Recently retired veterans tend to have a bit of a life shift as they move out of their services and into a more civilian lifestyle. Often, this transition process can include looking for a new career income and engaging in business ownership. Trends show that buying a franchise can be a great opportunity for retired veterans. With more than 1,300 franchise consultants and organizations, the International Franchise Professionals Group (IFPG) is here to help you discover the best franchises for veterans.
Navigating business ownership and evaluating different franchises can be a difficult task, especially for those with a busy schedule. To make the process more seamless, we’ve compiled some of the most frequently asked questions about the best franchises for veterans.
What Kind of Franchises Are Available for Veterans?
Veterans may be interested in a number of different franchises, such as restaurants, retail stores, automotive repair, salon and beauty supply, senior care services, home improvement, handyman, insurance, financial services, and many more. One of the best aspects of the franchise business model is the diversity—you don’t have to limit yourself to just one sector. The IFPG network has compiled a comprehensive list of the best franchises and opportunities for veterans.
Should I Invest in a Franchise that Is Geared Toward Veterans?
There are franchises tailored specifically for veterans, but these shouldn’t be the only option you consider. Investing in a high-quality franchise can give you the opportunity to make a successful business even if it’s not targeted to veterans. Look at the overall potential of the business, such as the long-term profits, potential for growth, profitability, scalability, and other factors before committing to a franchise.
What Are the Benefits for Veterans Investing in Franchises?
The U.S. Small Business Administration (SBA) often encourages veteran entrepreneurs and offers a number of benefits, such as waived franchise fees, lower upfront costs, access to capital, and management and operational training. This assistance and support makes the franchise investment a unique and convenient opportunity. Additionally, veteran entrepreneurs are provided with a supportive business environment that is committed to their growth and success.
Does the IFPG Help Veterans Buy a Franchise?
Yes, the IFPG has a rich history of helping veterans purchase franchises. We understand the process from a veteran’s perspective and our network contains many qualified professionals with the experience to help set them up for success. Our members and franchise owners can leverage the organization’s vast resources and connections to prepare for their next business venture.
Are There Special Tax Benefits for Veterans Investing in a Franchise?
Yes, there are certain tax benefits available to veterans investing in franchises. For starters, military members and veterans can deduct a portion of their franchise and start-up expenses through the Service-Disabled Veteran-Owned Business Tax Credit program. Additionally, veterans can leverage the Veterans Economic Opportunity and Transition Act to purchase a franchise, which sets aside funds for veterans to use for business investment.
Are There any Financial Incentives for Veterans Investing in Franchises?
Yes, there are several financial incentives available to veterans investing in a franchise. For example, the SBA provides a guaranteed loan program for veterans to purchase franchises. Additionally, the SBA also provides a microloan program that can help veterans receive significant funding for their franchise enterprise.
Investing in a franchise is an excellent opportunity for veterans to become business owners. There are a number of resources available for those researching franchises, such as the IFPG’s network of experienced professionals and its comprehensive list of the best franchises for veterans. Additionally, the U.S. has established special tax benefits and financial incentives for veterans investing in a franchise. Armed with information, veterans can leverage these resources—and their own unique set of skills—in their pursuit of a successful business venture.