For many military veterans, the transition to civilian life is anything but easy. After years of serving in the armed forces, military veterans often find themselves feeling unmotivated in large corporate cubicles and long for the adventure and self-determination found during their years of service. Franchising offers a no-nonsense path to business ownership and can provide veterans with the power to follow their own rules as entrepreneurs. The International Franchise Professionals Group (IFPG) is here to help navigate the path to successful business ownership and remind veterans of a few frequently asked questions when choosing the best franchise for them.
1. What are the Financial Benefits of Franchising for Veterans?
Thanks to programs like the Veterans Transition Franchise Initiative (VetFran), franchising offers a wealth of financial benefits for veterans. VetFran is a resource-filled program that provides discounted franchise fees, financial incentives, and business grants for veteran franchisees. Other financial benefits of franchising for veterans include access to loans developed specifically for military veterans and other discounts.
2. How Do I Find the Right Franchise Opportunity?
Finding the right franchise opportunity depends largely on the veteran’s individual wants and needs. Franchises come in all shapes and sizes, with different fees, royalties, and requirements. It is important for veteran franchisees to make sure the franchise they choose has all the necessary benefits and incentives to make it worthwhile. This includes comprehensive training, ongoing support from franchisors, associate benefits, and ample market support.
3. What Type of Ongoing Support Can I Expect From the Franchisor?
Aside from the required training and startup assistance most franchisors provide, franchisors often offer ongoing support to their franchisees. This includes regular visits from field representatives, marketing expertise, operations guidance, legal advice, and more. The goal is to help veterans transition into business-ownership quickly and successfully.
4. How Much Does it Cost to Start a Franchise?
The cost of starting a franchise varies depending on the franchise and the location. The upfront cost of a franchise typically includes the franchise fee, startup costs, and any other associated costs. These costs are usually much lower than starting an independent business, but can still range from several thousand dollars to hundreds of thousands of dollars.
5. What Types of Businesses Should Veterans Consider Franchising?
Veteran franchisees should carefully consider all their options before investing in a franchise. While some franchisors require franchisees to have certain educational qualifications or industry experience, there are numerous businesses that don’t. Some of the most popular franchises among veteran business owners include food-based businesses, service-based businesses, and home-based businesses.