Franchising: A Great Business Opportunity for Military Veterans!
Are you a military veteran with dreams of becoming a business owner? Have you considered franchising? If the answer is no, we’re going to demonstrate why franchising is actually the perfect move for you. Did you know that even though veterans account for about 7% of the population, 14% of franchisees are vets?
The truth is, veterans excel in a franchise atmosphere. Why? Because they’re great at following rules and instructions. They’ve got strong operational experience, leadership skills, and discipline, all the necessary ingredients to run a franchise successfully. So let’s discover why it is a smart investment for military veterans to invest in a franchise, and let’s discuss the multiple military benefits that will facilitate the process.
Why is it a great idea for a veteran to become a franchisee?
So if you’re a veteran finding purpose after the military, franchising might be your calling. One of the many benefits of franchising is the fact that the business will already be established for a franchisee to operate. Another great advantage of franchising is that you can find a business in your area of expertise because of the endless franchise industries and opportunities.
To top it all of, as a military veteran, you qualify for financial aid, grants, loans, programs, and more. If that doesn’t motivate you to invest in a franchise, we don’t know what will!
Has your job or family been impacted by COVID-19? Have you recently realized that you want to make a change in your professional life and want to pursue a different industry? If you answered yes to both, then deciding to become a franchise owner is definitely going to set you up for success.
Funding for Veteran-Owned Businesses
There are multiple resources and lenders that offer specific startup business loans for veterans.
Here are some veteran franchise grants:
• Hivers and Strivers Angel Fund
Here are some of the best Loan Programs for veterans:
• Military Reservist Economic Injury Disaster Loan (MREIDL): Eligible small businesses can get up to $2 million if they meet the requirements of this program.
• SBA 7(a) Loan Program: This program is available to qualified borrowers looking to secure up to $5 million in funding for working capital. Check if you meet the requirements using this link.
• SBA Microloans: These microloans are among the most sought-after SBA startup loans since they often don’t require collateral and are more affordable than a high-interest-rate business credit card or other financing options for new business.
• Assorted loans: StreetShares, Quarterspot, Accion, and more
• Franchisee Fee Discounts: Another huge benefit, is that many franchises offer thousands of dollars in discounts for active military and veterans. Some brands offer $10,000, $15,000, even $20,000 off the initial franchise fee for veterans. As a small gesture for your service, you have the ability to enter the franchise space at a potentially steep discount!
Non-Financial Support for Veteran-Owned Businesses
• The Veterans Business Outreach Center
The Veterans Business Outreach Center Program offers resources to veterans interested in starting or growing their own business. The center provides business training, counseling, and resource partner referrals to transitioning service members, veterans, National Guard & Reserve members, and military spouses.
You can also find a center in your area by using this link.
• Veterans Entrepreneurship Training Programs
Boots to Business
“Boots to Business is business ownership training sponsored by SBA on military installations worldwide for service members & spouses. Boots to Business Reboot, identical to B2B, is located off-installation for veterans, Reserve & National Guard, & spouses.”
• VetFran
“For nearly 30 years, VetFran has been the bridge between veterans and the franchise community, fostering entrepreneurship and education.” VetFran includes over 600 International Franchise Association (IFA) member companies that offer financial and educational help to veterans interested in franchising.
• WOMEN VETERAN ENTREPRENEURSHIP TRAINING PROGRAM (WVETP)
“The eligible applicants with established training programs provide entrepreneurship training to female veteran small business owners and entrepreneurs, to female transitioning service members and to spouses of veterans with outcomes that reflect new business starts, job creation/retention, and income generation that results in the establishment of and expansion of existing small firms owned by female veterans and spouses of veterans.”
• BunkerLabs
“Bunker Labs,a 501(c)(3) non-profit, is a national network of veteran and military spouse entrepreneurs dedicated to helping the military-connected community start their own business.“
• Patriot Boot Camp
“Patriot Boot Camp (PBC) is a 501(c)(3) nonprofit on a mission to equip active duty military members, Veterans, and their spouses with the education, resources, and community needed to be successful technology entrepreneurs.”
• Vetrn
“Providing veteran small business owners and family members an opportunity, free of tuition, to attend a program in entrepreneurship.”
Best Franchise Opportunities for Military Veterans
Now that you know how to get funding for your franchise, here are some are great business opportunities for veterans, some with big military discounts on franchise fees:
• Juice It Up!: This franchise provides juices, smoothies, and bowls in a quick-service environment. A lot of people are now adopting a healthy and fit lifestyle, and that’s what makes this franchise a great opportunity to invest in.
• Marco’s Pizza: Who doesn’t love pizza? The great part about this franchise is that it doesn’t require prior business experience. So combine quality ingredients and a great delivery system, you got yourself a successful business.
• Sport Clips: People will always want to get their hair cut, right? And what better way to do so than in a sports-themed business.
• Mr. Handyman: Your home is your most precious investment which is why franchising in the home improvement industry is a great move.
• The UPS Store: This is one of the most recognizable companies in the industry, making it a potentially valuable opportunity for a veteran to invest in.
Looking for more investment opportunities for military veterans?
Here are some more options for you.
If you’re a military veteran looking to become a business owner, franchising is perfect for you. Why? Because your love for discipline and organization will draw you to the well-established business model of a franchise. It is a great opportunity for you to invest your time and effort into an industry you’re passionate about. What’s more encouraging is the fact that veterans have a lot of loan and grant opportunities available as well as solid support programs designed to help them build a successful business.
Are you ready to become a veteran/franchisee? At My Franchise CPAs, we respect and appreciate the brave men and women of the United States Military that fought to protect our country. The least we can do is over a 15% veteran discount on all of our services.
Contact us today and let’s help you set up a solid financial plan for your future franchise!
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