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Tips for Veterans Who Want to Be Franchise Owners

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Veterans and service members are looking into ownership of franchises like never before.

According to the U.S. Small Business Administration, roughly a quarter of all veterans are interested in starting their own businesses. Franchises are a very popular route to go for many of them. With the business framework already in place, opening a franchise is an easy way to enter the market.

Franchises are so popular that the International Franchise Association reported that 1 of every 7 franchises in America is owned by a veteran.

The number of veterans owning franchises may be so large because of all the help available to make business ownership possible. There are many tools veterans and their spouses can use to help make the decision to buy one of the numerous franchises.

Also hundreds of companies offer incentives for veterans to become a franchise owner. Here are a few things you need to consider if you are interested in franchises.

Tips for Veterans Who Want to Be Franchise Owners

Veterans are buying into franchises at a record pace. Here are a few things to consider if you are interested in owning one.

Is buying into a franchise a good decision for my military family?

Many veterans and military spouses dream of owning their own business. My husband wants to own a small bar when he retires. He has talked about it casually for years. I have always wanted to own a coffee shop. While we both dream of these things, I have to wonder if either of them will ever become a reality.

Do you dream of owning a business? Would it be one of the thousands of franchises in America?

The first things 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.

Ask yourself the following 4 questions:

  1. Are you passionate about the industry you are considering?
  2. Is this merely a hobby you enjoy or will you actually like to take this on as a business?
  3. Is there room in the market for this business?
  4. Is this the right time in your life to open a business?

Think about your family’s circumstances, financial stability and viability of franchise ownership. If your family decides that owning one of the franchises available is the right move, then you need to look into how to choose one of the franchises.

How do I become a franchisee?

Start your research with the U.S. Small Business Administration. They have a veterans business outreach center (VBOC) program. They offer services to help veterans with business training, counseling and referrals. This includes workshops on business development for issues such as being self-employed. There are business counselors available to help on a one-on-one instance as well.

The VBOC program also offers a feasibility analysis to help veterans determine if a business will be successful. They will review your business plan in doing so.

There are 8 things to do to own one of the franchises available in the United States. First, decide which type of franchise you would like to own. Next you should look to see what franchises are available in that industry. You will want to take into consideration the requirements to own a particular franchise in that segment. You should also research the market in the place you wish to open your business.

If all looks well, then you can send an inquiry to the franchise. You’ll need to fill out an application for the franchisor. They will want to see if you are a good candidate to own one of their franchises. When you get a reply, if it is positive you will need to think of the next steps. This will start with finances. You need to decide how you will fund purchasing a franchise.

What incentives are available to veterans for starting a franchise?

Most businesses require a buy in and you might not have the startup money for it. Luckily, many businesses offer incentives and discounts for veterans to open one of their franchises.

There are 650 franchises listed with the International Franchise Association that offer these incentives and discounts for veterans and their spouses.

The Veterans Transition Franchise Initiative, VetFran has helped 2,089 veterans become small-business owners with their financial incentives.

Politicians are getting into the spirit of veteran-owned businesses as well. The Veteran Entrepreneurs Act of 2017 was introduced at the beginning of the year. Its purpose is to provide entrepreneurship training to veterans and their spouses. The bill would amend the Small Business Act to include a female veterans business training program as well as one for disabled veterans. An outreach center will provide financial assistance including financial management, marketing advice, training and technical help.

While that bill is lingering in Congress, you can look into the incentives the franchise you are interested in purchasing to see if they are big enough to make ownership a reality.

What questions do you have about franchises?

7 Programs Working to Reduce Veteran Unemployment

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According to the U.S. Department of Labor, the unemployment rate for post-9/11 veterans in November 2016 grew to 4.8, up over a point from the same time last year. With all military services continuing to engage in troop reduction, the number of unemployed veterans may see an even bigger increase in the years to come. But no veteran needs to face the daunting search for employment alone.

Check out these 7 organizations working to help veterans find meaningful employment.

7 Programs Working to Reduce Veteran Unemployment

1. USO Transition 360 Alliance – Hire Heroes USA

In this program transition specialists work one-on-one with transitioning service members to set career goals and strengthen their resumes. The program also sponsors transition workshops to help improve networking and interviewing skills and creating job search plans. Registered users can also use the Hire Heroes job board to connect with employers interested in hiring transition service members, veterans and their spouses. Interested applicants can register on the USO website.

2. Corporate America Supports You (CASY)

Founded in 2010, CASY’s mission is to attract transitioning service members, veterans and members of the National Guard and Reserves and provide the services and training necessary for job placement. Their Train2Hire Program provides opportunities for skills training. Their Recruiter Connect™ Program connects job candidates with corporate and small business recruiters. CASY’s services are provided at no cost to veteran applicants. Since its inception, CASY has helped more than 22,000 applicants find jobs. Interested veterans can get started right away by visiting the CASY website and registering for their services.

3. NS2 Serves

Established in 2013, NS2 Serves trains and employs veterans in high-tech careers. The program serves post-9/11 service members, reservists and Gold Star spouses who meet program requirements. The full-time paid training provides instruction in “world-class software solutions that support U.S. national security, leading to official SAP certifications.” Applicants are accepted on a semi-annual basis. Apply on the NS2 Serve website.

4. Helmets to Hard Hats

Veterans and service members interested in a career in the construction industry can register with Helmets to Hard Hats. In addition to job boards with veteran-only job postings, H2H offers federally approved apprentice programs at no cost to veterans, and because it is federally approved, GI Bill benefits can be used to supplement income during the apprenticeship process. Interested applicants can get more information and register by visiting the H2H website.

5. Wall Street War Fighters

Based in Philadelphia, Wall Street War Fighters offers a 6-month training program that provides class work, field work, exam preparation and testing, mentorship, apprenticeships and internships for veterans interesting in pursuing careers in the financial industry. The training program includes housing, food, transportation to and from training and job interviews, professional clothing and a small stipend at no cost to accepted participants. Veterans interesting in the program can learn more at the organization’s website.

6. Iraq and Afghanistan Veterans of America (IAVA)

The largest post-9/11 veteran’s organization, IAVA uses research and in-person and online programming to help veterans connect with employers, industry experts, mentors and other employment resources. Participants in the VetsRising Career Bootcamps receive personalized assistance developing and reaching career goals. Joining is easy, just visit the IAVA website.

7. Startup Veterans

In the years since World War II, the number of veteran starting new businesses has tumbled from 49% to just 6%. Startup Veterans aims to change that. Designed to support veterans with a business idea, the program offers 16 weeks of entrepreneurial development training. The program has an online application, and selected applicants will be interviewed by phone before final acceptance. Find out more about the application process and requirements on the Startup Veterans website.

Have you utilized a program that works to reduce veteran unemployment? Tell us about it in the comments section.

3 Ways a Military Move May Kill Your Small Business and How You Can Rescue It

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Being a military spouse small business owner can be exciting and challenging all at the same time. You spend an exorbitant amount of time building up your client base only to be told the military wants you to move again and again. How long does it take you to recover your business after each move?

Here are 3 ways a military move can kill your small business and how to overcome these obstacles in less than 6 months.

3 Ways a Military Move May Kill Your Small Business and How You Can Rescue It

Moving your business during a PCS may be a challenge. Here are some tips to ease your transition.

Your Clients

You’ve spent a lot of time building up your client base and now you’re moving.

What is a military spouse small business owner to do?

You’ll have to start from the ground up once again to build your clientele list. This may sound daunting after all you’ve done to create your customer database, but that’s exactly what you need to do. The key to this is to jump right in when you get to your next duty station. Let people know that you are open for business.

Think about how you got started with your military spouse small business originally or how you got it going at your current duty station.

  • What steps did you take to earn those clients?
  • What marketing avenues did you utilize? Are those same avenues available for you to use again?

Don’t write off your clients at your former duty station right away. Before you leave your current town see if you can keep any of your clients.

Is your military spouse small business mostly online? In that case, the move might not hurt you at all. If you are able to continue working with your clients over the phone, through the internet or by mail, you might be able to keep them as well.

Do some research and see what you can work out. Call your clients and see if they are willing to work with you during this transition. If a customer is committed to you, they might just stick around.

Your Network and Support System

Networking is the key to success in business. As they say, it’s all about the people you know. Before you even pack your first box, get on the computer and check out your next duty station. Who are the other military spouse small business owners in your new town?

Contact your new command to see if they have a spouse liaison. She might be able to point you in the direction of other wives or husbands in the area that have small businesses.

Don’t be afraid to reach out. Pick up the phone or at least get online and talk to other military spouse small business owners. Ask them how the transition worked for them. They will be able to give you tips on how they got their businesses back to usual when they got to that military installation.

Networking and meeting new people will get you back in business in no time.

Get new business cards made and step out into new areas to network. You can use social media to meet fellow military spouse small business owners. Update or create an account on LinkedIn, a professional networking site. You can reach people on LinkedIn that you might not otherwise have met.

Twitter, Facebook and other social media sites can be good outlets. Create pages specifically separate from your personal accounts.

Make a website or have one made for your business. Buy your online real estate if you haven’t already done so. This entails creating accounts on many platforms that use your business name. This keeps others from using your business name and opens doors to both customers and networking.

You don’t have to do it all on your own. The Small Business Administration is available to military spouse small business owners. The same resources that are offered to active duty members who are transitioning out of the military and are interested in opening their own businesses are available to military spouses. This includes counseling and training, access to loans and disaster relief.

Inventory

If you sell products, maintaining control of inventory during a move can be difficult for military spouse small business owners. We all know what can and often does happen to household goods during transit.

Will you be packing up and moving your own items or will you be letting the military send in a crew to do it for you?

Make sure you take careful stock of your inventory before packing begins. If movers are in charge, let them know upfront to be delicate with these items.

If they get damaged during transit, make sure to file a claim. Most insurance agencies have a timeline for filing damage reports so make sure you do it in a timely manner. Take photos of the damaged property. This can be useful in recouping costs. Save all of this information for tax season.

Are you a military spouse small business owner who has successfully moved your business from one location to another? Share your tips in the comments.