Veterans emerge from the military with extensive training, valuable experiences, and a well-honed set of skills. After finishing their military service, many veterans seek a second career where they can use their skills and prior training to continue to serve their communities.
About 25% of veterans are interested in starting their own businesses, and franchising is an ideal way for veterans to accomplish that. The franchise model combines the resilience needed in the world of entrepreneurship with the willingness and ability to follow the guidelines of the franchisor. Veterans have these qualities, and more, in abundance.
Veterans and franchisors have long understood the strength of this partnership. While veterans make up 7% of the country’s population, they account for 14% of all franchisees!
QUALITIES THAT MAKE VETERANS GREAT FRANCHISEES
Military training and experience teach skills and instill values and characteristics that are advantageous in many industries. However, veterans have many qualities that are uniquely transferable to the franchise industry. Veterans make great franchise owners because they are:
- Able to follow a process
- Tenacious and don’t give up easily
- Not afraid of hard work
- Comfortable with discipline
- Service-minded and give back to the community
- Likely to hire other veterans
- Deeply loyal
- Calculated risk takers
- Comfortable being uncomfortable
- Understanding that sometimes you need to pivot on the plan
Much like the military, a franchise’s success depends upon teamwork, strong leadership, determination, and following procedures. Franchisors provide proven training, resources, and guidelines.
A successful franchisee motivates and leads a team of employees in carrying out the process. Veterans are well-equipped for this role.
REASONS VETERANS LIKE FRANCHISE OWNERSHIP
Becoming a business owner is difficult and there is some risk involved. However, franchisors have proven business models and provide comprehensive training and support for franchisees. Partnering with an established franchisor removes a significant amount of the startup risk and even allows veterans to enter an entirely new field if they want.
A major reason veterans are drawn to franchising is the flexibility. As a franchise owner, you are your own boss. You can take a more active role in your business or a more managerial role. Choose a franchise that is compatible with the amount of time and commitment you have to give. This means veterans can pursue business ownership and spend time with family.
The veteran franchisee and franchisor partnership is a mutually beneficial relationship. Franchisors recognize the unique skills that veterans offer to the success of their company. In return, veterans take advantage of the business model, branding, advertising, promotions, visibility, and customer base developed by the franchisor.
FRANCHISE INDUSTRIES POPULAR WITH VETERANS
There are so many options available when it comes to choosing a franchise. And it’s not just food! Actually, only 10% of franchises are food related. Here are some of the franchise opportunities that are popular among veterans.
- Home services
- Fitness
- Healthcare and medical
- Pet services
- Real estate
- Travel agencies
- Financial services
Each business and each franchisor is different. They have different business models, provide different types of support, require different levels of commitment, and offer different growth opportunities. Take the time to research each franchise you’re interested in, ask questions, and choose the best opportunity for you, your lifestyle, and your goals.
RESOURCES FOR VETERANS INTERESTED IN FRANCHISE OWNERSHIP
As a franchisee, you are in business for yourself, but not by yourself. Becoming a business owner is difficult and there are many resources available for veterans interested in franchise ownership.
VetFran is a program designed to thank veterans for their service by offering incentives, discounts on franchise fees, and resources for veterans entering the franchise industry. There are over 600 franchise companies in the VetFran program, and companies must meet specific requirements to become members.
Even with the resources available to veterans, navigating the franchise process can be challenging. Exploring franchise opportunities, researching individual franchises, meeting with franchisors, and ultimately choosing the right franchise is a lot to tackle. That’s why I offer a personalized path through the franchising process from beginning to end, for free!
The franchise industry needs more hardworking business owners with tenacity, grit, and strong leadership skills. It’s not easy being a business owner, but with veterans’ skills, characteristics, and experience paired with the resources available, veterans thrive as franchise owners!
