From Veteran to Franchise Owner – What You Should KnowPublished on November 11, 2021
Share Tweet Share
As a military veteran you liked to be prepared and plan things out, and as you transition to civilian life you continue to do so. You may want to find a career that takes advantage of the experiences and skills you acquired in the military, which can lead you to franchise ownership. After all, for hard-working veterans with strong leadership skills owning a franchise allows you to continue down the road you started travelling in the military. It’s an excellent fit with benefits that a lot of other veterans have already discovered. Before you start moving forward with opening a franchise however there are a few things you need to know.
There Are Low-Cost Options. While some veterans manage to squirrel away a fair bit of savings during their time in the military, others haven’t. If you are in the latter group, it shouldn’t scare you away from looking closely at franchising. Not every option requires a large cache of money to start. On top of discounts many franchises offer to veterans, there are plenty of low-cost options available too. These could include businesses that don’t even require you to lease a store front, thus lowering your overhead. You don’t need to go into debt to secure your future.
Talk It Out. When you are in the military you are encouraged to talk things out if you don’t understand something or need more information. When choosing the right franchise, you should talk to the franchisor and some of their franchisees. The franchisor will give you their take on what it’s like to operate the franchise, how long it will take to be profitable, what the challenges are and what type of training they provide. They can also give you a list of franchisees you can talk to. You can ask these owners about their experiences, their challenges and where they see their business heading. Both the franchisor and franchisees can give you a clearer idea as to whether the franchise is for you.
Pick An Industry You Want To Work In. When you are looking to open a franchise keep in mind that it doesn’t matter what industry you choose. You just need to choose one that you can see yourself being a part of. You may want a business that has name recognition and a built-in customer base, or maybe you want one that is new and emerging, or perhaps it’s an industry you can see yourself being passionate about or have experience in. Whatever your reasons are, just determine what they are early in the game. They can help you decide which direction you want to go, and help you cut down your list of options.
Where Are You In Your Life? When you decided it’s time to leave the military, why did you make that decision? Are looking to get married or have kids? Perhaps you’ve already got those things but wanted to spend more time with the family. Veterans who leave the military are at all stages of their lives, but knowing where you are at, and what your goals are can help you make your next decision. Some franchises require more of your attention than others do, so when you are looking for one to invest in make sure you take your personal life into consideration.
You Will Be Trained. One of the biggest excuses people make for deciding not to open a franchise is that they don’t know anything about the business they are considering. Being a veteran can amplify this excuse too, because you’ve spent a long time in the military and may not feel as if you as in touch with civilian life as you need to be. What you should keep in mind however is that when you buy a franchise you will be trained in the areas you need to know. The franchisor will teach you how to run their system and be successful at it. You will quickly discover that you can use the skills and experiences you have developed in the military and use them for running the franchise as well.
Not sure how much can you afford?
Fill out our Franchise Affordability Calculator