The U.S. Department of Veteran’s Affairs 2015 Veteran Economic Opportunity Report states that approximately one out of two post-9/11 Veterans will face a period of unemployment.
If you are interested in being your own boss rather than working for someone else, you can either take on the risk of starting a business from scratch or buy a franchise. A franchise comes with a proven system for how it needs to be run in order to be successful as well as ongoing support from corporate and fellow franchisees. As a franchisee, you’ll be part of a team that shares a common goal and in a leadership role, which may give you the sense of belonging you became accustomed to while serving as well as fulfill your mission-orientated nature.
One in seven franchises—more than 66,000—in the U.S. is owned by a veteran, according to VetFran, a program founded to provide access and opportunities in franchising to veterans and their spouses. This is partly due to the fact that franchisors actively recruit and offer special discounts to veterans because they realize that the skills they acquire while serving are a good fit for franchising.
Related Article: Reporting for Duty: Why Franchises are Courting Veterans
You’ve worked diligently to serve our country and will have to continue working hard running your business, whether it’s one you build from the ground up or a franchise. If you opt to pursue franchising, it’s crucial that you conduct extensive research to ensure you select the ideal franchise for you.
One of the best ways to obtain insight into a franchise is to find out from existing owners what their experience has been. Franchise Business Review, a national franchisee satisfaction market research firm, surveyed 3,047 veterans who own franchises and represent 285 brands to determine which franchises ranked highest in franchisee satisfaction among veterans.
Only 100 brands made Franchise Business Review’s 2015 Top Franchises for Veterans report. Start-up investments of the featured franchises range from $495 to $1,354,801 depending on the brand and industry. Highlighted below are 10 with a minimum start-up investment of $100,000 or less.
|FRANCHISE||STARTUP INVESTMENT||CASH REQUIREMENT||TOTAL EXISTING UNITS|
$495 - $9,800
Commercial & Home Inspection Services
|$34,900 - $45,400||$47,100||221|
|$31,742 - $38,500||$29,500||166|
|$45,000 - $90,000||$45,000 - $89,045||65|
Commercial Ground Care
|$51,500 - $79,300||$30,000||267|
Mosquito Control Services
|$62,850 - $125,750||$30,000||205|
Business Consulting & Coaching
|$73,000 - $105,125||$100,000||181|
|$74,100 - $194,100||$80,000||142|
In-Home Senior Care
|$87,181 - $131,459||$65,000||159|
|$89,800 - $139,000||$60,000 - $80,000||197|