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As a veteran, you probably have the ideal mindset for successful franchise ownership. It might be high time you unleash your entrepreneurial spirit by becoming your own boss.
One of the best ways to do this is by checking out the top franchise opportunities for veterans. The guidance of an experienced franchisor can help you steer clear of the dangers that novice business owners often fall victim to.
Why Franchising is a Good Match For Veterans
You’ve endured rigorous training that’s prepared you for virtually anything that life can throw at you. That makes you way more disciplined than the average person. Discipline is something you’re going to need a lot of if you want to successfully operate a franchise.
Military service often imparts a strong sense of teamwork and leadership in people. Both of these qualities make for fantastic entrepreneurs. Past statistics bear this out: Almost 50% of World War II veterans went on to successfully own or operate a business.
Today, the number of veterans running franchises is increasing at a prodigious rate. Although only 8% of the US population are veterans, 14% of franchisees come from this demographic group.
Take Advantage of Veteran Resources
The Office of Veterans Business Development (OVBD) has as its mission “to maximize the availability, applicability and usability of all administration small business programs for Veterans, Service-Disabled Veterans, Reserve Component Members, and their Dependents or Survivors.”
It offers free services that can assist veterans who want to become entrepreneurs. These include:
Mentorship and training programs
Business counseling
Federal procurement programs for veteran-owned businesses
Research Franchise Opportunities for Veterans
There’s a certain amount of financial risk that comes with purchasing a franchise. That’s why it’s crucial to thoroughly research whatever franchises for veterans you’re considering.
A fantastic way to get the cold, hard facts about a franchise is to spend a day with a franchisee as they operate their company. You can even ask questions that crop up in real-time.
This way, you’ll get a feel of how the business works. You should also try to visit the franchise headquarters so you can ask questions of the executive team.
Top 5 Franchise Opportunities for Veterans
Hundreds of franchises offer incentives to veterans who become franchisees. This usually comes in the form of a franchise fee discount.
However, you might be wondering which franchises offer the best opportunities for veterans. Here’s our list of the top five franchise opportunities for veterans:
Snap-On Tools
Franchise Fee: $8,000-$16,000
Initial Investment: $172,076-$375,503
In 1920, the popularity of the automobile meant that an automotive repair industry was just beginning to emerge. Joseph Johnson was a visionary who had a brainstorm that would forever revolutionize the way things were done.
His idea? Five unique wrench handles and ten sockets that snap on interchangeably, giving rise to the slogan "Five Do the Work of Fifty.” Thus, Snap-On Tools was born.
The company’s reps sold these tools by taking them to the customers’ places of business and demonstrating how to use them. In the ten decades since the company first began utterly transforming the automotive industry, it has sold more than 22,000 products. However, the company still conducts business the same way they always did—by driving a truck filled with their tools to a buyer’s shop, so they can choose what they want to purchase.
If you want to start your own Snap-On franchise, expect to pay a franchise fee of $8,000 to $16,000. Your initial investment will be between $172,076 and $375,000, and your net worth must be at least $37,999. Royalty fees are $125 month, and you’ll have to commit to a 10-year agreement.
The franchise offers veterans $20,000 off the cost of startup inventory.
Dream Vacations
Franchise Fee: $495-$9,800
Initial Investment: $1,795-$20,300
If you're passionate about the travel industry, then a Dream Vacations franchise might be right up your alley. Owning one allows you to work at home selling vacations to people dying to get away from it all.
The company is consistently rated as a top travel franchise by everyone, from Entrepreneur Magazine to major cruise companies. Dream Vacations has been in existence since 1991 and sells travel packages of all kinds. One of the perks as a franchise owner is you can take advantage of the travel packages you sell by buying them at a generous employee discount.
If you don’t have any travel industry experience, your initial franchise fee will be $10,500. Veterans can get up to 30% off this fee, have their training fee waived for a business partner, and receive an enlistment package worth $5,000.
Royalty fees are 1.5 to 3%, and you must commit to a five-year franchise agreement.
Precision Tune Auto Care
Franchise Fee: $25,000
Initial Investment: $120,000-$225,600
Precision Tune Auto Care began its existence as a tiny tune-up shop in Beaumont, Texas, over four decades ago. Since then, the company has grown to more than 320 service centers in six countries.
The business is a recognized leader in the automotive service industry and has been a top-rated franchise for over 30 years. Their centers perform scheduled maintenance, diagnostics, auto repairs, and other services.
You must have a net worth requirement of $300,000 to qualify as a franchisee. The initial franchise fee is $25,000, and you’ll need to invest between $127,000 and $253,600. Royalty fees are 6 to 7.5%, and franchisees must commit to a 10-year agreement.
Veterans get a very generous $15,000 off the franchise fee and a reduced royalty fee for the first year.
Matco Tools
Franchise Fee: $7,000
Initial Investment: $78,082-$274,327
The mission of Matco Tools is to provide the tools professional mechanics use to service the 254 million passenger vehicles, nine million commercial trucks, and millions of small engines estimated to exist in this country.
As a Matco franchise owner, you can be a part of this mission. The company is the fastest-growing automotive tool franchise in the US and has over six decades of experience building its brand.
You must have a net worth of at least $23,200 to be considered for a franchise. The initial franchise fee is $7,000, and you’ll need to invest between $78,082 and $274,327 to successfully operate your business. Plan on committing to a ten-year franchise agreement.
Veterans get $10,000 off the initial inventory.
Mac Tools
Franchise Fee: $8,000
Initial Investment: $131,621-$287,240
The Mechanics Tool and Forge Company was founded in 1938. Today, it’s known by a shorter name: Mac Tools.
When you become a Mac Tools franchise owner, you’ll join over 1,200 franchisees and distributors that are bringing the company’s high-quality tools to professional technicians working at dealerships and garages.
The initial franchise fee is $8,000, the initial investment is $131,621 to $287,240, and the company expects a 10-year commitment. To get started with the company, you must have a net worth of at least $40,000.
Veterans get $10,000 off the startup inventory.
A Salute to Future Franchisees
If you’re a veteran and want to find out more about any of these (or other) veteran franchise opportunities, one of the best ways to do research is by using the Franchise123 tool.
All it takes is three simple steps to uncover a potentially lucrative franchise opportunity.
