What is Franchising?
Franchising is one of America’s most enduring contributions to the world of business. The franchise business model allows individuals to go into business for themselves, but not by themselves. Why reinvent the wheel when you can purchase your own small business complete with know-how, a proven brand and system, and support from the franchisor? A franchisee is his own boss, owns his own small-business and grows at his own pace with the support of the franchisor. Franchising is a popular business model, and it accounts for nearly 7.6 million direct jobs and 2.5% of US GDP. Franchising is also diverse, spanning a range of industries and business formats.
Why Veterans and Franchising Are a Perfect Fit
Veterans have always been drawn to the franchise business model, and franchisors have long recognized that entrepreneurial veterans are some of the best qualified, motivated and successful prospective franchisees out there. Even though veterans account for about 7% of the population, 14% of franchisees are vets. Veteran franchisees are more likely to hire veterans as employees, and 65% of franchisors have indicated that their rate of hiring veterans has increased in recent years.
Veterans emerge from service with strong leadership skills and a thorough understanding of teams. Military experience includes leading and motivating people, improving processes, and accomplishing a defined mission. Like the military, successful franchisees and employees accomplish the mission with a team.
An established franchise business operates on proven systems and defined procedures. Executing systems and following procedures with precision is emphasized in military training, and leads to success in franchising.
Franchises provide training. The military has extensive training and taught very specific skills to be used to carry out very specific tasks. Franchises also have comprehensive training and support built into the franchising process. This means a veteran can enter a completely new field, and is more likely to succeed by following the franchisor’s proven business model, and completing the training program.
Franchisors Want Vets
If you are a veteran with entrepreneurial ambitions and are considering buying a franchise business, you’ve come to the right place. Veterans are uniquely qualified and prepared to become excellent and successful franchisees, and franchise opportunities are on the rise each year. What you may not know is that franchisors who are looking to grow and expand are increasingly more aware of how important veterans can be to their success, and with the help and encouragement of the VetFran initiative, they are actively looking for veterans like you.
VetFran Interview Series
The concept of purchasing a franchise can be confusing at first, but the right knowledge can go a long way. The VetFran Interview Series is here to help. Join VetFran Coordinator Matt Wiggins as he chats with Franchise Executives, Founders, and CEO's to learn more about the basics (and some tips & tricks) to know about franchising.