This article was written by Monty Heath, U.S. Navy SEAL & Director, Veterans in Business at PrimePay. Learn more about him by clicking here.
For transitioning service members and veterans with the entrepreneurial spirit: Are you looking to place your passion and your mission focus into your own business?
Here is why the franchise model may be the perfect next step in your transition.
A blueprint for success.
When you invest in a franchise business, you effectively receive an Operations Order (OPORD), a playbook, and a blueprint for success.
As one might expect, veterans have abundant experience executing orders and adhering to the playbook or blueprint, with each person pulling in the same direction.
With franchising, there are no painful trial and error of new products, services, or procedures, which saves you the blood, sweat, and tears (i.e. time and money) it takes to start a successful business.
Think of it this way - you are essentially purchasing viable and tested Standard Operating Procedures (SOPs) and veterans are exceptional at executing SOPs.
Training & support you need.
Franchisors provide franchisees with support, including the critical training necessary to promote success.
This comprehensive training includes inventory management, point of sale systems, payroll and HR partners, sales, marketing, advertising, and client service. The type and frequency of this training will be outlined in the franchise agreement documents.
On the contrary, when an entrepreneur starts his/her own private business, there is no support structure in place. There is no proven model in the success of the business or dedicated training team to access.
Becoming a franchisee provides you what you need when you need it so you can quickly grow your business and ultimately achieve your financial goals.
Work off a proven success record.
Franchised businesses, by their very nature, have proven past performance. The business model has shown success in other market location(s). There is no wonder or worry if the product or service will be well received in the marketplace, as the proof you need already exists.
To begin, here are 150 franchise opportunities that have shown consistent success and offer significant discounts and incentives to veterans.
Veterans are great candidates to become successful franchise business owners. Veterans have the drive, the dedication, and the mission focus to succeed. Incentives are available, SOPs exist, and your new mission awaits.
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How PrimePay thanks our veterans.
At PrimePay, we give back to veterans through many Veterans-in-Business (VIB) initiatives. They include:
- Sponsoring VetFran, a strategic initiative of the International Franchise Association. PrimePay is an annual Gold Level Sponsor.
- Supporting No Dog Gets Left Behind, a nonprofit that reunites military members with the war-torn pups they met overseas.
PrimePay also offers veterans a preferred discount on PrimePay payroll and HR services, further supporting those who served by helping them run a profitable and compliant business.
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Disclaimer: Please note that this is not all inclusive. Our guidance is designed only to give general information on the issues actually covered. It is not intended to be a comprehensive summary of all laws which may be applicable to your situation, treat exhaustively the subjects covered, provide legal advice, or render a legal opinion. Consult your own legal advisor regarding specific application of the information to your own plan.
Editor’s Note: This post was originally published in May 2018 and has been updated for freshness, accuracy, and comprehensiveness.