Veterans Are the Best Franchisees
Veterans and service members are looking into ownership of franchises like never before. According to the U.S. Small Business Administration, roughly a quarter of all veterans are interested in starting their own businesses. However, without any previous business ownership experience a franchise is often the best route to go for most.
Many veterans are choosing to open franchises because they are lower risk with a higher probability for success. Here just some of the many benefits of starting a franchise business versus starting from scratch:
- Proven track record
- Less risk
- Established infrastructure
- Full operating procedures
- Comprehensive training and ongoing support
- Brand awareness
- Experienced leadership team
- Marketing resources
- Easier funding
For the reasons above franchises are so popular. In fact, the International Franchise Association reported that 1 of every 7 franchises in America is owned by a veteran. The number of veterans owning franchises may be so large because of all the help available to make business ownership possible. Hundreds of franchisors and financial service companies offer discounts for veterans.
More importantly, FranData reports that veterans are actually better franchisees outperforming the average franchisee by 25%!
So why are veterans more successful at franchising?
The military is the largest franchise system in the world and follow the same training principles as most franchise businesses. Some even call their training “bootcamp.” As outlined below veterans already have the skills necessary to succeed in owning their own franchise:
- Veterans learn faster: Assignments in the military change every 3 years and you are trained to learn and implement the new job quickly.
- Veterans are disciplined: The military has a strict hierarchy and chain of command as does a franchise with a high expectation of performance.
- Veterans are problem solvers: The military teaches you to adapt and overcome which is critical each day when you own a business.
- Veterans follow instructions: For each new job the military issues Standard Operating Procedures and you are expected to learn them and follow them with excellence as with a franchise.
So how do I get started?
Start your research by utilizing all of the transition services offered by the military including reaching out to your local veterans’ business outreach center (VBOC). They offer services to help veterans with business training, counseling and referrals. This includes workshops on business development such as being self-employed. There are business counselors available to help on a one-on-one instance as well.
After some initial research, you can also reach out to a franchise consultant. They are trained to provide you with all of the knowledge you need to determine if business ownership is right for you, if you have the funds necessary and most importantly what business is the best match for your background, goals and interests. A franchise consultant can also provide funding resources and veteran discounts to help reduce your start-up cost.
Author
Irving Chung
FranChoice Franchise Consultant
(214) 908-9791
To learn more contact Irving for a free consultation.
About Irving
Irving is a franchise consultant with FranChoice, one of the premiere franchise consulting firms in the country with over 20 years of experience. He is also the Director of Entrepreneurship and Board Member at the Dallas Veterans Chamber of Commerce.
