Once their service ends, veterans often expect to start a new career. In many cases, the same skills and characteristics that helped make them successful in the military, such as ambition and a drive to succeed, make veterans uniquely suited for entrepreneurial endeavors like business ownership.
Franchising is a path toward business ownership that requires strong leadership skills, so veterans are often some of the most qualified and successful prospective franchise owners. According to the Veterans Transition Franchise Initiative (VetFran), a strategic initiative of the International Franchise Association and the Franchise Education and Research Foundation, at least 97 percent of franchisors believe veterans would make excellent franchisees; 70 percent have brought on a veteran franchisee or employee in the last year alone.
“The skills veterans develop through their military experience are integral to pursuing a new career,” said Tim Davis, former president of The UPS Store, Inc. and former U.S. Marine Corps captain and Gulf War veteran.
Leadership. Work ethic. Discipline. These qualities are exactly what help more than 200 veteran The UPS Store franchisees succeed.
- Working as a team: The success of an organization relies on its members working together and a recognition that the business is greater than the sum of its parts. Many veterans learn to rely on their fellow service men and women; franchise owners must embrace teamwork at multiple levels, from employees of the local franchise to the franchise’s national and regional leadership team.
- Executing a plan: Although a franchise owner typically has access to a proven business model and ongoing support, executing the plan is the franchisee’s responsibility. Putting the pieces together and developing a working business plan requires an entrepreneurial approach similar to the military training veterans received.
- Thriving under pressure: Things don’t always go according to plan, and service members possess the training and discipline to remain calm in pressure-filled situations. For best results when navigating situations like disgruntled customers or employees, a level-headed approach often prevails.
- Working hard to accomplish a goal: Not all business owners have the level of commitment and work ethic necessary to accomplish their entrepreneurial goals. Service members are trained to understand the requirements of a mission and work diligently to achieve them.
Financing a Franchise Dream
Through its participation in VetFran, The UPS Store, Inc., makes it easier for veterans to attain their post-military professional goals.
For example, its “Mission: Veteran Entrepreneurship” program offers nearly $300,000 in financial incentives to assist qualified U.S. military veterans in opening their own franchise locations. In addition, the first 10 eligible veterans to submit a complete buyer’s application packet and initial application fee by Nov. 11 will receive a waiver for their franchise license fees.
Before You Buy a Franchise
Becoming a franchise owner is a big decision, which means it’s important to thoroughly research potential opportunities and carefully review all the available documents. In most cases, you will have an interview with the franchisor, which is not only a chance for him or her to assess your abilities but also for you to ask questions like these that can give you more perspective.
- How mature is the brand?
Some franchise systems are backed by a nationally renowned brand name and decades of franchise experience. A mature brand with a proven track record of success can be especially beneficial for a first-time business owner.
- Will training be provided?
A good franchise will be committed to helping you succeed by providing the tools and training necessary to get you started on the right foot. The best franchise opportunities will offer a comprehensive training program that covers more than just basic operational procedures, but also provides ongoing assistance. Ask if there is a support team you can reach out to with questions. Also find out how the brand’s franchisees work collaboratively to learn from one another and help each other succeed.
- How stable is the industry?
It’s impossible to guarantee the success of a business regardless of the state of the economy. However, some industries are more recession-resistant than others. Those that offer essential products and services that remain in demand or those that flourish due to tough economic conditions are typically among the best franchise opportunities. If you’re exploring opening a franchise business as a means of controlling your own employment and financial security, consider an industry that can thrive even in the face of market volatility.
- What type of marketing, advertising and promotion do you provide?
While you can generally expect to receive marketing assistance and grand opening guidance when first opening a franchise business, the type of marketing and advertising support provided beyond that can vary greatly among franchisors.
- What is the total short and long-term financial commitment?
Discuss all initial and ongoing fees in depth with the franchisor before committing to buy. You will also need enough operating capital to support the business until it breaks even. The franchisor should be able to give you an idea of how long it typically takes franchisees in the network to become profitable.
- Do you offer funding, incentives or deals?
The costs associated with opening a franchise business can be a significant factor in finding the right opportunity. Some franchisors offer financing options, as well as special incentives for veterans, women and minorities; certain business models; or opening a location in specific geographic areas.
Source: globenewswire.com
