When the cash starts flowing, the last thing you want is to lose track.

For veterans starting out as new franchise owners, cash control is paramount – getting it just right is how you optimize profitability and growth.

For starters, cash flow management is a simple philosophy: delaying your cash outputs as long as possible, while maximizing input by ensuring you’re paid as quickly as possible.

This usually involves when you pay your suppliers and employees, and the times you collect payment from your customers and clients.

Here are 5 Cash Flow Management Strategies for Vets:

1. Prepare and Measure. Prepare cash flow projections ahead of time, to ensure you always maximize the amount you have on hand. This could involve yearly and quarterly views, or, if you’re just starting out, even monthly and weekly projections. Understand that these are just predictions, though – so be sure to have enough (or even more) cash on hand just in case, and measure your projections to compare various information.

2. Be Meticulous. A huge part of making accurate projections is not only know when money will be spent, but on what types of thing. In order to track this effectively, have a line item projection for major things such as overhead costs, significant cash outputs, inventory, sales, and salaries.

3. Optimize Payment Time. Unless you’re receiving upfront or instant payment from customers, it’s crucial to speed up the time it takes to get paid. Depending on the type of franchise you’re operating, you can improve upon this by making clients pay deposits, provide incentives for fast payment, or track accounts receivable and follow up quickly on tardy accounts.

4. Stretch Your Own Outputs. If a supplier’s invoice doesn’t need to be paid for 30 days, pay it in 30 days. To help do this, use an electronic cash transfer and pay on the last possible day – this way, you’re stretching your cash while also fully complying with all payment deadlines.

5. Act Quickly Upon Shortfalls. No matter how successful you are, there may come a time when cash flow is low. Whatever the case, the most important thing is to act quickly and efficiently to effectively manage it. Because of this, if you need to take a loan from the bank, let them know as early as possible – months in advance, if you can. If the banks won’t help, work with your suppliers to extend their payment dates, and to ask your best customers to pay a little faster.

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.

What is it that makes veterans so successful as franchise owners?

Each year, thousands of vets make the transition from the military to entrepreneurship as franchise owners – all because of the success of others before them.

But what is it that makes them excel in franchising?

Here are 4 Reasons Veterans Thrive as Successful Franchisees:

1. Dedication, taking responsibility, and executing. In order to succeed in the military, veterans had to make the kind of sacrifices most people can’t or aren’t willing to make. During those experiences, their dedication ensured they took responsibility for their actions while executing their missions accordingly.

2. Superb ability to follow systems and processes. Veterans thrive in franchising’s systems and processes because they, in many ways, mirror the military. Because of this, vets have an outstanding ability to follow systems and optimize all processes to best ensure long-term success and profitability.

3. Real-life experience paired with strong education. Many veterans have a unique combination of having worked in real-life combat situations with a strong education. Department of Defense statistics in 2015 revealed that about 90 per cent of enlisting military men and women have high school diplomas and a bachelor’s degree.

4. Outstanding leadership and problem solving abilities. Vets have uncanny leadership and problem solving abilities gained from the military, which make them invaluable assets to any franchise. When problems arise, veterans are ability to think on their feet and find the best solutions to problems under pressure – while leading their teams effectively.

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.

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.

Looking for work is never easy, and that’s been even more true for veterans.

Our country’s proud service men and women put their lives on the line, making sacrifices to themselves and family that few would go through.

After they leave the military, however, many veterans aren’t sure where to turn next – and for good reason. Veteran unemployment has been higher than the nation’s overall unemployment rate in recent years.

Thousands of veterans have found success in franchising

With so many people competing for work, thousands of veterans in America over the past number of years have forged their own path as entrepreneurs through franchising.

Franchising thrives off of veterans’ core, military-honed skills sets – leadership, problem solving, and system-and-process-following skills – which in turn helps veterans find a new direction in life as franchise owners.

Multiple financing options, discounts available to veterans

To help make the transition easier for veterans, there are also numerous ideal financing options available, including SBA-backed loans, conventional loans, equity payouts, and crowdsourcing. On top of this, many franchises offer discounts and royalty reductions to vets to help encourage them to invest in their business.

Simply put, veterans are natural-born leaders well suited to the entrepreneurial path.

And franchising provides a secure, trusted, and proven way to do it.

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.