As a military veteran, you’ve overcome challenges most employers can’t imagine and developed a diverse skillset that could never be built in a traditional workplace. When you retire from the armed forces and step back into the civilian world why put these talents to work for someone else when you can use them to launch your own successful business?
Franchise owner has become the occupation of choice for thousands of service members returning home. According to the International Franchise Association (IFA), veterans make up seven percent of the population, but 14 percent of franchisees, and the number of entrepreneurs with a military background is only growing.
Why are veterans making entrepreneurship their new mission?
The franchise business model is attractive to veterans because many of the traits you developed in the military seamlessly translate into skills you can apply as a franchisee:
- The ability to follow protocols and procedures – Every franchisee must follow a set of corporate specifications to ensure a consistent, quality experience for customers. For veterans whose careers were driven by documented procedures, ongoing training, and a strict chain-of-command, adhering to proven business practices comes second nature.
- Strength under pressure – When you’ve traveled the world and faced down enemies, you can stand up to any business challenge, whether it’s a difficult customer, a ruthless competitor, or an economic downturn – all while keeping your emotions in check.
- A commitment to the mission – Even when you have the power and name recognition of a beloved brand backing you up, opening your own franchise requires hard work, dedication, and discipline. Because service members are results-oriented, you’re in it to win it from day one.
- Steadfast leadership – Businesses succeed when employees respect and revere the leaders in charge. Veterans possess an unmatched ability to delegate duties, install a sense of teamwork among those they
manage, and motivate others to grow their skills.
- A duty to others – Service members believe in leaving no man (or woman) behind. Research finds that veteran franchisees are more likely to hire veterans as employees when compared to other business owners. With many veterans struggling to fit in the workplace due to culture gaps, the ability to secure gainful employment makes the transition to the civilian world less stressful.
Supporting you in your new career
According to VetFran, a strategic initiative of the IFA, franchisors consider entrepreneurial veterans among the most “qualified, motivated and successful prospective franchisees out there.” Sixty-five percent of franchisors report that their rate of partnering with veterans has increased over the past few years, and more than 650 of these companies offer discounted franchise fees to vets to make your entry into desirable markets more affordable.
In addition to taking advantage of financial incentives through VetFran, entrepreneurs can also reach out to the Veterans Business Outreach Center (VBOC) through the U.S. Small Business Association. The VBOC offers a variety of free services, including concept assessments, business plan preparation, feasibility analyses, entrepreneurial training, and mentorship programs.
To start your franchise evaluation process, contact a Franchise Advisor at FranSelect. They will help guide you to franchises that are the perfect fit for your strengths, interests, and goals and connect you with resources to help you secure the funding needed to get your new dream off the ground. To set up your first free consultation, email firstname.lastname@example.org or call 636-530-6925.