Franchise Ownership is an Ideal Way for Veterans to use their Skills and Create Wealth
As a female Marine Corps veteran, I’ve been in franchising for almost two decades and I couldn’t be more in alignment with the franchise business model. Give me a playbook, and I will execute it! Operating a franchise is more straightforward than starting from scratch.
As a franchise consultant, I empower veterans to achieve freedom through franchising. I have worked with dozens of veterans who, like me, wanted to leverage their skills and experience from the military into civilian life.
Many resources are available for veteran entrepreneurs, and franchise ownership offers an ideal path. According to the International Franchise Association’s VetFran Program, veterans make up only about 7% of the population, but they account for 14% of all franchisees in America. It’s because veterans are well-suited for franchise ownership. Here are some of the amazing qualities they bring:
What Veterans Bring to a Franchise Business
- Culture: One of the most important characteristics of a successful franchise owner is the ability to create a great culture in their business. Active duty and former military veterans typically have the training and the skill to manifest this positive culture. Creating a culture where people can grow and thrive and where the team can see a career path is key for employee retention.
- Servant Leadership: Most military veterans possess the skills to lead a team to complete a mission by motivating and inspiring. Leaders know the importance of providing the training and the tools to achieve goals. Great business leaders surround themselves with smart, strong team members and invest in their development.
- Mission: Enlisted military and commissioned officers have been trained to protect and serve our country. Our military takes great pride in its mission to protect its communities. That mindset still exists after taking the uniform off and serves veterans well in business.
- Vision: Military service members are taught to think holistically, from the beginning of the mission to the end, with the ability to pivot when circumstances change, ultimately to meet the final objective. This is a key factor to successful franchise ownership.
- Values: Discipline, loyalty, integrity, honor, commitment, selfless service, sacrifice, and duty are just some values veterans bring to franchise ownership. These values help veterans thrive in a franchise business and are the building blocks for success.
- Risk Takers: Military training teaches risk assessment and gives the ability to change course when necessary. The very same strategy can apply to franchising. Successful business owners often perform a SWOT analysis to help identify Strengths, Weaknesses, Opportunities and Threats.
- Mindset: Transformation from civilian life into the military is significant, whether it’s boot camp, basic training, or training school. Growth, education, and transformation continue throughout our military career until it’s time to transition out of the military as well. A strong mindset equals success in the military and business.
- Camaraderie: In the military, they say when living in a foxhole, you must have each other’s six. In franchising, we look out for each other, too. While, in my humble opinion, no career in the civilian workforce can emulate the bond created in the military, franchising is extremely supportive and fosters a family-like atmosphere.
- Work Ethic: Veterans work until the mission is accomplished and standards of perfection are met or exceeded. The same work ethic equals success as a franchise business owner.
- Creating Legacy Wealth: Career/retired military veterans receive a stable, lifetime pension income stream. However, it won’t always keep up with inflation. With a franchise, veterans can be in the driver’s seat and create their own wealth.
Ways Veterans Have Found Success in Franchising
As a veteran, I have found great success in franchising. I have invested in a massage therapy franchise, a woman’s beauty brand, a men’s grooming brand, a laundromat brand, and a healthy pet food brand. Below are examples of some of the active duty/veteran candidates I have helped transition to franchise ownership. If you are a veteran transitioning from the military, now is the time to put the pedal to the medal, diversify and learn how franchising can help create additional income streams and legacy wealth!
- A retired Navy veteran invested in a restoration brand.
- An active-duty Navy pilot invested in a children’s multi-sport enrichment brand (semi-absentee).
- A retiring Navy veteran invested in a commercial trash compacting brand (semi-absentee).
- A partnership team of two Marine Corps veterans and their spouses invested in a residential and light commercial cleaning brand.
- A retired Marine Corps veteran invested in an IV-drip bar franchise and is also considering an insulation franchise.
- An active-duty Air Force officer is considering a home service brand, still exploring industries
- A Marine Corps veteran is considering a home service brand or possibly a child’s enrichment brand that can be run semi-absentee while he keeps his day job as an accountant and helps his wife raise their four young children.