Why Veterans Should Consider Owning a Franchise
If you are a veteran looking for an opportunity to own a business, then franchising could be the perfect option for you. Franchising offers veterans the chance to invest in their own business with the support of an already established brand and network. Let’s explore why veterans make great franchisees and small business owners.
Why Do Veterans Make Great Franchisees and Small Business Owners?
Veterans possess leadership skills that come from both their military training and experience in leading troops. This makes them well-equipped to take on the role of owning a franchise or small business, as they have what it takes to manage staff and keep up morale within their company. Furthermore, veterans have the skills and discipline necessary to follow company policies and ensure that all regulations are being met while running their business efficiently.
Veterans can also benefit from financing options offered by the Small Business Administration (SBA). The SBA provides loans and grants specifically designed for veterans who want to start their own businesses, which can help reduce financial barriers that many service members face when they transition back into civilian life. In addition, there are numerous organizations dedicated solely to helping veterans become successful entrepreneurs. These organizations provide resources, mentorship programs, educational courses, and more that can help veteran business owners get off on the right foot with franchising. See below for a great franchise loan made just for Military Veterans.
The community of veteran entrepreneurs is strong — many former service members support each other through networking events and online communities dedicated to helping fellow vets succeed in franchising or small business ownership. When veterans become franchisees, they often find comfort in knowing that other vets have gone through similar experiences and understand what it takes to succeed as an entrepreneur. Having this sense of community can be invaluable for any veteran considering taking the plunge into franchise ownership!
Best Franchise Opportunities for Veterans
There are many franchises that are perfect for veterans. The Franchise Insiders has the inside scoop on franchises that start at total Investment of $71,750 and can gross $719,000 in first year of operations and are SBA/M5 approved. Check in with The Franchise Insiders to get a comprehensive list of franchise recommendations today.
The M5 LOAN program
Exclusive to My Military Financial Services, the M5 Loan® allows veterans or their spouses the opportunity to qualify for SBA financing with less net worth or comparable credit history requirements. The same accelerated loan process, no collateral, and low monthly payments as our ever-popular Express loan program, but with additional perks for valued U.S. Military Veterans.
The M5 Loan® is a military only variant of the SBA 7A LOAN. It was founded by a Veteran for Veterans, Active Military or their Spouses.
M5 Loan® benefits include:
No comparable credit required (if separation is within 5 years)
Minimal net worth required (if separation is within 5 years)
Reduced post-closing liquidity requirements for Active-Duty personnel and those that have been separated less than a year
Requirements to qualify for the M5 Loan®
Verification of military status (i.e., DD-214 or current LES)
Outstanding credit card debt not to exceed 40% Credit usage
Credit score must be 685 or Higher
Personal liquidity will depend on industry.
For more information on the M5 Loan® visit us at mymilitaryloans.com
Conclusion: Franchises offer many benefits for veterans looking to become entrepreneurs—especially those without prior industry experience.
Overall, owning a franchise offers former servicemembers a great opportunity to launch their own successful businesses with minimal risk involved. With access to financial assistance, experienced mentorships programs, and a supportive community of veteran entrepreneurs behind them – veterans should definitely consider investing in franchising as it has much potential for success!
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