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From Veteran to Entrepreneur: Why investing in a franchise is a great way to make the transition.

Learn why investing in a Franchise is a good way to transition from Veteran to Business Owner.

Are you an US military veteran? First of all, thank you for your service!

At this stage you might be trying to figure out the best way to transition from military services to civilian life. This is an important step and many options are available to set you up for success.

Joining the corporate workforce might be one of the options, but some of you might be more interested in becoming an entrepreneur and opening your own business. Being a business owner lets you have more control of your future, as well as control of your time, so you can have a more balanced lifestyle. In addition, it has the potential to put you in a better financial position in the long run.

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When it comes to investing in your own business, one important question you should ask yourself is whether you should open an independent business or invest in a franchise business.

There are many advantages about investing in a franchise, especially in the case of veterans. Here we describe what they are:

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Better chances of Success

When you invest in a franchise, you invest in a business that has a more proven model. Typically in order for someone to franchise their business, they have already run their business for a few years with great results and have many times opened more than one location. They have already proven that the model works!

You will then be leveraging a product or service that has already been proven to be well accepted in the market, and will be able to leverage processes and systems that have been validated to work.

When you open an independent business, you have to figure it all out, and it may take a lot of trial and error before you can settle on what effectively works. Many times new independent businesses fail because owners run out of money before they can overcome the trial and error phase. When you invest in a franchise, you bypass this hurdle.

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Discounted franchise fees

Most franchisors have special programs for Veterans, with discounted franchise fees, reducing the total investment cost. So you may have access to great business opportunities for a cheaper investment budget.

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Training and Support

You will be able to rely on the great training and support systems provided by the franchisors, which will help set you up for success from the beginning. Typically franchisors provide training programs before you start your business, as well as ongoing training (these can be a combination of online and in-person training).

When it comes to support, this happens in many ways:

  • There is typically a lot of support with site selection for the new business to be opened, including demographics studies performed by the franchisor, and help with identifying the  best location options to open your new franchised business.
  • There is support with lease negotiation for the new location.
  • Most of the times you can also rely on marketing support, from pre-opening marketing awareness programs, to lead generation and promotional materials that you can leverage.
  • There is ongoing support available for the day to day issues. Many franchisors will have support call lines available for you.
  • Finally, you will be able to use the systems created by the franchisor to manage operations, including specific software platforms.

 

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Structured processes and guidelines

Typically franchises rely on specific processes and guidelines that they ensure all franchisees in the system will follow. The main goal is to ensure there is consistency in the quality of the services provided by all franchisees in the network, as well as keeping the brand perception consistent across all regions where the franchise is present.

Veterans tend to adjust really well to these as they are already used to following certain processes and rules. That leads to them typically being great and successful franchisees!

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Working with a franchise consultant

Franchise consultants specialize in helping new investors select the ideal business model for them, and follow a structured selection process which includes an initial assessment, to understand the investor’s long term goals, areas of expertise, ideal business model and industries, and investment budget. Based on the assessment, they perform a rigorous search on a database of hundreds of franchises, looking for concepts that meet their client’s criteria determined based on the assessment. Then, they select the concepts that best meet their client’s goals, and help them during the investigation process.

Franchise consulting companies have contracts with hundreds of franchisors who utilize their services to assist them in finding pre-qualified candidates who meet their selection criteria for new franchisees in their network. They are trained by the franchisors on their business models and what types of candidates they are looking for. For franchisors, working with consultants is a much more effective way of finding the right candidate, rather than going solo, spending large budgets in marketing, and having to screen through hundreds of candidates to find the qualified ones.

The service provided by a franchise consultant is free for the candidate investor, since the franchising companies pay a commission to the consultant if and when the introduction of a qualified candidate results in the establishment of a new franchise in their network.

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About franchisewizards (35 Articles)

Franchise Wizards is a Franchise Consulting company that belongs to a group of executives with over 25 years of combined experience in the Franchising Industry. Our mission is to help you achieve your dream of business ownership through franchising!

Our industry experts can help you in many ways:

1) Leverage our deep expertise in the Franchising industry to help you select the right franchise for your investment, based on your background, goals and budget.
2) Receive coaching during the entire franchise selection and investigation process. We will partner with you every step of the way, so you can make most of your time, and make the best decision.
3) Get preferred access to the Franchise Directors and Founders, as we are connected directly to them.
4) Get access to our network of professionals that will help you in your new venture, including Funding Partners specialized in small business funding, CPAs, Attorneys, Business Coaches, and more!

Working with us has no cost to you! We work with nearly 500 franchises and are paid by the franchisors we work with, not you! We help them find qualified candidates that would be great fit for their franchise networks, at the same time we help you find the best franchise for your investment.

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