It can often be said that in both life and business that nothing comes free. One must work for what one wants and if someone is offering you something for free they must want something. Well, whatever one believes about that life mantra the truth is that this is spot on as to why thriving franchises offer veterans special perks to get involved. It’s not charity as some might think but rather, it’s smart sourcing. The truth is that veterans bring with them a unique set of skills offering the franchise the opportunity to make a strategic bet. Veteran’s come to the table on day one with the leadership experience, drive and the adaptability to make a business work. How confident are the franchises that this will work? Well, just dig in and research how far some franchises are willing to go to bring in the modern vetrepreneur into their fold.
For the purpose of this article, naming specific franchises and the specific perks they offer to veterans will be avoided. Those perks often change over the course of time and given the great number of franchises that offer special deals to veterans it would be difficult to keep them up to date. We can, however, talk about them in general. All franchises typically come with various startup costs that vary from industry to industry. These can range as low as a few thousand dollars upwards toward a million dollars for some of the more established and successful businesses. So with the proven ability to make money, one must ask what would cause a successful business to offer the following just to have a veteran join the team?
Veterans can quickly find themselves entitled to 20% off the franchising fees, 50% off first store franchising, $20,000 off startup inventory and more. In some cases the franchise fee is waived and even free equipment is available. This list goes on and on and varies as wildly as the nature of the various franchises. But one truth remains consistent. Namely that successful franchises are highly interested in attracted veterans into the business. So much so they are offering discounts and perks that can only be characterized as a strategic bet. That where veterans lead the way in business success quickly follows. These businesses are risking inventory, assets and capital on that bet. Here’s the reason why.
Veterans Bring Success to the Table
Most businesses offer some sort of charitable contribution to society, but one would be hard pressed to find a business willing to bet their bottom line on charity. The truth is that successful businesses make money off successful franchises and veterans are a safe bet to deliver. The first of many reasons would be a veteran’s resiliency. Starting a franchise or any business is simply not for the faint of heart. But for that matter, charging an enemy occupied beach and heading towards the sound of gunfire isn’t either.
The reputation of franchises and their ability to attract successful owners is often directly related to their franchise failure rate. While there is an ongoing debate as to what the exact franchise failure rate is, the more that fail the less attractive that option is to investors with options. The savvy entrepreneur will look at the various failure rates as an indicator of risk. So if a franchise offers too many franchises to too many persons ill equipped for the role it will ward off the more qualified. Who better to boost a franchise’s success rate and bottom line? If you ask the franchise they clearly believe veterans. It simply would not make good business sense to offer these steep discounts if they didn’t truly believe in the power of the vetrepreneur.
How to Choose Your Franchise
As remarkable as these discounts and perks for veterans seem to be, it would still be unwise to pick a franchise based on the biggest perk. Multiple factors go into picking a franchise and doing a little reconnaissance is well worth the time and effort. First thing to consider is what are your personal goals and interests? It might be remarkable that a comic book store franchise is offering 50% off franchise fees to veterans. However, if the veteran has never picked up a comic book in their life then perhaps passion should guide the way over the perk. Starting one’s own business can be a grind so pick a passion in which the grind becomes a joy.
Next, it’s time to examine the numbers. Read the Uniform Franchise Offering Circular as franchises are required by law to provide these to investors. It covers the market informations, costs and other relevant data about the franchise. Keep in mind that these booklets often operate in averages so more research is needed. How long will it take you to get your investment back and what is the success/failure ratio of other franchises. Then, after speaking with the franchise consultant keep doing your research. Talk to fellow franchise owners and gauge how supported they feel and how easy it was to turn a profit.
Veterans Know How to Build a Winning Team
Once the reconnaissance has been made, it’s time to build the winning team. This is where franchises are again making a strategic bet on the qualities of a veteran. Most veterans have been given extraordinarily large responsibilities at a young age where they are given charge over fellow warriors. The result is a proven leader with management experience on day one. Veterans are given steep discounts to join a franchise because franchises believe they can assemble the team and lead them to victory.
Franchises hand over their brand, uniforms and imaging to these new entrepreneurs and a bad experience at one franchise can damage the reputation for the rest. While franchises offer a great amount of guidance and support, they simply cannot be present in each location. Consequently their franchisees are stewards of the reputation they worked hard to build. Veterans are steeped in tradition, ethos and a certain esprit de corps that binds them together. If business is indeed its own battlefield then the results of building the wrong team can be equally disastrous.
Why do franchises offer remarkable discounts to attract veterans? Is it charity or a hand out? Is it a monetary version of “thanks for your service?” Quite the contrary. Bringing veterans into the fold of a franchise is simply smart business. They are resilient enough to hand the challenges of a start up, experienced enough to build a successful team and truth worthy enough to carry the brand’s image into the future. While we didn’t cover the exact discounts so as not to lead one astray, a quick search for franchise discounts for veterans will yield amazing results and could set both the veteran and franchise up for future without precedent together.