If you’re a veteran, you’ve devoted precious years to the service of your country. That sacrifice has rightfully earned you the gratitude of your fellow citizens.
You’ve also developed skills in organization, teamwork, leadership and project management that make you attractive to the business community. Franchise companies in particular value veterans because of their experience and personal qualities, and often offer significant discounts and incentives to become franchise owners.
The question, then, is whether franchise ownership is a good thing for veterans to consider. While there is no one-size-fits-all solution, the answer, generally, is yes. Why? Here are 7 good reasons:
1. FRANCHISES OFFER A RELIABLE PATH TO BUSINESS OWNERSHIP AND FINANCIAL FREEDOM: Franchising is one of the most established and certain paths to entrepreneurship and financial independence. That’s because most franchises have spent years learning from every mistake and refining their business model to one designed to ensure success for franchisees who follow their carefully crafted systems. Veterans, needless to say, are experts at following a set of standard operating procedures. They have what it takes to both prepare for a mission and then execute it to perfection.
2. FRANCHISES ENJOY A HIGHER RATE OF SUCCESS THAN OTHER BUSINESSES: Entrepreneurs who buy franchises experience a higher rate of success than people who start businesses from scratch, or buy independent businesses on the open market. A 1999 study by the U.S. Chamber of Commerce, for example, found that 97% of franchises opened within the previous 5 years were still in business, with 86% of them still under the same ownership.
3. FRANCHISES COME IN MANY VARIETIES: Franchises offer an astounding variety of options, spanning industries as different as fast food and fitness centers to home renovation, business consulting and urgent care centers. And as is the case with cars, there are franchises out there to fit nearly any budget, from small owner-operated business to master franchisees who control entire markets.
4. WHEN YOU BUY A FRANCHISE, YOU’RE BUYING A TEAM OF SUPPORTERS AND BUSINESS CONSULTANTS: Franchise owners are in business for themselves, but not by themselves. When you buy a solid, turn-key franchise, you’re not just getting a complete business system, you’re also getting a team of skilled marketing experts, business coaches and operations specialists who will support and stand behind you for as long as you own the business. This is probably the defining feature of franchises that make them particularly ideal for veterans, who are used to projecting leadership and working well with teams.
5. VETERANS MAKE GOOD FRANCHISEES: The above principles not only make good sense. They’re borne out by the evidence. Although veterans constitute 7% of the general population, twice that number, 14%, are franchise owners. 97% of franchise companies, based on hard experience, not idealism, believe that veterans make ideal franchisees. 70% of them have brought veterans aboard as franchise owners or employees in just the last year.
6. FRANCHISES OFFER SIGNIFICANT INCENTIVES TO VETERANS TO ENCOURAGE FRANCHISE OWNERSHIP: Most franchise companies offer significant incentives to bring veterans into the fold. It’s not unusual for them to offer discounts ranging from 10% to 30% off their regular franchise fees.
7. VETERANS QUALIFY FOR SPECIAL FINANCING OPTIONS: Many successful entrepreneurs will tell you it makes sense to start a business with the assistance of other people’s money. Special programs available through the U.S. Small Business Administration and other government agencies offer business loans with lower fees and other incentives to qualified veterans who have served their country.
Owning a business may be the American Dream, but it’s not for everyone. Many veterans will go on to successful careers as employees, corporate executives or public servants.
But for veterans who have always fantasized about being their own boss, achieving financial independence and contributing to the welfare of their family, friends and communities, franchise ownership offers a well-trodden path to transforming those dreams into reality.