{"id":1148,"date":"2022-11-07T15:44:42","date_gmt":"2022-11-07T20:44:42","guid":{"rendered":"https:\/\/www.paintcorps.com\/?p=1148"},"modified":"2023-04-11T14:38:57","modified_gmt":"2023-04-11T18:38:57","slug":"veterans-in-drivers-seat-of-franchise-industry","status":"publish","type":"post","link":"https:\/\/www.paintcorps.com\/news\/veterans-in-drivers-seat-of-franchise-industry\/","title":{"rendered":"Veterans are in the Driver\u2019s Seat of the Franchise Industry"},"content":{"rendered":"
This article originally appeared in FranchiseWire<\/a> on November 7, 2022.<\/em><\/p>\n With 10 years in the military (three Army and seven Air Force) and 11 years in the franchise business, here are three things I\u2019d like to share with my fellow vets.<\/p>\n This might come as a surprise, but the military has a lot in common with the franchise world.<\/p>\n Think about it.<\/p>\n Both are organized for a common purpose (one to crush the enemy and the other to crush the competition). Both rely upon rule following. Both have highly trained teams. Both utilize uniforms for unit cohesion (well, most franchise brands use uniforms to help with their branding). Just like the military, franchise brands need both leadership and followership.<\/p>\n The Citadel<\/a>\u00a0defines\u00a0<\/em>followership as being of character and commitment, acting to support the needs and goals of the team.<\/p>\n That\u2019s precisely what a successful franchise brand needs from its franchise partners. The needs and goals of every successful franchise brand include following the recipe for success, excelling at whatever it is that franchise brand provides (food, service, retail, consulting, the list is endless), and working as a cohesive unit \u2013 all to match the needs of the team to achieve the collective goal of winning in the marketplace.<\/p>\n Because those traits are drilled into you during your years of service, the franchise world has come to realize veterans often make ideal franchise owners. Since that discovery, veterans are the most sought-after segment of the population\u00a0franchise recruiters<\/a>\u00a0pursue.<\/p>\n Many franchise brands offer substantial veteran discounts off of their franchise fees as a way to not only thank veterans for their service, but also to entice them to join their brand. Often, these discounts amount to about 10% off, but many offer even bigger\u00a0incentives<\/a>. Some brands will waive the fee completely or offer contests among veterans.<\/p>\n A few brands have gone so far as to make their offerings exclusive to veterans, which illustrates how serious they are about putting the right team together.<\/p>\n You don\u2019t have to have a lot of money in the bank to break into the franchise world. But, you do have to have\u00a0some<\/em>. There are many\u00a0low-cost franchise<\/a>\u00a0models out there. Within the franchise world, \u201clow cost\u201d is generally considered any initial investment under $150,000. But there are many below $50,000 to be found, as well.<\/p>\n You have to play detective to find them, and you should keep an open mind about the type of business you might consider owning. Look past what it is or offers and look at what it does. By \u201cwhat it does\u201d I mean: Does it afford you an opportunity to make money? Can it change your life\u2019s trajectory? Can it help you take control of your future?<\/p>\n Does it really matter if you\u2019re scooping ice cream or scooping dog waste (yes, there are dog waste removal franchises). As long as it\u2019s a business in high demand and one you can grow, it\u2019s worth a closer look. Think outside the box. Think waaaay outside the box. You might be surprised at what you can find.<\/p>\n Funding is always an issue. But there\u2019s good news on that front for veterans, too.\u00a0Some lending institutions will stretch their loan requirements for veterans. The SBA is a good resource; though, admittedly it can be frustrating to get through their loan application process.<\/p>\n Third parties like Guidant Financial,\u00a0FranFund<\/a>\u00a0and\u00a0Benetrends<\/a>\u00a0can help you navigate the SBA loan process (and charge a fee for their services), but they can also help you with the ROBS Program (Rollover as Business Startups).<\/p>\n Using your 401(k), IRA or military retirement savings (TSP), you essentially form a corporation and use your own funds to invest in your business. Since it\u2019s your money, there\u2019s no credit check and a low credit score would have no effect on securing the funding. And it\u2019s relatively fast to secure \u2013 about 30 days.<\/p>\n Of course, there\u2019s always a big caveat about risking your retirement funds. But I\u2019ve seen plenty use this funding mechanism with great success. Be sure to consult your financial and legal advisors before making any investment decisions!<\/p>\n Let me finish with a few more bits of advice when considering a franchise. Play detective. The Google machine is your friend. Doing your due diligence is very important.<\/p>\n Use search terms like \u201cFranchises for Veterans<\/a>,\u201d \u201cFranchise Fee Discounts for Veterans<\/a>,\u201d \u201cLow-Cost Franchises,\u201d and \u201cVeteran Franchises.<\/a>\u201d I generally skip the paid ad results (top of the page) from my Google searches and dig deeper into the organic results a little further down.<\/p>\nVeterans are Sought-After in Franchising. Here\u2019s Why.<\/strong><\/h2>\n
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The Franchise World Loves Veterans\u00a0<\/strong><\/h3>\n
Special Incentives for Veterans<\/strong><\/h3>\n
Affording a Franchise<\/strong><\/h3>\n
Franchise Funding<\/strong><\/h3>\n
Franchise Due Diligence<\/strong><\/h3>\n