Roughly a quarter of all veterans are interested in starting their own business
, according to the U.S. Small Business Administration. If you’re one of those veterans looking to start a new career, you might find franchise business ownership appealing due to the flexibility, support, and fulfilment it offers. In addition to those benefits
, veterans often find that the skills they learn in the military carry over into franchise business ownership, and can serve as a great transition. Plus, veterans can help others by hiring other veterans or family members, opening up job opportunities in their communities.
Here are some tips that will help you along your franchise ownership journey.
Decide if franchise ownership is right for you
Before you jump right into owning a franchise, take some time to decide if it’s right for you. Think about your financial stability and family obligations. Take a look at the current market to see if your business will fulfill an existing need, or if the market might be oversaturated.
Don’t forget to also take your lifestyle into account. Are you passionate about the industry you’re thinking of joining? Will it require you to work in an office managing a team of employees, or will you be able to work from home by yourself? How many hours do you want to work per day or week? How much flexibility do you want or need? Figuring out your work habits or goals will help guide you in finding the right franchise model for you.
Buying a franchise is not an easy decision, nor should it be taken lightly. However, once you decide that it’s the right choice for your future, the next steps can be really exciting.
Find a veteran-friendly franchise that will support you
Even though you may be passionate and dedicated to the industry you choose, you may not have any prior experience working in it. You may not have any experience running a business of your own either. But that’s okay. Many veteran-friendly franchises offer support for veterans, from financing to comprehensive training to marketing tools to ongoing support. The right franchise can provide you with a rewarding, satisfying career for years to come. Put in the effort to partner with the right franchisor, one who is transparent from the get-go about what they can offer and what they expect.
For example, Coverall, a leading franchisor in the commercial cleaning industry, is recognized as a veteran-friendly franchise
that helps veterans start their own franchised business. With decades of experience under their belt, Coverall provides advice and guidance that veterans can trust, and it’s one of the most affordable franchises in the commercial cleaning industry.
Take advantage of financial incentives
One of the best things about franchise ownership is the abundance of veteran franchise discounts and financial incentives available. Once you know how much money you will need to start your business, look for funding options tailored to veterans. This could save you money on up-front fees and interest rates. The International Franchise Association’s VetFran
site also offers helpful information for veterans seeking franchise opportunities.
The financial incentives vary among franchise companies, but veterans will often receive a discount off the initial franchise fee. As a way of showing our support to those who have served our country and help them transition back into civilian life, Coverall offers a veteran discount
on the purchase of a Coverall Commercial Cleaning Franchised Business
Look for support from your family and community
A franchisor with plenty of experience and training can certainly be helpful, especially when you’re new to franchise ownership. However, don’t forget to find support from other sources in your life, such as your spouse, family, or community. Becoming an entrepreneur is a life-altering decision, but you don’t have to make it alone. Working hard is always a little easier with loved ones cheering you on. Make sure that you discuss with your family how your commitment to a franchise will benefit everyone in the long run and how much you appreciate their support.
Resources in your local community can help, too. Joining local organizations like chambers of commerce give you a strong connection to your community
—and to potential customers. You can also benefit from networking with other business owners.
Research franchise details before buying
Whatever franchise company you decide on, remember to do your homework before buying. Choose a franchise company that matches your lifestyle, goals, and passions. Understand the rate of success, as well as the costs needed to start and operate a franchised business. This will all help you become more informed before making a decision.
If your dream is to run your own business, help your community or enjoy a career with excellent work-life balance, a veteran-friendly franchise like Coverall can help you achieve it. We offer a 10% discount (1)
to veterans who join our team! Contact Coverall
to learn more.
(1) See Coverall’s Franchise Disclosure Document for details.