start-ups, they also have a lower success rate than the other two options, as you often find yourself filling countless roles with little support. Even if your small business is successful, it may take several years for the company to become profitable. Franchises ere are countless franchises, and working with a franchise consultant can help match your criteria to the right opportunity. Not all franchises are created equal, but the value is generally in proven processes, purchasing power, brand recognition, knowl- edgeable support, training and higher success rates. Franchises allow for more accurate strategic planning than start-ups, as you have more data to support your goals. ose benefits do not come for free as there are typically both upfront and ongoing fees, but many franchisors offer a veteran discount. Established businesses ose outside the business world may not know that you can find a profitable business for sale at reasonable prices. is business acquisition strategy allows you to enter something already estab- lished with customers, employees and processes. From day one, you may have a return on your invest- ment. Sometimes the existing business for sale is a franchise, and other times the business is fully independent. is area has the highest risk if you do not have a strong team of professional advisors to help make informed decisions. Business sales typically take around nine months from start to finish. As you transition out of military service, you will face countless de- cisions. Surrounding yourself with advisors early in your decision process will smooth the transition into business ownership. Every person's situation is different and requires specific consideration. Military transition planning to business ownership by THOMAS KELSEY BUSINESS & FINANCE THOMAS KELSEY, Transworld Business Advisors of Fayetteville. Comments? tkelsey@tworld.com Photo courtesy of Thomas Kelsey. Westwood Shopping Center & Fort Bragg Steve & Debbie Milburn, Owners We Specialize in: ANYTHING! We Print, Pack & Ship! • Acrylic Photos • Photo Stickers • Magnets • Custom Puzzles • Signs • Banners • Business Cards • Digital & Wide Format Printing • Notary Services • Mailbox Solutions • UPS/USPS • Packaging Material/ Supplies • Military/AAA/AARP discounts • AND MUCH MORE! Print/Sign Shop The UPS Store Picture Perfect Gifts Made for Mom IN STORE! Delivering Gifts of Appreciation to Moms Everywhere! L O C A L V E T E R A N O W N E D B U S I N E S S Westwood: 439 Westwood Shopping Center 910.860.1220 | theupsstorelocal.com/2974 Fort Bragg: Fort Bragg Mini-Mall 910.436.7877 | theupsstorelocal.com/4787