How Franchise Consultants Help Veterans Buy Franchises
By David E. Omholt, a franchise advisor with Veteran Franchise Centers (VFC) – a RecruitMilitary strategic partner. VFC offers a free service to veterans looking to learn more about the franchise buying process and options in the market. Omholt is a Certified Franchise Executive (CFE) and a frequent speaker on the subject of franchising on talk shows, at industry conferences, and on college campuses. He has been both a franchise licensor and a franchise licensee.
In the line of duty, comrades in arms rely on one another for help – often in dire situations. With their families and friends thousands upon thousands of miles away, being in battle presents a challenge like no other. They must push through all obstacles to ensure their mission is completed.
After members of the military retire, they often embark on a new mission in life: a search for their next careers.
Franchising is a go-to career choice for veterans, because of its superior rates of business success – and because veterans thrive as franchise owners. In fact, veterans are the perfect model for franchisees. They excel in following a proven system, have excellent leadership and problem-solving skills, and can execute tasks under pressure with little or no advance notice.
A COMRADE IN COMMERCE
When the time feels right to transition into a new career, the thought of buying a franchise – and, ultimately, becoming a business owner – can be intimidating. There are countless franchises to choose from, and so many questions to ask: Which one is right for me? How much will it cost? Are there discounts for veterans? What legal implications should I be aware of?
A franchise consultant can answer these questions and many more – and provide you with the comfort of knowing you have a trusted, informed opinion on your side. Franchise consultants specialize in:
- reducing risk, to ensure that you find the franchise in which you will have the most success
- saving time by presenting you with an organized, buyer-friendly approach
- expanding your network by helping build your success team
- ensuring that you are charged no incremental cost for services.
In business, risk reduction is essential – one must make calculated decisions to move forward. A veteran who is thinking about entering the franchise industry but is not sure how to go about it can reduce his or her risk by working with a franchise consultant.
Through one-on-one sessions, a consultant can get to know your personality, key attributes, and interests; and then pair those factors with franchises that might be a perfect fit for you. The consultant can also advise you regarding various options you may not have known about and provide expertise on the small details most people pass over. And the consultant will provide up-to-date, useful information on financing and legal matters.
Prospective franchisees sometimes become consumed by all the options and details that need to be handled. A franchise consultant can provide focus – keeping you on track to buying a franchise, and saving you time and money in the process. The consultant will use a buyer-friendly approach, taking into account your needs and budget as well as the mandatory details that come with buying a franchise. The consultant will then prioritize everything that needs to get done in the best interest of all parties.
BUILDING A NETWORK
In addition to having a franchise consultant on your side, you will gain access to a multitude of contacts who can work with you and advise you. In fact, the consultants will bring along a complete network of contacts – financial, human resources, legal, technology, and more. Those contacts will already have successful experience in working with franchisees.
Building a great network will also greatly increase your chance of success as a franchisee. By using the consultant’s contacts, you will not have to worry about hiring the wrong attorney, for example, or the wrong accountant. You will be able to focus on leading your franchise and following the business processes that lead to success.
By working with a franchise consultant, you will also gain access to a network of other franchisees who have worked with that consultant. After you become a franchisee, you will be able to collaborate with the others and bounce ideas off them.
NO CONSULTING FEE
Best of all, working with a franchise consultant costs you nothing; the consultant’s services are paid for entirely by the franchise company. There is no hidden consulting fee, no add-on, no incremental cost that leaves you scratching your head. Franchise consultants, like veterans, are proud of their honesty and integrity; they converse transparently about all costs.
If you believe in the old adage “time is money,” you can understand that how you could save money by working with a consultant. Because consultants study the market daily, they can help prospective buyers navigate the maze of options very efficiently.
It is important to note that a franchise company will charge you the same fee whether or not you work with a franchise consultant. In other words, the price is the price is the price—no haggling needed.
What is behind this policy? The Federal Trade Commission (FTC) forces franchise companies to publish their fees in full disclosure to a buyer – and those fees are set regardless whether you work with a franchise consultant.
You can purchase a franchise without using a consultant. Many veterans take it upon themselves to go it alone when they embark upon the mission of transitioning into their new careers. But, as in the military, a mission is always much easier when you have the help of comrades to guide you through the toughest challenges.
By David E. Omholt