JANUARY 4, 2024 – You may be reconsidering your professional future as the new year dawns. For Veterans who don’t want to work for someone else, there’s an option worth considering: Starting a franchise.
Owning a business through franchising is a perfect hybrid between working for an organization and starting your own business from scratch.
While it’s not for everybody, here are six reasons why you may want to see if you have what it takes to be your own boss.
Veterans are highly trained
One in seven franchises is owned by a military Veteran—approximately 15%. No surprise. A franchise operating manual is pretty similar to the operating manuals we used to operate military weapons, tanks, aircraft, ships, submarines and drones.
That franchise operating manual took lots of time and money to perfect. When you buy into a franchise, you benefit by learning from someone else’s mistakes.
You don’t need business experience
Never owned a business before? Don’t have experience in the industry? No problem.
Franchises train you. Then they follow up with a franchisor team that provides services like marketing, accounting set-up, vendor relations, operating, pricing and more. On top of that, you have a team of fellow franchise owners who support one another.
Unlike a stand-alone business where it can be lonely at the top, the franchising model is being in business for yourself, not by yourself. Franchising is a business in a box, with a tremendous support network.
Veteran benefits
Many franchises offer a discount on the franchise fee to Veterans. Plus, many Veterans have access to VA disability payments and military retirement pensions. All of this provides greater financial stability while you are starting your franchise. This gives you more financing options and allows you to focus on running your business, not worrying if you have enough working capital.
Most franchises are home-based and cost between $80,000 and $180,000 to start, requiring as little as $20,000 cash down. Franchises with a brick and mortar location will typically double that cost or more.
Not just restaurants
Franchises are all restaurants, right? Wrong! If you can think of a service or product, there’s probably a franchise for it.
Franchises run the gamut from home services, senior care, fitness, childcare, tutoring, real estate and much, much more. There are even franchises for removing junk, painting lines in parking lots, mobile flooring retailers and yes, dog-walking!
There are over 2,000 different franchise brands available today, and the vast majority are not restaurants.
Veterans are no stranger to risk
Sure, business comes with risk. But let’s put that into perspective.
Few things are as risky as military service. As an old friend used to say, “In business, nobody’s getting shot at.” And even if you weren’t getting shot at, military training is inherently risky.
In franchising, somebody else wrote, executed and perfected the business plan. Then they gave you all the answers on how to do it right. Top it off with aligned incentives. Franchisors are successful when their franchisees are successful.
Free franchise coaching services for Veterans
From deciding if you’re cut out for franchising to selecting the best fit to walking through the due diligence and purchase, getting into franchising can be an intimidating process.
You don’t have to go it alone. Our franchise coaching team will walk you through the entire three- to four-month process from discovery to opening the business.
Our services are free to Veterans and your cost to the franchisor is the same whether you use our free consulting services or not.
So if you think you have what it takes to be your own boss, schedule a call with our team today!
Simply go to www.vetrepreneur.com to get started.
By Chris Hale
Navy Veteran, Vetrepreneur CEO and Senior Franchise Coach