Being laid off from a job for which you’ve worked for several years can be disheartening and overwhelming. The adjustment to unemployment is something many, especially veterans, are not prepared for. But Veterans are routinely highly sought after as business partners and executives by franchisors due to their strong work ethic, leadership capabilities, accountability and ability to learn quickly. Veteran’s who have been laid off have a number of paths to consider as they move forward, and one of the best options is to explore the franchising world.
Franchising is a business model that allows independent business owners to partner with an established company, following a prescribed set of business systems, rules, and regulations that support a consistent brand. The franchisor involved typically provides the resources and support associated with the brand to help the business owner launch and operate the business. For Veterans, franchising can be a great option because it provides the opportunity to become a business owner without having to develop a business from the ground up.
There are a variety of franchises for veterans available, and finding the right one can depend on a number of different factors. It is essential to do your homework to determine which franchise is right for you before investing your money. Below, we will answer some Frequently Asked Questions (FAQs) about the best franchises for veterans after corporate layoffs.
FAQs Regarding Best Franchises for Veterans After Corporate Layoffs
Q. What criteria should veterans consider when evaluating the best franchises for themselves?
When it comes to selecting a franchise, there are many different factors to consider. First and foremost, make sure any franchise you consider aligns with your professional interests and goals. Make sure to also take into account the industry sector of the franchise, the amount of capital required, and the level of risk you are willing to take on. Make sure to research the various costs associated with the franchise, the amount of training required, and the level of support offered by the franchisor to help you get started. Finally, ensure that the franchise has a proven track record of success, and that a legal agreement is in place between you and the franchisor.
Q. What are some of the most popular franchise options for veterans?
There are many popular franchises for veterans available, ranging from restaurants to retail stores. Some of the most popular franchises for veterans include: Subway, Clothing Boutiques, Financial Services, Lawn Care, Home Services, Quick-Service Food, Cleaning and Restoration Services, and Pet Services.
Q. What types of organizations offer the best incentives for veterans?
Franchise organizations such as IFPG, VETFran, and VetBiz are some of the best resources for veterans looking for incentives. IFPG offers its members exclusive discounts on select franchise opportunities, and VETFran provides veteran-specific resources to help veterans find franchise ownership opportunities. VetBiz offers grant programs and other forms of assistance for veterans to help them become business owners.
Q. What types of franchises offer the most long-term success?
The most successful franchises have proven to be those in the restaurant, retail, and quick-service food industries. However, many other industry options exist for veterans considering franchising opportunities. Take the time to research the industry sectors that match your professional experience, interests, and budget.
Q. Are there other resources available for veterans to help them with franchise ownership?
In addition to the resources offered by organizations such as IFPG, VETFran and VetBiz, the military has its own resources that can help veterans become successful business owners, including their Transition Assistance Program. Organizations such as the Small Business Administration (SBA) and the SCORE Association also offer free business training and mentorship programs for veterans.
Q. How can veterans get started with franchising?
The best way to get started with franchising is to research the different franchising options available, and attend franchise conventions and events, such as IFPG’s Franchise Live. You can also reach out to established franchisors for advice and information. Before investing in a franchise, veterans should make sure to consult with a qualified franchise attorney to review the documents and understand the details of the franchise agreement.