Servicemen and women who reach the end of their military careers often want to explore new opportunities to re-enter the civilian world. For many, franchising represents an option to “hit the ground running” with a built-in business model and potentially a more modest amount of money upfront.
Franchises tailor-made for vets
Eric Stites, Founder & CEO of Franchise Business Review, believes that franchisees need the “leadership skills, grit, and resilience” that comes with being a veteran. Recently, his company surveyed 2,500 veteran franchise owners covering close to 280 leading brands. They were asked questions about their experience and satisfaction level with financial opportunity, leadership, training, ongoing support, and the community of franchisees as a whole.
Findings revealed the following:
- Average annual incomes of franchisees are close to $90,000
- Eighty-five percent of owners report that they enjoy operating their own business
- Nearly 80 percent would recommend their franchise to others
The International Franchise Association revealed that veterans own approximately one out of every seven franchises in the country, totaling about 66,000 franchises. The U.S. Census showed that these businesses generate $41 billion in GDP.
The top franchises for veterans range in industries from automotive to senior care. High-profile companies such as Snap-on Tools, FASTSIGNS, and American Express Travel’s Cruise Planners, among others, seem to be custom-made for those who served in any branch of the United States military.
The transition to civilian life is difficult. Franchising represents a way for veterans to take control and plot their own course towards the future. However, with a dream comes reality. Having a skilled and experienced attorney taking on all the legal “heavy-lifting” is essential to ensure success in opening and continuing to grow the franchise.