"Go into business for yourself, but not by yourself."
If you are a veteran, you have many unique life experiences that may give you a strategic advantage when it comes to starting and managing your own franchise. Proven leadership, adaptability, the ability to follow orders (in this case, a franchise system), and an innate drive to succeed can give veterans an edge operating within the guidelines of a franchise business model. In fact, 14% of all franchises are veteran-owned, despite veterans comprising less than 10% of the total U.S. adult population. This Veteran’s Day, in honor of our country’s past and current brave servicemembers, we would like to highlight some facts around veteran-owned franchises.
Military Experience and Franchise Ownership
The military experience is a perfect fit for many people. With proven adaptability and respect for standards and procedures, they thrive in the established chain of command and structure that the military provides. So, when military service comes to an end, many veterans are highly sought after for their years of leadership and command skills, which is why starting a franchise can be an excellent way to transition to a post-military career. These skills are easily transferrable and can be leveraged in a franchise business.
Much like the direction you received in the military, owning a franchise will allow you to utilize an established business plan to guide you through setup and execution. And, with franchises for veterans available in almost every market sector, no matter your interest, there is sure to be a franchise out there that will be a great fit for you.
Translating Military Experience to Franchise Ownership
Your time in the military gave you proficiencies that can directly translate into a successful franchise business.
Decision-making: Just like serving in the military, owning a franchise will often require quick and authoritative decision-making. Trusting your instincts and being adaptable to rapidly changing situations is key to being a successful franchisee.
Abilities: Using your natural and learned abilities in business is an essential skill. You will be required to wear many hats as a business owner. In the military, you are given an occupational specialty, leadership training, and many other skills designed to make you successful in any situation. As a franchisee, on any given day, you may find yourself working in sales, accounting, leadership management, or a number of other important assignments that are mission critical to the success of your franchise. Being able to take on many different tasks simultaneously is an ability that is directly transferrable from your years of service to being a franchise owner.
Determination: Owning a business is no easy task. It requires unrelenting focus despite unforeseen obstacles that may pop up on any given day. Relying on the skills, training, and perseverance that your received in the military can help you keep your attention where it matters most.
Teamwork: Serving in the military has likely taught you how to achieve your goal with your team despite personal differences or conflicting personality types. You must rely on others in order to succeed. Being a franchise owner is no different. With the built-in support network of the franchisor, other franchisees, and advisors to help you along the way, you will not have to go it alone.
As shown, many aspects of franchise ownership and military service require a similar set of skills. By leveraging the training and abilities you learned while serving our country, you can be effective and successful at starting and running your own small business. FranFund has partnered with VetFran to help veterans get started in franchising, and many franchisors offer discounts to veterans through VetFran as well. To learn more about how to get started, reach out to FranFund’s expert team to learn how we can provide you with the best funding option for your individual needs and goals.
FranFund designs flexible funding plans that help new and experienced business owners fund their franchises. We have a powerful and accurate pre-approval process with a 99% success rate in obtaining loans for borrowers who received FranFund pre-approval! In addition, we offer ongoing support and make sure our clients know all of their options for funding single units through multi-unit expansions, including SBA loans, conventional lending, and retirement plan funding.