Air Force Veteran Builds Travel Franchise After ICBM Career

What's Happening

• •Adriana Phillips transitioned from a career in ICBM operations to owning a travel franchise.
• •She emphasizes the importance of understanding startup costs and funding options.
• •Phillips provides insights into the risks associated with using ROBS funding for franchises.

Why It Matters

As veterans transition to civilian life, many seek meaningful careers that utilize their skills and experiences. Entrepreneurship, particularly through franchise ownership, offers a pathway for veterans to achieve financial independence and personal fulfillment while contributing to the economy.

What Changes Now

• •Veterans can now access more resources and support for franchise ownership. This includes mentorship programs and funding options tailored for veterans.
• •The awareness of ROBS funding risks is increasing among veterans. This knowledge can help them make informed financial decisions when starting their businesses.
• •Franchise opportunities are becoming more accessible to veterans. Many franchises actively seek to recruit veterans due to their leadership skills and work ethic.

What to Watch

• •Upcoming franchise expos and workshops tailored for veterans. These events provide networking opportunities and valuable information about starting a franchise.
• •Changes in funding programs for veteran entrepreneurs. Monitoring these developments can help veterans secure financial support for their business ventures.
• •The expansion of veteran-specific mentorship programs. These programs can offer guidance and support for veterans navigating the challenges of starting a business.

Get the Daily Briefing

Military and veteran news that actually affects you, in your inbox each morning.

More Context

• •Transitioning from Military to Civilian Life: Adriana Phillips, an Air Force veteran, found herself at a crossroads after her career managing intercontinental ballistic missiles (ICBMs). Like many veterans, she faced the challenge of translating her military skills into a civilian career. Phillips decided to leverage her leadership experience and passion for travel by starting her own franchise. This transition highlights the unique skills veterans possess and how they can be applied in the business world.
• •Franchise Ownership: A Viable Option for Veterans: Franchise ownership can be an appealing path for veterans seeking a new career. Phillips advises potential franchisees to carefully consider startup costs and the financial implications of their decisions. She notes that understanding the franchise disclosure documents is crucial for making informed choices. For veterans, franchises often provide a structured business model that can ease the transition into entrepreneurship.
• •Funding Your Franchise: ROBS and Other Options: One of the key topics Phillips discusses is the use of Rollovers as Business Startups (ROBS) for funding a franchise. While ROBS can provide access to retirement funds without penalties, Phillips warns of the associated risks, including potential tax implications and loss of retirement savings. She encourages veterans to explore multiple funding avenues, including small business loans and grants specifically designed for veterans.
• •Practical Steps for Aspiring Franchise Owners: Veterans interested in pursuing franchise ownership should take several practical steps. First, they should conduct thorough research on various franchise opportunities to find a good fit. Next, understanding the financial requirements and securing funding is essential. Phillips recommends consulting with a financial advisor who has experience working with veterans to navigate the complexities of franchise ownership.