How to Build and Grow a Franchise Business as a Veteran
How to Build and Grow a Franchise Business as a Veteranhttps://bidexecsfranchising.com/wp-content/uploads/2021/09/MicrosoftTeams-image-26-1024x614.jpg 1024 614 bidexecs https://secure.gravatar.com/avatar/9e5f9da0e2b1bf38aee78e070eae31de?s=96&d=mm&r=g
Building a business requires smart work, and not necessarily hard work.
As per Statista, roughly 780,000 franchises were established in the United States in 2020. Further, the International Franchise Association (IFA) reported that one out of seven franchises are owned by veterans and generate a whopping $41 billion in revenue.
Therefore, it doesn’t come as a surprise to us all that veterans today are gravitating towards owning and operating their own businesses, and franchising gives them a head start. Companies like BidExecs even provide veteran-specific incentives and offerings to get them up and running.
So, what do you need to know about building a franchise business as a veteran?
Prepare for failure and it will lead to success
It’s common knowledge that success cannot be guaranteed in any business. Being cognizant of this fact will allow you to emotionally and financially prepare yourself for the worst — this is a great thing. However, this does not mean that you adopt a negative attitude. Get results by being practical, realistic, and conscious of any mistakes you make. By owning the right franchise in an industry that you are knowledgeable and passionate about, you will drastically reduce business startup risks.
Do your research before you begin
Remember: franchising gives you access to guided support from a larger corporation. This, however, comes with the limitation of potential financial risks. Therefore, it is important to conduct extensive research about franchise businesses before making any decisions. You can use the Small Business Administration’s (SBA’s) website (www.sba.gov) to check if the franchise is approved by the SBA and leverage SBA’s business counselling and one-on-one sessions. Veterans have an added advantage of getting free business advice from a Veterans Business Outreach Center (VBOC).
Pick a franchise that is tailored to your skill set
As a veteran, you have unique skills that have prepared you to face any kind of situation. For example, your thorough knowledge of the government sector and your connections with military decision makers makes you the perfect candidate for owning and operating a service-based bid and proposal franchise. Find a company that fits your needs within the industry that you have experience and skills in, and where you are excited to wake up and serve your community. Reach out to a no-cost franchise broker and let them present various options and ideas to you.
At BidExecs Franchising, we put your government contracting expertise to the best possible use. We offer both business development and proposal management tracks so that you can make an informed decision about the opportunities available to you.
If you’re interested in knowing more about BidExecs Franchising, get in touch with us at www.bidexecsfranchising.com
BidExecs is a global business development and proposal management company headquartered in the Washington DC metro area. BidExecs has local and global reach into the most qualified industry experts who understand your local market opportunities.