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Franchise Prospector » Military Veterans
Why Veterans Make Great Franchisees
Veterans already have the valuable skills that it takes some business people years to develop. These skills make them excellent franchisees.
According to the International Franchise Association, there are currently 767,483 franchise businesses in the United States. The main area of growth in franchising is in "business format" franchising. Luckily for veterans, business format franchises are usually a great fit for their skills and talents.
Product Distribution Franchising Versus Business Format Franchising
A product distribution franchise gives you very little guidance when it comes to the day-to-day operation of your business. You have a lot of freedom to design your business to fit your desires. This is a good thing for people who have years of experience in the business world, and who are intimately familiar with accounting, business finance, marketing, advertising, and technology. As a veteran, you might not have this experience working in business, and a product distribution franchise might not be the best fit for your skills and talents.
Business format franchises are probably the ones that you think of when you hear the word "franchising." Business format franchising is used in most well-known franchise businesses, including fast food and sit-down restaurants, lodging, and retail stores. Typically, the franchisor sets you up with a complete, highly-detailed plan for running your business. This plan has been tested, fine-tuned, and proven in the franchise's other locations. It gives you extensive step-by-step instructions detailing how your business should be run on a day-to-day basis. When you encounter tough management decisions the business plan should offer solutions. The best business format franchises also offer you access to industry experts who can help you with questions or problems.
Benefits of a Business Format Franchise for Veterans
Veterans leaving the military have learned how to follow orders. They have worked within a highly regimented system with detailed rules about how things should be done. Business format franchises have the same sort of rules and regulations. If you enjoyed the highly-ordered and organized nature of the military you would probably thrive in a business format franchise. Veterans are experienced with procedures and protocols but not necessarily equipped with general business knowledge. Business format franchises allow vets to take advantage of a more regimented format while they learn the ropes and develop a business-oriented skill set.
Veterans make great franchisees because they have years of experience in a system very similar to the franchise system--but even more demanding. Some people who have not had any military training get frustrated by the limits on the powers of business format franchise owners. They may be uncomfortable knowing that many of their business decisions are out of their control. Veterans, on the other hand, know that there is nothing wrong with having faith in a system that has been proven to work, whether it is a restaurant franchise or the United States Armed Forces.
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