For transitioning military members who are considering an entrepreneurial career, franchise ownership could be a good fit. “Veterans have many of the skill sets that franchisors are seeking. There are more than 500 franchise companies that offer financial incentives to veterans,” commented Phil Trigg, founder of Veterans’ Transition Forum.
According to the International Franchise Association’s VetFran website, more than 66,000 veteran-owned franchises in the U.S. provide jobs directly for 815,000 Americans, and generate more than $41 billion in GDP. Military veterans can make successful franchise owners namely because they typically have a strong work ethic and leadership skills, and they have the ability to implement systems and follow procedures, all key attributes for a franchisee.
There are numerous resources to help you decide if franchising is right for you, and which franchise you should choose…
- VetFran – Military veterans interested in franchising should be aware of the International Franchise Association (IFA) program. The VetFran program offers financial incentives to veterans seeking to become franchise small-business owners.
- VetFran Toolkit – This toolkit offers veteran franchisors free courses, mentoring, information about franchise ownership, and more.
- FranNet.com – You can get individual assistance in selecting a franchise from FranNet.com. Their consultants will work with you on a one-on-one basis to help you select a franchise that best meets your needs.
- Entrepreneur.com – This is a useful resource for those researching franchise opportunities. Check out their 2013 ranking of America’s top franchising opportunities. This site also lists the top new, top global, and fastest growing franchises.
- Veterans Business Services – They offer help in exploring and evaluating franchise opportunities. They also specialize in franchising transactions and facilitating partnerships between Service Disabled Veteran Owned Small Businesses (SDVOSB).
- FranchiseSolutions.com and Franchise.org – These are both helpful resources for gathering information about franchises. You can search for franchises by investment, industry and location.
- Linkedin – Use LinkedIn to connect with owners of the franchise you’re targeting. Ask for their opinions and insights into the business.
- Specific franchise websites – Once you’ve narrowed the field of franchises, visit the franchise website to get more information about the business. For instance, the Snap-on Tools website describes background about the company, tells why you’d want to own a Snap-on franchise, and explains the investment information.
As you conduct your research, consider these Veteran-Friendly Franchisors who exhibited at a recent Franchise Fair sponsored by Corporate Gray and the Veterans’ Transition Forum:
Michael & Son Services
NaturaLawn of America
New York Bagel Café & Deli
Outdoor Lighting Perspectives
The Cleaning Authority
Start Your Veteran-Owned Business