The important thing to know about franchising is that it requires the same attributes needed to run any successful business. You need leadership experience, passion, and the willingness to do whatever it takes to succeed. That’s why franchising comes naturally to veterans. Your franchise may come with a proven model, but you still have to run it, market it and manage it. That takes work. If owning a franchise is the right career for you, you’ll know by the end of this checklist.
The SOP is Included When You Start A Franchise
“The harsh reality is that most businesses won’t make it past their five-year anniversary,” said Mike Haynie, Air Force veteran, founder of Syracuse University’s Institute for Veterans & Military Families (IVMF) and an expert in entrepreneurial decision-making and strategy. “A franchise has a recognized brand, established supply channels and standardized operating procedures, but the personal qualities, skills and attitudes that a franchisee must have are the same for all entrepreneurs.”
Vets Have The Skills to Run A Franchise
As a veteran, you are a step ahead of other potential business owners in this area.
“Veterans historically have been in great demand in franchising because of their character qualities,” said John Hayes, franchise author and speaker. “They can follow orders—so they can follow a system.”
Hear from a veteran who shared his story on how he got into franchising with G.I. Jobs.
Franchises Include A Prepackage Plan
Franchises usually come with a proven method of business, which is a primary difference from a non-franchised business.
On the other hand, depending on how much control you want, franchising may not be for you.
“You will also be required to adhere to the rules and requirements imposed by the parent company,” Haynie said. “For example, you probably will not have the discretion to add items to your menu, or change packaging, and in some cases even your hours of operation may be dictated by your franchise agreement. An individual considering franchising as an alternative to starting a business on their own should be aware of these important differences.”
Do You Have The Money To Own A Franchise?
Make sure you can afford it, too. Many veterans use their pensions to fund a franchise until it breaks even.
Talk with a franchise coach to see if you have the budget to buy a franchise.
When To Take The Plunge
If you know you have the business qualities and specific skills for the franchise you’re considering, have done your research on the franchise and are financially prepared, it’s time to act.
“The more you can prepare those close to you for these realities, the more likely you can successfully navigate the ups and downs of launching a new venture,” Haynie said.