Making the switch from military to civilian life can be a difficult transition, and many veterans struggle to find a job or a career that suits their military experience and provides them with the satisfaction they crave. Franchising is a great option for veterans that want to become their own bosses and are looking for a business opportunity that will capitalize on their skills and allow them to have control. Franchising is an attractive business option for veterans because they enjoy the stability of owning a business that has already been proven and established within the market.
Veterans may have specific advantages when franchising, as many franchisors appreciate military experience and the dedication it requires. Additionally, both the federal and local governments have implemented several initiatives to make franchising available to veterans. The International Franchise Professionals Group (IFPG) is a membership-based franchise consulting network that guides aspiring business owners through the process of identifying and investing in franchise businesses.
When a veteran is interested in franchising, there are several frequently asked questions that come up. The following will discuss some of the common questions and provide answers to help veterans make the transition into owning a franchise business.
What Franchises are Available for Veterans?
There are a variety of franchising opportunities for veterans, including an array of business formats such as quick-serve restaurants, home-based businesses, automobile repair shops, business services, and even senior care facilities. With a wide variety of options and industry segments represented, veterans can select a franchise business that is well suited to their interest and skills. Additionally, veterans have access to several military discounts on franchise fees that may help to reduce the cost of purchasing a franchise business.
What Kind of Support is Available for Veterans who Want to Franchise?
In addition to financial assistance, there are many professional resources designed to support veterans who want to own a franchise. The International Franchise Professionals Group (IFPG) works with aspiring franchise owners offering guidance and expertise to help veterans make informed decisions when selecting a franchise. The group provides a collaborative learning environment and works to ensure veterans meet their franchise goals. Professional resources like the IFPG offer a special program that focuses on veterans transitioning into franchising and provides targeted support for veterans interested in franchise ownership.
What Are the Advantages of Owning a Franchise as a Veteran?
Owning a franchise business offers veterans the opportunity to transition into business ownership, while enjoying the stability of owning a business that has already been proven and established within the market. Franchise owners have the advantage of benefit from the franchisor’s knowledge and experience, leverage the existing brand, and tap into their established network of resources. Veterans that own a franchise business also benefit from a streamlined process of selecting the best location, finding employees, and managing the process of establishing the business.
Are There Special Financial Benefits or Incentives for Veterans Owning a Franchise?
In addition to the discounts on fees, there are several additional financial incentives and benefits available for veterans who want to purchase a franchise. The Small Business Administration (SBA) offers loan guarantee programs specifically for veterans and the franchisor may have additional financial assistance programs available. Additionally, the franchisor’s franchising fees, which are usually paid to the franchisor upon signing the agreement, may feature reduced costs for veterans.
Veterans who are interested in purchasing a franchise business should be familiar with the franchisor’s requirements and the obligations of franchise ownership prior to returning completed documents. Additionally, working with a franchise broker or business consultant experienced in the franchising industry is strongly encouraged to help veterans select the right business opportunity and avoid common pitfalls.
Franchising is a great fit for veterans looking for a business opportunity and wanting to transition into business ownership. With the array of franchising opportunities available, franchising offers veterans the opportunity to own a business and to benefit from both the stability and the support of the franchisor. By understanding the advantages and taking advantage of the resources available, veterans can have a successful franchising business.