10 Questions Every Vet Should Ask a Potential Franchisor

Military veterans are trained to be vigilant, well-informed, and prepared.

And when it comes to buying a franchise, the process shouldn’t be any different.

For vets looking to invest in a franchising opportunity, it’s important for them to do their due diligence while researching all of their options – otherwise, they could end up in a very different situation than what they expect.

Here are 10 Questions Every Vet Should Ask a Potential Franchisor:

1. What will my expected income/revenues be? This is #1. You’re leaving behind a military position, where your income was at a set level. While veterans thrive as entrepreneurs – and especially franchisees – you still need to invest in a proven franchise that has the systems and processes to help ensure you maximize your earning potential.

2. How much time will I have to prepare? It’s really important to find out how much time you’ll need to prepare before opening. After all, you may need to find a brick-and-mortar space, hire employees, and get trained by the franchisor yourself.

3. Is a starter kit/smaller brand available first? Some franchises offer “starter kits” or smaller-sized brand investments. These are sometimes good for first-time franchise investors new to business, depending on your comfort level.

4. Do you offer reduced fees/royalties for vets? Many franchises off reduced franchising fees and royalties for U.S. military veterans.

5. How many vets have you recruited and what’s their success rate? While vets thrive as successful franchise owners – that’s why so many franchises want them to invest in them – it’s still important to do your due diligence and find out the success rates of veterans.

6. Do you offer any special support for vets? Find out the type of support they offer to all franchisees, and then ask if they offer any special support to their veteran members and their families.

7. Who will I report to and serve as my main contact? Franchises range from small, emerging businesses to world-wide chains. That’s why it’s so important for you to establish early on who you’ll be working with.

8. Do you offer logistical start-up support? Negotiating leases, finding suppliers, and identifying employee talent can all be made easier when a franchisor comes on board to help oversee your initial logistical issues. Find out what kind of start-up support your franchisor offers.

9. Do you offer staff training support? While having top-notch systems and processes is important in franchising, it’s equally important to have a well-trained staff that can execute within them efficiently and effectively.

10. Are there veteran-specific expansion incentives? Once you’re successful at operating your first franchise, will the franchisor offer veteran-specific incentives to help you acquire more franchises and scale your income? Will they provide the same level of support again?

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.