Each year, hundreds of thousands of veterans say goodbye to the military to begin life as a civilian. For younger veterans, that military to civilian transition can be difficult.
According to a recent story in the New York Times, “companies that employ former military members rank them high in self-discipline, teamwork, attention to detail, respect and leadership.”
These are certainly desirable qualities. Veterans should take a serious look at showcasing their skills as entrepreneurs in the world of franchising.
VetFran, a strategic initiative of the International Franchise Association to bring more veterans into franchising, reports that one in seven franchise businesses are owned and operated by veterans of the U.S. military. More than 66,000 veteran-owned franchise businesses in the U.S. directly provide jobs for 815,000 Americans and generate more than $41 billion in gross domestic product.
Here’s why young veterans should consider franchising.
1. Strong leadership is a must
Even though they are part of a system with unmatched support, franchisees are responsible for their franchise’s day-to-day operations. Hiring, training and managing a staff are all part of running a successful business, and strong leadership skills will help an owner guide their team to success.
2. Teamwork makes the dream work
Franchisees are part of a larger system all working toward a common goal. The military relies on teamwork to survive, and similarly, franchises thrive with a great team in place.
3. Franchises work within proven systems
Working within a system and executing procedures is what makes franchising such a successful entrepreneurial path. Veterans are familiar and experienced when it comes to procedural execution and working within a system.
4. The price is right
Along with the fact that many franchises offer substantial discounts to veterans that are awarded a franchise, there are several business-to-business franchises or home-based franchises with a total investment of under $100K. For the young veteran that hasn’t accumulated much in terms of assets, these franchises may be more attractive.
5. Start early, enjoy late
Thanks to the proven successful models of franchises, many offer the added bonus of scalability. That means if you can successfully run one franchise unit, you could likely run more. Starting your path to franchising early gives you lots of time to learn the systems, grow your business and reinvest profits into additional units.