Franchise Opportunities for Veterans

When it comes to buying a franchise, veterans have some great opportunities that can give them an advantage. There are numerous programs designed to entice veterans to get involved with franchise ownership. These programs were created to reward veterans for their service to the country and to facilitate economic growth at the same time. Here are a few things to consider about franchise opportunities for veterans.

Vetfran

Vetfran is a program that allows veterans to purchase franchises for a discount compared to what they would normally have to pay. This program was developed by the International Franchise Association, and it can be a big help if you were honorably discharged from the Armed Forces. With this program, you can gain access to more than 1300 franchisors. Many of these organizations will give you a discount off of the purchase price of a franchise as well as the ongoing costs. These businesses realize that veterans often make good business owners because of the work ethic with which they have been instilled. They are t raditionally good leaders and know how to follow a proven system.

Financing Programs

In addition to being able to get a discount on your franchise, you can generally get help with loans. The Veterans Administration has a loan program for veterans who want to get involved with a small business. With this type of loan, the VA will stand behind your debt, guaranteeing it for you. This will allow you to borrow the money that you need at a low interest rate. You will also not have to come up with a substantial down payment in most cases. When you combine this with the discount that you will get just for being a veteran, franchise ownership is much more attractive.

Types of Franchises to Consider

There are literally thousands of franchises out there that you could choose from. Most of these have some potential benefits that you could realize. At the same time, there are a few franchises out there that are not worth a large investment. When trying to choose a franchise to invest in, you need to find one that meshes with your interests and passions. 

Besides choosing a traditional franchise arrangement, you might consider purchasing a master franchise. A master franchise is a type of franchise arrangement in which you are granted a particular area to oversee. You pay the franchisor a certain fee, and then you collect the franchise fees for all of the franchises in your area. You help recruit business owners and get them started in your area. 

Multi-Unit Franchises

When you have all of the help that a veteran can receive, you may want to consider getting involved with a multi-unit franchise. This will allow you to set up multiple locations in a particular geographic region. This can increase your odds of success, and it will also increase your profit margins. If you are considering this type of business, make sure that your area can support multiple locations before getting involved.

blog comments powered by Disqus