Why is Franchising a Good Business Opportunity for Veterans?

 

Becoming a franchisee is an excellent opportunity for all aspiring business owners, but veterans are uniquely qualified for this type of entrepreneurship. After a U.S. military veteran retires from the armed forces, they have a big decision to make and often find themselves wondering, What do I do now?

With endless questions and dozens of possible directions, it can be an unsettling task to determine what the next step should be. The good news is that military veterans possess a unique set of skills that makes them an ideal candidate for owning a franchise. Those who have served have acquired substantial proficiency in viewing problems as opportunities, and often have leadership abilities as well as a diligent work ethic. 

 

The same qualities that allow an individual to succeed as a member of the armed forces allow veterans to find significant fulfillment and success within franchising. Managing a successful franchise takes a lot of determination, leadership skills and grit, which service members have in abundance. Franchisees are required to work within a franchisor’s proven business model and follow processes and systems put into place to properly execute standards and success, something veterans are accustomed to.

 

Owning a franchise allows individuals to create a secure future and diversify their investments while operating their own businesses and earning experience being their own boss. 

 

Here are five reasons why veterans should consider franchising:

  1. You’re Investing in an Established Business — Often times adjusting to civilian life after the military can be challenging. Veterans are trained to work within an established framework, so franchising is a great option because there are systems and processes in place for owners to follow, and an abundance of training programs to ensure they’re set up for success. Additionally, franchisees don’t need to do a lot of hard work to establish credibility, because a franchise brand has already done the legwork. Franchised companies have a perfected system, and all franchisees need to do is follow it.
  2. Leadership Experience is Crucial to Success Franchisees are responsible for the day-to-day operation of their business including hiring, training and managing staff. Strong leadership skills will ensure franchisees are successful. 
  3. Teamwork Is Key — Being part of a franchise system means everyone is working together towards a common goal, and franchisees will thrive when they have a great team in place. Similar to the military, teamwork is crucial to success in franchising. 
  4. Proven System — Working within a proven system and executing procedures is what makes franchising a successful entrepreneurial venture. Veterans bring a great deal of experience when it comes to procedural execution and working within a system.
  5. You Start at the Top — When you decide to leave the service for civilian life and have to start over again, it can be discouraging, especially when coming from a leadership position. When you buy a franchise, you start at the top as owner and executive of your business, which means you skip climbing the ranks.

 

Nationwide, 14% of franchisees are veterans and more than 500 companies offer discounts to prospective veteran franchise owners, including Meineke, the world’s leading automotive aftermarket franchisor. Meineke offers veteran incentives, benefits and programs through the International Franchise Association’s VetFran Program. Veterans of the U.S. armed forces who otherwise meet the requirements of the VetFran Program will receive a 50% reduction in royalty fees for the first six months of operation of their Meineke Centers. 

 

We are honored to provide a strong business opportunity for those who have served our country, and we recognize the value veterans can bring to our franchise system. Our current veteran owners are extremely talented and make up a significant part of our network. They clearly understand the value of being part of a franchise that offers a proven model to follow. 

 

And while the experience veterans possess positions them favorably as franchisees, choosing a reputable franchise model is also crucial to their success. Often, it is just as important as choosing a career path itself — the system in which a veteran chooses to establish his or herself sets the tone for their future. It is critical to align with a franchise that shares a compatible set of values.  

 

About Jeff Todd:

Jeff Todd is the Vice President of Franchise Development at Driven Brands, Inc., with a focus on Meineke Car Care Centers (Meineke) and Maaco America’s Body Shop (Maaco). He leads a team that is responsible for awarding each brand’s franchise opportunity to qualified investors — working closely with individuals and operator groups who are either interested in diversifying their portfolios or seek to transition into entrepreneurship in the attractive automotive aftermarket segment.