Veterans and service members are becoming franchise owners at a faster pace than ever before.
The Small Business Administration reports that nearly 25% of the country’s 23.5 million veterans have shown interest in starting or buying their own business. As a result, franchise businesses are restructuring their sales model to deliver results.
Over 200,000 veterans have already found opportunities in the franchise industry. So how did franchising get so popular with veterans?
What you will learn in this article:
Franchise Opportunities for Veterans
According to VetFran, business ownership is a growing career path for many military veterans because of their background in structure and chain of command. Traits like sound judgment, discipline, and leadership translate well to running a successful company.
Franchises have become the prevailing career path for many service members. And because so many franchises today offer veteran incentives, the transition becomes easier once veterans return home and have the opportunity to invest.
By opting for a business model with an existing framework and market share, veterans can enjoy the benefits of a supported brand without sacrificing any commitment.
The Growth of Veteran-Owned Franchises
Franchises are growing at such a rapid pace that the International Franchise Association (IFA) reports that one out of every seven franchises in the U.S has a veteran owner. Part of this trend is that there are over 650 franchises listed with the IFA that offer discounts, promotions, and other incentives for military families.
Furthermore, the Veterans Transition Franchise Initiative has helped over 2,000 veterans become small-business owners by matching them with the right industry.
Government-backed entrepreneurship funding has increased in recent years as well. The Veteran Entrepreneurs Act of 2017 transformed how veterans qualify for business ownership. Its goal is to offer entrepreneurship training to veterans and their spouses. Beyond that, the bill amended the Small Business Act to include business training programs for female veterans and disabled veterans. There are also newer tax incentives and management programs for hiring, training, marketing, and more.
The number of veterans owning franchises is increasing because of this combination of support from the public and private sectors. To get started, veterans and their spouses should be on the lookout for franchising companies that offer discounts. Keep reading to learn how to find the best franchising opportunity.
What To Consider Before Franchising
With so many options and incentives, it can be hard to narrow down the best franchise for veterans. Here are a few questions to consider before signing any contracts.
Q: Do you see yourself becoming a successful business owner?
A: The first thing you need to do when considering opening a business is to decide if owning a franchise is the right thing for you and your family.
Q: Is buying into a franchise a good decision for your military family?
A: Veterans and their spouses often find tremendous success in establishing a business venture together. Their commitment to a shared dream with shared responsibility is significant enough that they can overcome any challenge – whether that’s financing, hiring, or just carving out time to researching franchise opportunities for veterans.
Q: Are you passionate about the industry you’re considering?
A: Because the armed forces have many career paths and specializations, veterans have a fundamental advantage in franchise research. The best franchise for veterans should take advantage of your existing skillset. Service members with experience in training others make good hiring managers, whereas officers who deal with technology are better suited to I.T. franchises. The industry you pick should reflect your unique resume.
Q: Will your franchise be a “side hustle” or a full-time job?
A: As with any other business, the more you commit yourself to set a structured business plan, the more success you’ll find. In any case, not all franchises offer the same hours. Some are much more friendly to part-time ownership – like fast food chains or private home care. However, the best franchise for veterans will use your talent on a full-time schedule.
Q: What will the competition be like for your franchise?
A: One of the most significant factors affecting your potential revenue stream is market share. Extremely competitive franchise models – like home cleaning or shipping services – will require a lot more elbow grease to get started. I.T. franchises, meanwhile, are an emerging industry with rapid growth opportunities for veterans.
Q: Are you prepared for the lifestyle change that comes with franchising?
A: Before signing on any dotted line, you should be confident that your family’s living situation and financial stability are solid. For example, some veterans prefer to move to more metropolitan areas before they start a business. Wherever you decide to form your franchise, be sure that your potential franchisor will operate in your area.
Eager to learn more about owning your own franchise? Cinch I.T. has numerous resources for you to explore franchise opportunities
Getting Started As A Franchisee
A great place to begin your research is the Small Business Administration. This government office has a veteran business outreach center program, also known as VBOC. VBOC provides leading training courses to help veterans with business planning, networking, and referrals. This training can even include seminars on business expansion or working from home. Business counselors are also available to provide one-on-one consultations.
Most importantly, the VBOC program also offers a feasibility analysis to help veterans determine if their business will be successful. This valuable insight can be a critical first step in discovering the best franchise for veterans in your area.
How Do I Find The Right Franchise For Me?
The three main factors that hold up franchising decisions tend to be financing, training, and territory selection. We’ll explain how each of these factors can influence your franchise opportunity below.
The best franchise to own is an investment. As the saying goes, you need to spend money to make money. The best franchise for veterans should offer an incentive. That’s why Cinch I.T. is pleased to offer 50% off the initial franchise fee for any honorably discharged or retired military veteran who desires to fulfill their dream of entrepreneurship.
Above all, the most successful veteran-owned franchises know how to apply military experience into business ownership. That means that your franchisor should be able to present a clear brand voice, marketing plan, and growth strategy. At Cinch I.T., you get a 12-week initial training program, two weeks of on-site training at the corporate headquarters for two people, an online operation manual, and a starter marketing package. When you own a franchise at Cinch I.T., you can rest assured that you have the full backing of CINCH CENTRAL.
The best franchise to own should give you flexibility in choosing where your franchise operates. Highly successful franchises with multiple locations want to avoid competition amongst their franchisees. To that end, Cinch I.T. provides a fair and equitable method of territory selection. When you decide where your office will be, Cinch I.T. will arrange clear territory guidelines, trademarks, and networking opportunities for your franchise’s future.
Are you ready to start your journey to becoming a franchise owner? Request franchise info today and take your next step with Cinch I.T.
About Cinch I.T.
Since 2004, Cinch I.T. has been providing customer-focused I.T. support for businesses of all sizes. As the country’s leading technology franchise, Cinch I.T. is known for its fast and friendly service. Also, Cinch’s franchising service consistently ranks as one of the fastest-growing franchises in business publications. The company has won awards in the Worcester Business Journal, Inc. 5000, the Channel Co. CRN, and more. To learn more, visit cinchit.com, or for more information about franchise opportunities, visit cinchfranchise.com.
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