Franchise Opportunities for Veterans
Many veterans opt to start a business once they step out from the service into civilian life, with that the government has offered several franchise benefits and options to aid in this transition.
In the United States, the Department of veteran Affairs has set up several assistance packages and benefits for the country’s veterans.
These benefits include a program that aims to make owning a franchise business more affordable. This is because many veterans opt to step into civilian life with their own independent source of income through applying for a franchise rather than starting their own company or business from scratch. With the initiation of this program by former Secretary of Veterans affairs, Anthony J. Principi, the Veterans Transition Franchise Initiative more commonly known as "VetFran" was born. VetFranwas originally created in 1994 and supports several outreach incentives that focus on the financial aid and assistance of veterans who are interested in various franchise opportunities. It is currently sponsored by the International Business Association. There are roughly around 400 participating companies to date and the numbers continue to grow every day, allowing for more and more options for veterans to select from.
The International Franchise Association or IFA is the world’s oldest association which represents the franchising business. It works hand in hand with the VetFran and the Destiny Group, encouraging more franchises to associate themselves with honoring the country’s Veterans and their service to society through the financial aid and assistance in acquiring a franchise.
It is important to remember a few things when applying for a franchise as a veteran. First, know what you want. You will as much as possible want to acquire a business or franchise that you have a keen interest to. If one has a passion for something then that person is more likely to succeed in his business. Layout what you can afford and the terms at which you will agree upon. Listing down what you prefer will allow you to segregate your list of options into those that will best suit you. You can filter out your choices through scanning the list of associated franchises that offer financial assistance to veterans, and those listed at VetFran.
Once you have selected the franchise you are interested in, you may now consult with them and meet to discuss the franchise agreement. Bring with you your terms and other factors which you may want to be considered in the agreement. Lay everything out on paper and if possible have these documentations reviewed by a proper legal authority and the expense proposal in the request for financial assistance, reviewed by an accountant. If you are going to spend any amount of money then it would be best to spend it here. Also, the government may also offer assistance in that field as well and even in the training and assistance of the actual franchise. That is why it is important to keep up to date with the local government and their packages and benefits that they offer to their veteran entrepreneurs.
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