Maybe you’ve looked around the job market for a while and have decided that there isn’t anything that completely interests you. Or maybe you’re finding it challenging to step outside of a familiar leadership role and take a secondary position in a large company. In both of these instances, opening a franchise might be the most beneficial and financially lucrative approach. Transitioning service members and veterans make the ideal candidate for being a franchise owner because of your commitment, trustworthiness, and unmatched determination to succeed. You’ve built an entire career in the military based on these skills, and a franchise gives you the chance to exercise them in a civilian capacity. A franchise can be a great opportunity for you to be your own boss all the while being able to rely on the experience and expertise of a parent company to help you along the way.
The US Small Business Administration has reported that 1 in every 7 franchises in the US is owned by a veteran. At first look, that might seem a little unusual, but there are actually a number of great resources in place to help veterans achieve the dream of being a business owner. Many parent-franchise companies are interested in working with veterans because it’s clear to them that the skills needed to be successful are in line with the skillsets earned in the military.
One of the major draws of franchise ownership is that owning one requires myriad different skills. The ability to follow established systems, along with the ability to think independently when required are both key targets of all franchise owners. As a veteran, you’re accustomed to operating within a highly regulated environment, and you have an ingrained understanding and respect for the chain of command concept. This is ideal in the franchise world because the best franchises are able to adopt, implement and adhere to a set of standards set by the head organization.
If you’re seriously considering becoming a franchise owner, you should start by researching your target industry with the US Small Business Administration, which has a veteran outreach program. The SBA offers veterans business training, counselling, and referrals to include workshops on business development. SBA will also give veterans an analysis to determine if a business idea will be successful.
Many companies offer incentives for veterans to become franchise owners. Instead of needing a buy-in to open a franchise, many businesses will offer a discount or incentive for a veteran-owned business.
One of the best ways to determine if a franchise is going to be successful is to review third-party franchisee satisfaction information. That means getting out and talking with other franchise owners about the things they like, dislike, or want to change. Once you’re clear on whether or not the particular franchise is right for you, you’ll be better informed and able to make a decision about what’s the next best step for your career. As a veteran, you are already well versed in the concept of analysis, planning, and organization. Being efficient is consistently analyzing and measuring important indications of a squadron, platoon, battalion, or brigade is the same as being able to do this within the framework of a business. The reason so many veterans are successful franchise owners is that the skills you’ve honed during your time in service are so easily transferable to the franchise world.
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