v e t e r a n s s u ppl e m e n t
expert advice: VetFran
Veterans and Franchising a Perfect Fit
Franchising is one of America’s most enduring contributions to the world of business. The franchise business model allows individuals to go into business for themselves, but not by themselves. Why reinvent the wheel when you can purchase your own small business complete with know-how, a proven brand and system, and support from the franchisor? A franchisee is his own boss, owns his own small-business and grows at his own pace with the support of the franchisor. Franchising is a popular business model, and it accounts for nearly 7.6 million direct jobs and 2.5% of US GDP. Franchising is also diverse, spanning a range of industries and business formats.
Why Veterans and Franchising Are a Perfect Fit Veterans have always been drawn to the franchise business model, and franchisors have long recognized that entrepreneurial veterans are some of the best qualified, motivated and successful prospective 68 Franchising MAGAZINE USA
franchisees out there. Even though veterans account for about 7% of the population, 14% of franchisees are vets. Veteran franchisees are more likely to hire veterans as employees, and 65% of franchisors have indicated that their rate of hiring veterans has increased in recent years.
Why are Veterans so often suited and successful in franchising careers? Veterans emerge from service with strong leadership skills and a thorough Understanding of teams. Military experience includes leading and motivating people, improving processes, and accomplishing a defined mission. Like the military, successful franchisees and employees accomplish the mission with a team. An established franchise business operates on proven systems and defined procedures. Executing systems and following procedures with precision is emphasized in military training and leads to success in franchising. Franchises provide training. The military has extensive training and teaches very
specific skills to be used to carry out very specific tasks. Franchises also have comprehensive training and support built into the franchising process. This means a Veteran is more likely to succeed by following the franchisor’s proven business model and completing the training program. Franchises are also highly team orientated, meaning you are part of a larger system that is focused on a collective mission greater than the individual. You’re in business “for” yourself, but not “by” yourself.
What Should Veterans Consider when exploring Franchise Opportunities Educate yourself on franchising and how being a franchisee is different than being a pure entrepreneur. Seek out other Veterans in the business you are interested in and ask questions about their experience. Prioritize what is important to you and then seek a franchise opportunity that matches your priorities. Your priorities may be having passion for the product/ service, independence, aligning your
