A Growing Network of Franchise Companies Dedicated to Providing Opportunities for Veterans and Military Spouses
For Veterans and their spouses interested in small business ownership, consider that successful franchisees are fundamentally different than entrepreneurs.
While entrepreneurs are essential to the American economy, franchising provides an alterative for creating jobs and being the master of your own destiny.
Many people with a military background gravitate towards well-organized systems, such as the franchise business model. The franchise industry has certainly responded by helping veterans enter the franchise industry with fewer barriers.
VetFran is a network of the International Franchise Association member companies that offer financial discounts, training, mentorship and other incentives for veterans and military spouses. This is a network of nearly 650 participating companies offering discounts on franchise fees, reduced royalties, credits for marketing, and other materials needed during startup.
VetFran recently revamped it’s website to make it easier to engage with member companies and find the resources to get you started. The VetFran Toolkit is an educational portal designed to teach you about the franchise industry, and supply resources to help veterans succeed in their business goals.
No matter what stage of the process you are, the Toolkit can help further your education in the industry. There are eight primary resources to help guide you through the process of franchising and increase your chances for success.
1. Franchisee Personality Type Profile
This is an easy to use assessment tool that helps veterans determine their potential for success as a franchisee and identify and explore the types of opportunities at which they may have the greatest chance for success.
2. An Introduction to Franchising
This will help a prospective franchisee understand the very basics of franchising with questions such as: What is a franchise? What are common franchise terms? What are the alternatives to franchising and the advantages and disadvantages of owning one? And what are the legal issues in franchising?
3. IFA Franchise University
The IFA Franchise University is part of the Certified Franchise Executive program. There are free courses available on the basics of franchising. There is also the option to take the entire course and become certified, which will give you a comprehensive understanding of franchising.
4. Making the Franchise Decision
This workbook is a tool to evaluate franchise opportunities. Once you understand the basics of franchising and some of the mechanics, the next stage may be the evaluation stage. At this point you will want to start evaluating specific franchise companies to determine the best fit for you.
5. The Federal Trade Commission’s Consumer Guide to Buying a Franchise
The Federal Trade Commission, the nation’s consumer protection agency, has prepared this booklet to explain how to shop for a franchise opportunity, the obligations of a franchise owner, and questions to ask before you invest. This resource goes into much more detail about franchise laws and understanding Franchise Disclosure Documents (FDD).
6. The VetFran Video Library
The VetFran video library is designed to support veterans in understanding and assessing franchising through video-based discussion from experienced veteran franchisees and franchisors. The videos cover the fundamentals of franchising, legal issues, franchise finance, and more. Featuring veterans in the franchise industry, these seminars offer best-inclass education from the perspective of industry leaders and Board Members of the International Franchise Association.
7. Financial and Other Small Business Resources for Veterans
The financial resources section of the Toolkit provides financial and small business resources that include state, local, federal, and public funding sources, verification process for Veteran-Owned Small Business from the SBA and VA, and other general resources for veteran entrepreneurs.
8. The VetFran Directory
The VetFran Directory is a list over 650 plus VetFran member companies and their discounts for veterans and military spouses. You can search by industry or investment and view each company’s VetFran program in their profile.
VetFran Mentorship Network
Once all the material in the Toolkit has been reviewed, VetFran is able to match interested veterans and spouses with a mentor closest to their location of interest. Experienced franchise executives and franchisees have the opportunity to apply and become a VetFran Mentor.
A VetFran Mentor assists transitioning veterans with an understanding of the options available to them in the franchise sector. Such options may include franchise ownership, employment, internship or other roles to build a career after their military service.
Mentors must be available to listen to what the veteran is saying, inform by sharing information on franchising, help him or her understand and navigate various aspects of their journey, and in general, be a resource of unbiased and worthwhile information to help the veteran make the best decision for them and their future. All mentors have to satisfy a set of requirements and be vetted by the Chairman of the Mentorship Network to ensure the veteran’s best interest is in mind.
For more information visit: www.vetfran.com