Why Veterans Make Good Franchise Owners
The training and skills learned in our military service branches give veterans an advantage when it comes to entrepreneurship. Once veterans transition back to civilian life, they already have the transferrable knowledge that makes franchise ownership an ideal choice. Discipline, leadership, teamwork, motivation, and accomplishing a well-defined objective are the hallmarks of good franchise owners, but the greatest asset is the ability to follow a set of defined procedures while following a proven business model.
Did You Know?
- U.S. veterans make up only 7% of the population, but the percentage of franchise owners who are veterans is double that- 14%
- 65% of franchisors report that their rate of awarding franchises to vets has increased in recent years
- 99% of franchisors believe veterans are a good fit for ownership
- 97% of veterans are rated “excellent” franchisees
- 70% of franchisors have a veteran franchisee or employee in their systems
- Veterans who choose the entrepreneurial path are often referred to as “Vetrepreneurs”
Source: VetFran.org
Buying a Franchise in 7 Steps
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Understand Franchising
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Determine Your Style
Once you understand your options and find that franchising is a good match, you may want to think about the business model that will best meet your ownership goals. You’ll want to research or speak with someone to gain insight into which franchise opportunities may be the best fit for your experience, goals, skillset, lifestyle, and more.
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Explore Franchise Options
After determining any must-haves for your business ownership lifestyle, you’ll want to research local franchise options that can best meet all your goals to enhance your success. It may be advantageous to work with a local consultant with insider knowledge who can match you with many options and potentially make an introduction at your franchise of choice!
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Speak With Franchise Companies
To know if a franchise will fit your lifestyle, it’s best to go straight to the source. You’ll may want to work with someone who can facilitate introductions at companies and coach you on the due diligence process, providing guidance on questions to ask, Franchise Disclosure Documents, and how to rank the franchise opportunities for yourself.
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Speak With Local Franchise Owners
Once you learn more about each franchise company that you’re interested in, you will be able to speak with active franchisees in their respective organizations. This will allow you to validate the business, support, and success of each while getting up close and personal with owners to see how their model will match your needs.
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Discovery Day
Prior to making a formal commitment to an opportunity, you will attend a Discovery Day, usually on-site at the corporate headquarters of the franchise you’re interested in. This is a great opportunity for you to meet the top management team, see their operational facility, and learn more about the day-to-day life of owning a business under their brand.
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Decision Time
After you return from Discovery Day, you’ll be ready to decide if that franchise is the right fit for you. If it is, you may also want to research and access any necessary referrals for franchise attorneys, accountants, and funding partners to help complete your franchise due diligence. From there, it is your choice to sign the final franchise agreement and become a franchisee.
Funding Options Just for Vets
Nearly all franchisors and funding sources include special programs, discounts, and options just for U.S. veterans. To view the full list or search for franchises that offer discounted fees, visit the directory provided by VetFran, a strategic nonprofit partner of the International Franchise Association (IFA) that specializes in facilitating franchise ownership for veterans. [mwai_chat]