Have you ever considered franchise ownership for your next career after the military? According to the International Franchise Association’s VetFran website there are 66,000 veteran-owned franchises in the United States. Military veterans can make successful franchise owners namely because they typically have a strong work ethic and the ability to follow the rules, key attributes for a franchisee.
A franchise is a business model whose rules and procedures have been trademarked so that others can invest in the franchise and provide that same product or service again and again. Today franchising in the U.S. alone is a trillion dollar business!
Is Franchising Right for You?
Certain skills and character traits are necessary for starting and running a successful franchise. You should have a willingness to work hard, take prudent risks, and have the discipline to carefully follow ALL of the franchise rules.
Your ability to interact well with people is crucial, as many franchised businesses are based on people relations. If you consistently have good relationships with your leadership and fellow military colleagues, you probably have the people skills it takes to be a positive and effective franchise boss.
Do you have a support system in place? Recognize that starting a franchise is not a 40-hour-a-week proposition. Make sure that your family and supporters are on board and understand the demands on your time that a new business requires.
Once you’ve decided that franchising is right for you, the next question is which franchise? There are literally thousands to choose from. Some require a relatively small investment and a modest amount of operating capital; others cost in excess of a million dollars! Some franchises are service based, while others are product based.
You should buy a franchise in an industry that you will enjoy for the next 10-15 years, and you should have an aptitude for the service or product being offered through the franchise. Determine your interests and the types of businesses you might really enjoy.
Resources to Help You Choose Wisely
You can get individual assistance in selecting a franchise from FranNet.com. Their consultants will work with you on a one-on-one basis to help you select a franchise that best meets your needs.
Entrepreneur.com is a resource for those researching franchise opportunities. Click here to see their 2013 ranking of America’s top franchising opportunities. This site also lists the top new, top global, and fastest growing franchises.
Once you’ve narrowed the field of franchises, visit the franchise website to get more information about the business. For instance, the Snap-on Tools website describes background about the company, tells why you’d want to own a Snap-on franchise, and explains the investment information. You are also highly encouraged to connect with owners of the franchise via Linkedin to get their opinion and insights.
Especially for Veterans
As a military veteran, you should be aware of the International Franchise Association (IFA) program called VetFran mentioned at the beginning of this article. This program offers financial incentives to veterans seeking to become franchise small-business owners. VetFran has scores of franchisors that have agreed to provide qualified veterans with financial incentives not otherwise available to franchise investors.
Start Your Veteran-Owned Business