Veterans and Franchise Ownership: A Good Match?
In a word: yes. Experience shows that most of our military veterans are uniquely qualified to own and operate a franchise business.
In this post, I am going to give you the reasons why veterans are ideally suited to manage a franchise, as well as several useful tips for veterans who are looking to start a franchise business.
Why a veteran should manage a franchise
Thanks to their unique background, veterans possess the ideal mindset for successful franchise business ownership.
They undergo rigorous training. It prepares them for practically anything they’ll come across in their lives as soldiers. It shapes them to be disciplined and give their all in everything they do, so they will enthusiastically participate in the formal training they’ll receive at the franchise’s headquarters.
In a similar way, veterans possess a unique ability to follow rules. They understand the importance of rules, why they exist, and the need to follow them; it is ingrained in their minds in their military preparation. This training will prove to be crucial in their new position, because franchising is all about the rules.
Perhaps most importantly, business owners will be hard pressed to find people with the leadership skills veterans have. From a Military.com article:
“Most military service members are resilient and quite strong for having served. Many are confident, highly assertive, proud and honorable in their character and professional demeanor. They lived a value-based existence while serving their country and seek to work with purpose and measurable impact after the military.”
Tips for Veterans Interested in Owning a Franchise
Here are the top three tips for veterans interested in franchise ownership:
1. Know that success is not guaranteed
While it is true that most veterans are a great fit for franchising, there is no guarantee of success when buying a franchise.
A lot of factors go into successful franchise business ownership. Making a good choice in a business and obtaining the right type of small business financing are crucial.
2. Use veteran-focused resources
There is no shortage of resources available for veterans who are looking to become their own boss. The Office of Veterans Business Development (OVBD) is perfect example.
The OVBD has numerous free programs and services that can assist veterans who are interested in going down the entrepreneurial path. These include mentorship programs, training programs and more.
3. Do good research
The decision to buy a franchise shouldn’t be taken lightly. There is a certain amount of financial risk that comes with it. That’s why it’s important to do thorough research.
One of the best ways to get the facts about a franchise opportunity is to spend a day with a franchisee at his or her place of business.
I’ve found that this is a great way to get a feel of how the franchise business operates daily. In addition, questions about the business can be asked in real time.
I also recommend paying a visit to the franchise headquarters. It will help you get a feel for the business from another perspective. In addition, the executive team is usually available, so you can ask them questions face to face.
Should Veterans Buy a Franchise?
On many levels, franchise ownership makes sense for veterans. All in all, veterans and franchising are a great match. There’s training, a list of rules to follow, camaraderie (with fellow franchisees) and an opportunity to lead.
But for veterans to be successful as franchise business owners, it’s critical that they make the right choice in a franchise and do their homework.
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